SALEM, NH — Cornerstone Realty Capital recently arranged $5.7 million for the acquisition of Rosewood Apartments, a 42-unit apartment complex in Salem, NH.
The complex features seven two-story buildings with a mix of 14 two-bedroom, one-bathroom units, 4 two-bedroom, one-bathroom units with a study, and 24 three-bedroom, one-bathroom units. The buildings are situated in a cul-de-sac setting on a private lot, giving the property the feeling of exclusivity within a private community.
Located in Rockingham County, Salem sits on the border of New Hampshire and Massachusetts, putting it in an ideal geographical location for residents. With Boston about 32 miles south, Manchester about 23 miles northwest and Nashua about 15 miles to the west, the property opens itself up too many professional and entertainment opportunities. Residents will enjoy having easy access to key roadways surrounding the property with Interstate 93 about 2 miles west of the property, Interstate 495 running about 6 miles southeast of the property and Route 28 just 1 mile west of the property.
With a population of approximately 30,000 people, Salem boasts a close-knit community ideal for families and young professionals alike. The town sponsors a number of events throughout each month, promoting a real sense of community within the small town. The Rosewood Apartments are within walking distance to the town’s library, the local Boys & Girls Club and both the middle and high schools, while Canobie Lake Park and America’s Stonehenge are both just a short drive away.
Patrick Brady, vice president of Cornerstone, added that, “The financing we were able to secure for our client was full-leverage and non-recourse, including 80% loan to purchase plus $7,500 per unit in renovation funds. This, coupled with the four years of interest only the lender offered, provided our client with the flexibility to implement their value-add strategy and maximize returns for investors.”