Marcus & Millichap closed the sale of Monarch Village, a six-building multifamily property in Portsmouth, NH. The sale price was $9.4 million.
“Monarch Village is a recently renovated, well-located property,” said John Craig, director investments in Marcus & Millichap’s Boston office. “We conducted 15 tours with buyers from multiple states. The winning buyer was looking to enter the Portsmouth market and leverage its other southern New Hampshire assets.”
Craig and Tanner Proper of Marcus & Millichap, in association with Thomas Shihadeh, the firm’s broker of record in New Hampshire, marketed the property on behalf of the seller, Monarch Village LLC, and procured the buyer, Avise Properties.
“Portsmouth and southern New Hampshire continue to attract strong buyers who want to avoid potential rent control in Massachusetts and see the opportunity for more significant rent growth,” added Proper.
Located at 3548 Lafayette Rd., Monarch Village was built in 1955 and underwent extensive renovations in 2023 and 2024.
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