The Highlands at Washington Park in Manchester. Image courtesy of CBRE.

An upgraded Manchester apartment building complex built in the 1980s has sold for $88.5 million. 

Hilltop Ridge and The Highlands at Washington Park is a 640-unit apartment portfolio spread over 40.8 acres north of downtown Manchester. The property is located off Front Street and Interstate 293, near Intervale Country Club and Manchester Community College.  

Biria St. John and Simon Butler of CBRE exclusively represented the seller, Hilltop Apartments LLC and WPN Property LLC, and procured the buyer, an affiliate of The DSF Group. Additionally, the CBRE Capital Market’s team of Brian Eisendrath, Cameron Chalfant and John Kelly procured the financing for the buyer through an agency execution.  

“We are pleased to have facilitated the sale of Hilltop and Highlands on behalf of our client who had developed and owned the property since they built it in the early 1980s,” St. John said in a statement. “Our client was a tremendous steward of the asset, having invested significant capital into the properties over the past five years. With the growth in the region’s employment market in recent years and the continued growth expected in the future, DSF should realize strong revenue growth, particularly when combined with the additional planned improvements.”  

DSF, which owns multifamily complexes throughout the Northeast, plans to operate the properties as one community in order to gain operational efficiencies and optimize amenities. Each of the buildings have new roofs, exterior siding and windows. The previous owners also renovated nearly 90 percent of the apartments with upgraded kitchens and baths.