Another Manchester Multifamily Property Sells for $33M


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Another Manchester apartment complex has been sold for an eight-figure sum.

SMC Management Corp. sold its Residences at Riverwalk complex at 553-557 South Commercial St. for $33 million.

CBRE Capital Markets multi-housing experts Simon Butler and Biria St. John exclusively represented the seller and procured the buyer, Forest Properties.

“We are pleased to have closed on the sale of the Residences at Riverwalk, which is located in a dynamic location adjacent to the Fisher Cats minor league baseball park and walking distance to numerous retail amenities,” Butler said in a statement.

The Residences at Riverwalk is a 150-unit, 100 percent market-rate, class A apartment community built in 2016. The property consists of three 5-story residential buildings with garage parking. The unit mix includes 28 studio, 52 one-bedroom, and 70 two-bedroom units. Amenities include an on-site fitness center, laundry and private meeting spaces. The Residences at Riverwalk is located off Interstate 293 and is proximate to Interstate 93

“The strength of the Manchester economy and the lack of new supply should allow Forest Properties to achieve strong long-term rent growth,” St. John said in a statement.