A Dover affordable apartment complex has sold for $15.5 million to a Londonderry-based multifamily operator. 

Silver Street Development Corp. sold Redden Gardens to Avise Properties. The building is located at at 2 Adelle Drive  

Renovated in 2000, the property offers a mix of one-, two- and three-bedroom units complete with a dishwasher, air conditioning and patios on ground floor. All the two- and three-bedroom homes (90 percent of the units) are direct–entry townhome units.  

Community amenities include a leasing office, clubhouse, fitness center, basketball court, four playgrounds and six on-site laundry facilities. The property is proximate to numerous grocery stores, retail options and neighborhood amenities, such as Hannaford supermarket, T.J.Maxx, Target and the Wentworth-Douglass Hospital. Newly constructed Dover High School is located within walking distance from the property. 

75 percent of the homes are subject to a Low Income Housing Tax Credit restrictions that are set to expire in 2030 with rents restricted to 30 percent of 60 percent of area median income. 

CBRE Capital Markets’ multifamily experts Simon Butler and Biria St. John worked closely with Jeff Kunitz and Mike Canori of CBRE’s affordable housing team to exclusively represent the seller.