Lebanon Multifamily Trades for $69M

Photo courtesy of CBRE

A multifamily development in Lebanon has sold for $69 million.

The 252-unit, fully market-rate Timberwood Commons development at 6 Timberwood Drive was sold by Philadelphia-based Merion Realty Partners to an affiliate of Audubon Capital Partners of Boston.

The community is spread over 42.63 acres consisting of five 3-story garden style buildings, and a 5-story elevatored midrise building. Timberwood Commons offers 10 different unit styles including studios, one- and two-bedroom apartment homes with an average unit size of 847 square feet.

Merion Realty had started a renovation program including the installation of plank flooring and installing hard surface countertops. The community features a freestanding clubhouse with a business center, community room and fitness center. Additionally, there is an outdoor firepit and grilling station as well as a community garden and dog park. There is a 79-space garage under the midrise building, as well as free standing garages.

The apartment community is located just off Interstate 89 at exit 18, and two exits from I-91 and White River Junction, Vermont. Timberwood Commons is less than 1 mile from the Dartmouth-Hitchcock Medical Center and 3.5 miles from Dartmouth College. Residents are also minutes from lifestyle retail amenities and numerous dining options.

CBRE Capital Markets’ Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, procured the buyer,

“We are pleased to have represented Merion Realty Partners in their sale of Timberwood Commons,” Butler said in a statement. “Timberwood Commons marks the successful execution of Merion’s strategy, having acquired the community in June 2014. Additionally, the community provides the buyer, Audubon Capital Partners, a stable investment opportunity given its proven track-record and upside given the quality of the asset and potential value-add opportunities.”