Photo courtesy of JLL

One of the first apartment buildings in the massive Woodmont Commons development in Londonderry has traded hands.

The 87-unit building at 30 Main St. fetched $25.2 million, according to commercial brokerage JLL, whose capital markets division represented the buyer in securing financing.

Metro Credit Union, based just outside of Boston in Chelsea, Massachusetts, provided the financing.

Boston-area real estate investor Cambridge West Partners was the buyer, JLL said.

The mixed-use building – it includes over 31,000 square feet of ground-floor retail – forms one of a handful of mixed-use and retail properties planned to form the village center of the 600-acre Woodmont Commons development from local firm Pillsbury Development.

Pillsbury is slowly building out the huge, multi-phase project near the Derry/Londonderry line that’s expected to give traditionally exurban Londonderry a new downtown. The first phase, a Market Basket-anchored retail center just off Interstate 93 at Exit 4, opened in 2011. The Woodmont Commons building opened in 2019; its apartments are nearly 99 percent leased and its retail space is 89 percent leased to Orange Theory Fitness, a preschool, a salon and Liberty Mutual.

The JLL Capital Markets team was led by Executive Managing Director Riaz Cassum, with support from director Ryan Parker, associate Hunter Cuthbertson and analyst Joe Marinaro.

“Southern New Hampshire’s multifamily market has demonstrated exceptional resilience with strong rent growth and stable occupancy driven by continued population and employment growth,” Parker said in a statement. “Woodmont Commons unique positioning as a boutique multifamily community with integrated retail, anchored by its dynamic mixed-use surroundings, provides compelling long-term stability and growth potential that drew strong lender support.”