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Case Study: Pearson's Place at 922 Elm Street, Manchester, NH
Mixed-Use Redevelopment
922 Elm Street, Manchester, NH was acquired in September 2017 through a private equity partnership. The 33,000 square foot, four-story building is located in the heart of Manchester's downtown, abutting City Hall. The former office / retailproperty sat nearly vacant upon acquisition. A complete renovation is being executed and 30 luxury one-bedroom apartments created on the upper three levels. The property will include a rooftop deck and balconies off units which face the interior atrium. The street-level commercialspace has been leased, long-term, to an experienced restauranteurand a high-end jewelry shop which has occupied the building for nearly 100 years.
Key Tactics
Target Under-served Market Niche
- Local Impact Investing
- Repositioning & Redevelopment
- Strategic Marketing
- Hands on Management
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Case Study: The Concord Lofts
Mixed-Use Redevelopment
4 brick buildings in New Hampshire's Capital of Concord were acquired in September 2017 through a private equity partnership. The 45,000 square feet are located in architecturally sound and attractive spaces that have not been updated in decades.
Elm Grove’s vision for the four buildings calls for 41 high-end apartments and 18,000 sq. ft. of commercial space – including existing retail shops, coffee shop, pizza shop, Asian noodle shop, and office space. The apartments will be a mix of micro-living “min-i flats,” 1, 2 and 3 bedroom apartments.
Key Tactics
Target Under-served Market Niche
- Local Impact Investing
- Repositioning & Redevelopment
- Strategic Marketing
- Hands on Management
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Case Study: Gresley Residence
The Gresley Residence consists of 48 apartments and was purchased in August 2015. The apartments range in size from small studios to large two bedrooms. The unit mix is fairly uniform across unit type.
Although the exterior appeal of the property was excellent, the interiors were dated and the rent roll described below market rents for such an iconic building in a desirable Manchester North End location.
The building was purchased with the intentions of turning over apartments in a controlled manner and renovating them to a Class A luxury product.
Through October 2017 approximately 60% of apartments have undergone renovations and have been rented at significantly higher rates, adding directly to recurring income and property value.