CBRE Sells Redden Gardens for $15,500,000

10 Jan 2020

Redden Gardens

CBRE today announced the sale of Redden Gardens located at 2 Adelle Drive in Dover, New Hampshire, for $15,500,000.
 
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, Silver Street Development Corp, and procure the buyer, Sixth Dover Associates, LLC.
 
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% 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. Redden Gardens is located on the Route 3 line connecting residents to downtown Dover. 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 (LIHTC) restrictions that are set to expire in 2030 with rents restricted to 30 percent of 60 percent of area median income.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.