$54 Million Dollar Deal - Nashua Apartment Complex
The 482 unit Boulder Park apartment complex on Kessler Farm Drive has recently been acquired by Princeton Properties for a whopping $54 M. GE Real Estate, the goliath commercial real estate investor, was brought on as a JV partner and helped finance the deal. Princeton already owns about 15 apartment complexes stretching across MA and NH (including Pheasant Run in Nashua) and can now add another one on the list.Rumors have it that Andrew Chaben, CEO of Princeton Properties, has already proclaimed a $1.7M upgrade for renovations and updating of the complex. Although tenants might soon be able to enjoy a better fitness center and nicer swimming pool, an increase in rents might not be as well received. Nevertheless, Boulder Park sits on a 42 acre hilltop in a prime location in southern NH and could be a homerun deal for Princeton and GE.
