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Boston & New England  + Metro Boston  + Apartments  | 

Portsmouth Multifamily Deal Marks Buyer’s Entry into the Market

Marcus & Millichap closed the sale of Monarch Village, a six-building multifamily property in Portsmouth, NH. The sale price was $9.4 million.

“Monarch Village is a recently renovated, well-located property,” said John Craig, director investments in Marcus & Millichap’s Boston office. “We conducted 15 tours with buyers from multiple states. The winning buyer was looking to enter the Portsmouth market and leverage its other southern New Hampshire assets.”

Craig and Tanner Proper of Marcus & Millichap, in association with Thomas Shihadeh, the firm’s broker of record in New Hampshire, marketed the property on behalf of the seller, Monarch Village LLC, and procured the buyer, Avise Properties.

“Portsmouth and southern New Hampshire continue to attract strong buyers who want to avoid potential rent control in Massachusetts and see the opportunity for more significant rent growth,” added Proper.

Located at 3548 Lafayette Rd., Monarch Village was built in 1955 and underwent extensive renovations in 2023 and 2024.

Read More News Stories About: Marcus & Millichap
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 19-plus years’ experience covering the commercial real estate industry and 35-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 11-15 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition