Brookside Residences

JLL has been exclusively retained to market for sale Brookside Residences, a 36-unit, 100% market-rate apartment property located in Salem, New Hampshire. Built in 1992, the property spans two buildings constructed with covered podium parking beneath each structure. The Property presents a compelling acquisition opportunity in the Southern New Hampshire market with multiple avenues for significant value enhancement.

Boasting 100% occupancy and in-place rents 20% below comparable renovated properties in the submarket, the Property offers a clear mark-to-market opportunity. Additionally, the unit mix is well positioned for value creation through unit conversions and targeted enhancements. 18 of the units are 1-bedroom, 2-bathroom floor plates of approximately 1,000-SF, carrying rents nearly identical to the 750-SF units despite the additional square footage and second bathroom. With two bathrooms preexisting, these units are positioned for efficient conversion into 2-bedroom, 2-bathroom layouts. The Property additionally features 50 parking spaces via both the surface spaces and the podium garage.

The Property is immediately adjacent to Tuscan Village, New Hampshire's premier dining, retail, and entertainment destination, and offers residents direct I-93 access for a convenient commute to employment hubs throughout Massachusetts. The Suburban Rockingham County Submarket has demonstrated robust fundamentals with 18% five-year rent growth and 95% average occupancy, while Salem has seen limited new development with no properties currently under construction. This supply-constrained environment, combined with the Property's below-market rents and conversion potential, creates a compelling platform for value creation.