NH Multifamily Fund III

Our first distribution of $59,992 was sent in early July. Our current fund cash position is $726,818.62. A large portion of this will go toward closing the two assets currently under contract: four units in Dover for $850K with a $60K CapEx budget, and twelve units in Derry, NH, for $2.2M with a $190K CapEx budget. To read more, you can click into the deal diary here. We expect a cash influx as eight assets in the fund refinance: the Manchester 3-Pack + 475 Manchester Street and the Nashua 4-Pack.

These two acquisitions will close acquisitions for the fund. Concurrently, we’re through the stabilization phase on most assets with only Franklin St. in the early stages of our business plan. Our largest position, Pagewood, is performing strongly with minimal delinquency, high occupancy, and rent increases upon each turnover.

Asset Management

125 N Main St, Rochester

The legacy tenant at Unit 1 has vacated, leaving Unit 2 as the last remaining legacy tenant at the property. Renovation on Unit 1 is expected to be complete by early August, at which point 4 of 5 units will be renovated and leased. We plan to begin the refinance process once that unit is leased. We're retaining the Unit 2 tenant at their current below-market rate rather than turning the unit, given the studio is already close to market rent.

39 Ashland St, Manchester

This property has required more hands-on management than expected this period, with several unplanned tenant turnovers driving incremental costs of roughly $20K-$25K. We currently have two renovated vacant units that are being marketed, and our existing tenant base includes two new move-ins within the last 60 days. We're working through it systematically and expect the extra attention to pay off in a more stable building going forward.

Manchester 3-Pack + 475 Manchester, Manchester

There are no material updates on operations. Refinance on 447 Manchester, 457 Merrimack, 604 Harvard, and 475 Manchester remains in process. We expect to refinance the first week of August.

Nashua 4-Pack (9 Granite, 25 Granite, 48 Central, 49 Bridge), Nashua

No material updates this month. We're coordinating appraisals as part of the broader refinance process for this bundle & expect to close those shortly after the Manchester properties.

16 Avon

Nothing significant to note here.

75-79 Franklin Street, Somersworth

We secured a housing voucher tenant at 77 Franklin at $2,495/month, a strong result given the unit has no off-street parking. Lease is executed, deposit collected, and move-in is scheduled for the 26th.

108 & 112 Church St, Laconia

112-5 is listed at $1,350.

Pagewood Oval, Laconia

Rent increases take effect at the end of this month, bringing 25 of 30 units to $1,825 or higher. The remaining 5 units are lease renewals landing on 7/31 or 8/31, and will move to the new rate as they turn over. Unit 20 is in the middle of a full renovation (new paint, cabinets, and flooring in progress) after turning over a long-term legacy tenant. The exterior business plan is largely complete; the storage unit lighting and trim work is wrapping up. We're evaluating whether a parking lot seal-and-stripe project makes sense this year or can wait, with roughly $30K in renovation budget still available to redeploy if needed.