Behind the Deal: Uptown Land Sale
RREEF America II (one of Deutsch Bank's multifamily funds) purchased a hot commodity, a 6,000 SF land parcel at 3209 Thomas Ave in the heart of Uptown. Henry S. Miller Brokerage’s Multifamily Investment associate Darden Orand (left, with colleague Andrew Doster) tells us the property was under contract to three different buyers and encountered five different extensions. (It had more suitors than Penelope, the loyal wife to Odysseus... or Katy Perry, if that reference is preferred.) Darden, Andrew, and HSM EVP Lew Wood brokered the deal.
The parcel is surrounded by multiple apartment communities and entertainment venues, with Manchester State Thomas apartments and townhomes on its immediate border, Darden says. That made it an obvious interest to Manchester property owner, RREEF America II. The buyer bought the land to protect its borders (the same reason we buy two airplane seats), as other developers were hoping to snatch it up and build new units, Darden tells us. While no development plans are immediate, it may be held for new development, he says.
