ARA BROKERS SALE OF 32-ACRE SITE

LITCHFIELD, N.H. — Apartment Realty Advisors (ARA) has brokered the sale of a 32-acre improved site located in Litchfield. The site was sold with site plan approvals for an active adult community, Annandale on the River. Zoned for residential use, the partially developed site was improved with nine of 57 permitted independent living homes at the time of the sale. Site plan approvals are in place for the remaining 41 units to be built in Phase II. With Phase I infrastructure improvements in place, the buyer, K&M Deveopment, is currently completing three units that were partially built prior to the sale and plans to fully develop the site to comprise a total of 57 units of age 55+ independent living homes. The seller, Annandale Fields Development, LLC, was represented by ARA’s Brendan Reilly, Richard Robinson, Terry Scott and Stephen Ordway. Annandale on the River is located off of Route 3A with shore frontage on the Merrimack River and close proximity to Nashua and Manchester, N.H. The sale price was undisclosed.