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PORTSMOUTH, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Beechstone Luxury Apartments in Portsmouth. TGM Associates sold the 428-unit apartment community to Forest Properties for an undisclosed price. The buyer plans to launch a value-add strategy of interior unit renovations at the property. Built in three phases between 1973 and 1986, the property consists of 71 two-and-a-half story buildings situated on 54 acres. The property offers six two- and three-bedroom floor plans, ranging from 800 to 1,600 square feet, and totaling 430,142 square feet of rentable area. Richard Robinson, Jennifer Athas and Philip Lamere of IPA Boston represented the seller in the transaction.