BOSTON- CB Richard Ellis/New England today announced the sale of Boulder Park, a 482-unit, class “B” apartment community located in Nashua, New Hampshire to Princeton Properties for $54,350,000. GE Real Estate, through its joint venture partnership with Princeton Properties, provided the financing.

Boulder Park consists of a 482-unit garden-style apartment community located on Kessler Farm Drive off of Somerset Parkway and Amherst Street (Route 101A) in Nashua. Boulder Park provides superior access to Route 3 (the major North - South highway) and is situated just off of either exit 7 or 8.  Nashua is a major employment center in New Hampshire and is located approximately 50 miles north of Boston and 20 miles south of Manchester, New Hampshire.   Additionally, Nashua Airport is located just across Amherst Street and is the largest general aviation airport in Nashua.  The Nashua Airport is also a major employment center with over thirty businesses located in the surrounding business parks.  The Manchester Airport is also just 20 minutes from Boulder Park and is the largest commercial airport in New Hampshire.

Built in 1983, Boulder Park is composed of fourteen three and four-story garden-style buildings and a two-story community center on 39.986 acres. The property offers six floor plans, ranging from one-bedroom apartments and multi-level townhouses, to two-bedroom deluxe units.  Sixty-seven percent of the units are two bedrooms or larger.  Boulder Park offers residents one of the best amenity packages in the area. Community amenities include a clubhouse with a fitness center and lounge, swimming pool, two tennis courts, storage units and laundry facilities on each floor. Apartment amenities include a combination of garden-style and townhouse units, fully applianced kitchens with microwaves and sleeve air conditioning units.

Nashua is the second largest city in New Hampshire with a population of just over 87,000.  Nashua's economy is comprised of a balanced combination of health care, technology and manufacturing companies.  Top local employers include Fidelity Investments, BAE Systems, Southern NH Medical Center, Teradyne, Compaq and Oracle.  Along with a strong employment base, Boulder Park also has superior access to local retail amenities.  Some of these amenities include Market Basket and Sears Essentials, which are located across Somerset Parkway in the Somerset Plaza. Other retail amenities include Target and Panera Bread who are also located on Amherst Street just two miles north of the property

Simon J. Butler, Senior Vice President/Partner, Biria St. John, First Vice President/Partner and Chris Sower, Senior Financial Analyst of the CB Richard Ellis/Northeast Multi-Housing Team exclusively represented the seller The Hayman Company, a national real estate investment company, headquartered in Troy, MI. CB Richard Ellis also procured the buyer, Princeton Properties.

Since January 2005, the CB Richard Ellis/Northeast Multi-Housing Team has completed multifamily sales in excess of $950 million, totaling over 7,216 units throughout Massachusetts, Connecticut, Rhode Island, New Hampshire and New York.