Concord And Royal Gardens Apartments Being Sold To California Company
CONCORD, NH — A privately held real estate investment firm in Los Angeles, California, is attempting to purchase the Concord Gardens and Royal Gardens apartment complexes.
BLVD Capital, which has around $700 million in assets and has invested more than $1.5 billion in properties in the past, has the complex under contract for $50 million. The company plans to spend another $43 million renovating the apartments.
Jim Menihane, the director of multifamily business development for the New Hampshire Housing Finance Authority, confirmed the sale and NHH’s role in helping the company complete the sale and finance the renovation. The company will use grants and other strategies, including low-income housing tax credits, solar tax credits, and a HUD grant of $750,000, to finance the sale and renovations and preserve the complex as affordable housing.
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“(They are) coming in with a lot of equity to cover the rest of the transaction,” Menihane said.
Menihane said 257 of the 300 units in the complexes are Section 8. Tenants in the remaining units, he said, do not receive rental assistance. However, according to the firm’s data, all other residents are under 60 percent of the area median income limits to designate the project as affordable. According to the data, 60 percent of the area median income is $46,560 for a single person, $53,220 for a couple, and $66,480 for a family of four.
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Menihane said no one will be permanently displaced during the sale or renovation. The developer plans to utilize vacant units during the upgrades.
“Right now,” Menihane said, “certain units are vacant. When the developer starts building, tenants will be moved into the vacant units. As their units get completed, they move back their original units.”
BLVD Capital formed two local foreign limited liability companies — Concord Royal Gardens GP LLC and Concord Royal Gardens LP in March 2023.
A public hearing with tenants was held in September 2023, informing them about the sale and the renovation plans when the sale goes through. Menihane said once the sale was finalized, the company would begin renovations.
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