Elm Grove Companies Expands Portfolio with 168 unit Acquisition of Wallace Farms Apartments in Londonderry, NH

shills78
Mar 19
2 min read

FOR IMMEDIATE RELEASE

Contact: Chris Schleyer

603.821.0077

Londonderry, NH – [March 19, 2025] – Elm Grove Companies, a New Hampshire-based real estate development and investment firm, has expanded its portfolio with the acquisition of Wallace Farm Apartments, a 168-unit multifamily community that offers a mix of market-rate and workforce housing. Developed in two phases—Phase 1 in 2017 and Phase 2 in 2021—the property is located at 4 Bridle Path in Londonderry, NH.

This strategic acquisition was completed through an off-market transaction, made possible by Elm Grove’s long-standing relationship with the seller, established during its tenure as the third-party manager of the property. Having managed Wallace Farm Apartments for the past six years, Elm Grove has developed deep operational insight, positioning the firm as the natural buyer for this acquisition.

"The mix of market-rate and workforce housing at Wallace Farm Apartments aligns with our mission to provide high-quality, attainable housing options in New Hampshire," said Newton Kershaw III, Co-Founder of Elm Grove Companies. "As demand for affordable housing continues to grow, we remain committed to expanding our portfolio of communities that serve a broad range of residents."

In recent years, Elm Grove Companies has emerged as a leader in the affordable and workforce housing sector, leveraging its expertise in the federal Low-Income Housing Tax Credit (LIHTC) program and implementing best-in-class management and compliance standards. The addition of Wallace Farm Apartments reinforces the firm's dedication to addressing the region’s critical need for high-quality, affordable rental housing.

The transaction was completed with the approval and support of New Hampshire Housing and Evernorth, two nonprofit organizations dedicated to expanding affordable housing opportunities in the region. Elm Grove Companies has collaborated with both organizations on multiple projects, reinforcing a shared commitment to addressing the state's housing needs.

The acquisition was supported through limited partner equity investment. “We were pleased at the continued support of our investor base in supporting the growth of our mission to provide quality housing in our communities,” said Kershaw.

Wallace Farm Apartments feature modern, spacious one- and two-bedroom floor plans, many with walk-in closets and expansive living areas. Nestled on 25 acres of natural landscape, the community offers convenient access to I-93 and Boston’s Park & Ride. For more information on availability, visit www.elmgrovecompanies.com.

About Elm Grove Companies

Elm Grove Companies is a vertically integrated real estate investment firm headquartered in Hooksett, NH, with a New England focus. Elm Grove Companies specializes in multifamily apartment acquisition, development, construction, property management and asset management and currently owns and manages nearly 2,000 apartments. Learn more at www.elmgrovecompanies.com.