As 2023 comes to a close, we reflect on a remarkable year of growth and success at North Street Properties. In this blog we are excited to share with you our achievements, milestones, and the exciting developments that happened throughout 2023.
At the beginning of 2023, our goal was to increase deal volume and diversify into adaptive reuse projects and industrial assets. Over the last 12 months we have acquired three properties in three locations, adding to our portfolio of properties achieving unprecedented returns to our investors. As interest rates rose throughout the year, we began to see more separation between what owners want to sell their property for, and what buyers are able to pay. If there are interest rate cuts as we head into 2024, we expect the volume of properties being traded to increase.
The New Hampshire real estate market has continued to prove that it is a strong location for investments; with vacancy rates below 1%, rising asking rents, and an immediate housing need for renters. Our upcoming projects are positioned to strategically increase the value of our assets by transforming them to meet the demand of the southern New Hampshire market. Whether it’s transforming vacant office space to Class A apartment units or positioning Industrial assets to meet market rental rates, these projects provide our investors with an incredible opportunity.
During 2023, the North Street Properties team added Michael Bean to the Acquisition team. As an Associate his efforts are focused on assisting the firm’s acquisition approach, generating new commercial real estate investment opportunities, financial analysis, market research, and underwriting of our growing commercial portfolio.
Mike is an active member of the Real Estate Finance Association (REFA) and earned a BBA in Finance from the Isenberg School of Management at the University of Massachusetts Amherst.
Thank you for being a part of the North Street Properties community. We look forward to
another year of growth, collaboration, and success. Here is to a prosperous 2024!
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