First phase of new apartment development near finished in Milford

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By MELISSA PROULX
Union Leader Correspondent
July 20. 2017 9:37PM
 Eastern Trails project in Milford is expected to finish mid-August."> image

Construction on the first building in the first phase of the Ridge at Eastern Trails project in Milford is expected to finish mid-August. (MELISSA PROULX/CORRESPONDENT)


MILFORD — Construction of an upscale apartment complex in this Southern New Hampshire community is getting ready for occupancy as vacancy rates in the state remain low.

The Ridge at Eastern Trails are expected to wrap up the first phase of a 124 unit proposed development sometime in the coming weeks. The new apartments and townhouses are located off Route 101A, behind the Milford branch of Nashua Eye Associates.

The Ridge offers some of the first newly constructed apartment buildings in that region in years, said Ron Dupont, president of Red Oak Apartments, a Manchester-based company that owns the Milford development.

“There hasn’t been anything built here in quite a while,” Dupont said.

His goal with creating a new development — as opposed to revamping an existing one as the company has done in the past — is to create more choices for those looking to rent.

Along with one- and two-bedroom apartments, the development will also have studio and three-bedroom apartments. All will be rented at market rate and will have varying lease schedules, Dupont said.

While some apartment leases might be for only six months, others could be for nearly two years, designed to provide flexibility for renters, Dupont said. Rent will range from just over $1,000 for the studio apartments to up to roughly $1,800 for the three-bedroom units.

With the Ridge, Red Oak now has a wide-ranging inventory, Dupont said.

“Now we have a product for everybody,” he said. “We virtually have all price points, and that’s important to me.”

Construction for the 10 East Ridge Drive building is expected to wrap up in the coming weeks, with most ready for move in mid-August. The building across the plot should be ready sometime this fall and will house the remaining apartments.

After that, the next project will be 16 townhouses, which should be finished in the spring. A third apartment building with the remaining units is expected to be completed in June. In all, the project is expected to cost about $18 million when all the phases are complete.

Red Oak will be holding a $10,000 raffle for residents in the first two buildings of the new development, which will take place when the majority of the units are filled. 

Red Oak owns more than 1,500 units in southern New Hampshire and the Lakes Region. Dupont said vacancy rates for both the Red Oak apartments and other properties throughout the state are at a low.

“We’ve been occupied at 96 percent for the last two or three years,” he said. “There’s really a demand.”

Dupont said the company also is looking to build in Manchester on Elm Street sometime in the future.

With vacancy rates low, rents in New Hampshire have gone up for a fourth year in a row, according to an annual survey released this month by the New Hampshire Housing Finance Authority. The statewide median gross rent, which includes utilities, for two-bedroom units was $1,263 a month, or more than 4 percent higher than last year.


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