Apartment

Valley News – 83-unit building in Claremont fills up in about a month

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Valley News Correspondent

Published: 05/28/2022 21:50:32

Modified: 05/28/2022 22:01:16

CLAREMONT — It took Chinburg Properties just over a month to lease the 83 units of Mondanock Mills, a renovated water mill on Water Street.

Samantha Launder, property manager at Chinburg, said they started renting units in early April after an open house, and the last unit was rented about a week ago.

Launder said she had a list of people interested in a unit and started contacting them first.

The five-story building has 13 two-bedroom apartments, 39 one-bedroom apartments and 31 studios. Rents range from just over $1,000 to around $2,100 including utilities.

Launder said demand was not “overwhelming” but steady and picked up around late April and early May. She said she could not divulge information about the tenants, such as where they are moving from.

For years, Claremont hoped that the housing crisis in the Upper Valley would bring people who work in this region to the city for housing needs, because houses and rentals are generally more affordable.

“Most of the interest came from people in the area,” Launder acknowledged. “They’re happy to see something like this happen in Claremont.”

The building envelope was renovated circa 2007 with new windows and repointed brickwork as part of a multi-million dollar private investment to repurpose three late 19th century factory buildings. The other two buildings house a restaurant, an inn and offices. Condominium projects in what used to be called the Peterson Building never materialized when the Great Recession hit in 2008.

The 62,000 square foot building, once part of the Monadnock Mills textile business along the Sugar River, stood untouched for years until Chinburg, of Newmarket, NH, purchased it in 2020 and starts working on the apartments after securing funding.

Among the building’s amenities are a rooftop terrace with a patio and seating where residents can enjoy views of Mount Ascutney and the Arrowhead Recreation Area, as well as an outdoor barbecue downstairs. -of the road. Launder also said Chinburg purchased parking spaces in the nearby parking lot for residents of Monadnock Mills.

The rapid rental of all apartments is not surprising given a vacancy rate close to 0% in the city.

Sulco Corp. on Pleasant Street rents 75 two-bedroom apartments in the city. Deb Matteau, Sulco’s general manager and deputy mayor of the city, said they don’t have to advertise when an apartment becomes available.

“We just need a few days to get the place ready (after a tenant moves out),” Matteau said.

Demand for rental housing has driven the monthly rent from $925 two years ago to $1,350 today, she added.

Patrick O’Grady can be reached at [email protected]

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