Developers sell riverfront apartment tower in Manchester for nearly $50M
April 23, 2021
The 10-story tower was completed in 2018 and will be joined by two more towers to the west. (
Mike Platania photo)
As they plot two additional riverfront towers in Manchester, two local developers have offloaded their first major addition to the neighborhood’s skyline for nearly $50 million.
Guy Blundon and Mark Purcell this week sold River’s Edge, a 10-story, 213-unit apartment tower at 505 Porter St., for $47.5 million, city property records show.
The tower’s new owner is Four Mile Capital, a five-year-old real estate investment firm based in Denver. Per its website, Four Mile exclusively targets multifamily buildings and has over 20,000 units under management across the country.
Full city block across from Legend Brewing in Manchester hits market
March 17, 2021 4
The nearly 2-acre parcel listed for sale Monday is seen center right, with buildings that have a white facade and brown roofs. (
Courtesy of Bruce Commercial Realty)
Another sizable piece of Manchester could be in line for redevelopment.
The headquarters of Thurston Spring Service at 701 Perry St. which encompasses an entire city block was listed for sale Monday.
The roughly 1.8-acre assemblage is bounded by South Ninth, McDonough, Perry and West Seventh streets. The Thurston family, which has operated their suspension-focused auto shop for 110 years, has owned the bulk of the land since at least the 1980s.
Veteran commercial real estate broker branches out with one-man shop
After four decades in commercial real estate, Bruce Milam is going it alone.
Milam in recent weeks launched Bruce Commercial Realty, his own one-man real estate firm.
Milam started his career in real estate in the late 1970s as a developer in Northern Virginia, building up all sorts of projects around Dulles International Airport. Shortly after the real estate market crashed in the early 1990s, he moved to Richmond and the brokerage side of the business.
“I said, ‘I’m tired of fighting these battles.’ I sold my interest in what I had left and I moved to Richmond. I found that life was a lot easier down here. The whole blood pressure thing goes down,” Milam said, laughing.