May 25, 2016 Comments Off on $88M MF Sales Price Represents Southern Maine’s Highest Views: 439 California News, Maine, Massachusetts, National News, Northeast

$88M MF Sales Price Represents Southern Maine’s Highest

Massachusetts-based Jones Street Investment Partners paid $87.5 million to acquire the 120-unit Liberty Commons and 500-unit Redbank Village, at 62 MacArthur Circle East in Portland, ME. The transaction represents the highest dollar amount paid for apartment assets in southern Maine’s history.

CBRE|The Boulos Co. of Portland and Boston-based CBRE|New England brokered the transaction between the buyer and seller, Lone Star Funds of Dallas. Redbank Village was completed in 1945, and Liberty Commons finished up 2006. CBRE|Boulos broker Joe Porta said the buyer was one of a few interested in both complexes.

Tight multifamily vacancies are luring investors, though Portland has been traditionally considered a tertiary market. However, “when people are looking at revenue, we’re performing like a secondary market as far as the rents,” Porta said.

Read More at Portland Press Herald

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