May 25, 2016
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.