"We had good interest," reports Cushman & Wakefieldexecutive director Simon Butler, a member of C&W's multifamilysales team that marketed the apartments for Equity. Private capitalwas especially attracted to the opportunity, says Butler, whocharacterizes the portfolio as a value-added play. Butler wasjoined by C&W executive director Biria St. John and CapitalMarkets Group chief Robert Griffin Jr., in brokering the sale forEquity and procuring the buyer.

The largest of the three assets changing hands is Tamarlane, a115-unit community comprised of both flats and townhomes and arange of one and two-bedroom units. Tamarlane has two dozenwood-frame buildings on its 19-acre campus, with a leasing centerand 23 two-story residential structures consisting of vinylclapboard siding and asphalt shingle roofs. The apartments featurefully applianced kitchens, washer/dryers and substantial closetspace, while Tamarlane also offers residents such amenities as abasketball court, swimming pool and tennis courts.

The remaining two properties are Coach Lantern and Foxcroft.Both are located just south of Portland in Scarborough and each ismade up entirely of townhouse apartments, a design that Butler saysis common in Maine's apartment stock. Situated near Scarborough'sProuts Neck area, Coach Lantern has 90 units, all of which areeither two or three-bedroom units in 21 wood-frame buildings.Amenities include two playground areas and what Butler terms"outstanding waterfront access." The 104-unit Foxcroft also offersmultiple playground options, while the apartments have individualexterior entranceways and private patios. All of the units thereare two-bedrooms. Situated just off Route One, the complex has 14residential buildings and a stand-alone leasing center.