"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.

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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.

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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.

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Efforts to contact Equity Residential were unsuccessful, whileofficials at Resource Real Estate declined comment. Industryobservers say they believe this is Resource's first venture intoMaine and possibly into New England. A wholly owned subsidiary ofNASDAQ-traded Resource America, Resource Real Estate owns andmanages properties valued in excess of $1.5 billion, including9,000 apartments and 1.3 million sf of commercial space. Accordingto the company's website, Resource Real Estate is presently focusedon securing income-generating multifamily in growing markets, witha deal size generally from $10 million to $60 million.

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Butler deferred questions about the buyer and seller to theparties themselves, but acknowledges that the sale is in line withEquity's previously announced plan to retrench from tertiaryregions. Having earlier this year traded two other Portland-areaassets,as first reported by GlobeSt.com, Equity is now bereft of anyproperties there, confirms Butler, whose team also negotiated thosetransactions. Despite Equity's defection, Butler says he isimpressed by Maine's multifamily sector. "It's a very steady marketwith limited new supply," conditions, he says, could enhanceResource's effort to increase income from the properties.

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