X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

FALMOUTH, ME-A Lowell, MA apartment investor’s $16.5-million offer takes a 170-unit rental community in this Maine town. Princeton Properties, which owns apartment communities in Maine, New Hampshire and Massachusetts, beat out several other investors for the Foreside Estates complex in what Simon Butler, with CB Richard Ellis/Northeast Multi-Housing Team, tells GlobeSt.com was a deal that drew “strong interest.”

“It’s one of the nicest properties in the upper Portland market,” Butler says of the reason for the property’s popularity with investors.

Built in 1981, Foreside Estates is comprised of 10 two and one-half story buildings set on 52-acres just off Route 1 in one of Maine’s most desirable communities and within close proximity to Portland and that city’s seaside amenities. The complex, which is more than 90% occupied, features units ranging from one-bedroom apartments to townhouse and duplex units. Amenities include a clubhouse with a full kitchen, swimming pool, tennis courts, fitness center, four laundry rooms and resident gardening plots.

The complex is one of 10 properties consisting of 12,029 units that are part of a portfolio being sold off by Braintree, MA-based MB Management Co. Six of those properties were recently sold and the remaining four are under agreement, Butler says. Last month, a New York REIT acquired Liberty Place and Hawthorne House for $32.5 million from the seller. MB Management also recently sold off other properties in Phoenix and Seattle.

In addition to Butler, MB Properties was represented in the latest deal by Biria St. John , Chris Sower and Michael Byrne, all with CB Richard Ellis/Northeast Multi-Housing Team, who also procured the buyer in the transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. Multifamily Spring 2022 (Formerly APTS)Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.