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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.

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