Cardente Real Estate sells 28 Broad Street for $3.125 million

February 06, 2017 - Northern New England
28 Broad Street - Bangor, ME

Bangor, ME According to Cardente Real Estate, New Hampshire-based Broad Street, LLC has purchased the luxury apartment building at 28 Broad St., from 28 Broad Street, LLC for $3.125 million.

The four-story property in the heart of downtown is considered the city’s premier residential building. It features 18 custom units with amenities. The property’s former owner, 28 Broad Street, LLC, invested $1.6 million over two years to renovate the former Dakin Sporting Goods building. The first units opened in spring 2016, and all 18 were fully occupied at the time of sale. There is currently a new tenant waiting list.

“This sets the tone for Downtown Bangor,” said Mike Cobb of Cardente Real Estate. “The sellers saw an opportunity and built an amazing product. They were able to achieve rental prices that hadn’t been seen in this market previously. That, combined with a fantastic tenant mix and top-notch management made for a turn-key product that gained notice from local, regional and out of state investors alike.”

The renovation and sale of 28 Broad St. exemplifies the ongoing reurbanization and growth of Bangor’s downtown as residents opt for walkable neighborhoods close to retail, restaurants, breweries, entertainment and cultural attractions.

This transaction was brokered by Cobb, Michael Cardente and Matthew Cardente of Cardente Real Estate in Portland for the seller, and Marion Cheney of RE/MAX on the Move for the buyer.

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