Tamarlane Apartments - Portland, MEPortland, ME CBRE/New England’s capital markets team in conjunction with CBRE – The Boulos Company completed the $50.25 million sale of Casco Bay Portfolio, a 309-unit townhouse apartment portfolio in three properties in Portland and Scarborough, ME. CBRE/NE and CBRE|Boulos exclusively represented the seller, an affiliate of Resource Real Estate, and procured the buyer, an affiliate of Chestnut Realty Management.
CBRE/NE’s multi-housing experts Simon Butler, vice chairman and partner, Biria St. John, vice chairman and partner and Joe Porta, partner of CBRE|Boulos, exclusively represented the seller and procured the buyer.
The portfolio consists of the following three properties: (1)Tamarlane Apartments, which consists of 115 units in the Back Cove section of Portland off of Canco Rd.; (2) Foxcroft Apartments, which consists of 104 townhomes located off of Rte. 1 in Scarborough; and (3) Coach Lantern Apartments, which consists of 90 townhomes also located in Scarborough, off of Winnocks Neck Rd.
The Casco Bay Portfolio offered investors a rare opportunity to make a strategic entry into the Portland multifamily market through the acquisition of three (apartment communities totaling 309 units. The portfolio consists predominantly of townhouse style apartments with the Portland property offering a combination of both townhouse and garden style units. The entire portfolio is located within 10 minutes of downtown, which allows for efficient management and operation of the portfolio, while providing for superior access to Maine’s largest cultural and employment centers.
“We are pleased to have facilitated this transaction on behalf of the seller.” said St. John. “The sale represented the culmination of a very successful investment for Resource Real Estate from when we sold them the assets back in 2007, yet the properties offer the new owner tremendous upside. The market in Portland is very tight for housing with no meaningful new supply. We are also happy to introduce a new investor to the Portland marketplace.”
“Portland, with less than 1% vacancy in its downtown, is a market with high barriers to entry for acquisition. This was a unique opportunity for Chestnut Realty to acquire core multi-family assets with critical mass.” Porta, who has been involved in the sale of dozens of multi-unit properties in Portland this year, said.
The communities have been impeccably maintained and have benefitted from strong historical occupancy and rent growth. For the last 20 years, the portfolio has been institutionally owned and managed but received very few major upgrades. Consequently, the properties are ripe for interior and common area renovations that should further enhance their market position.
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
CBRE | The Boulos Company provides real estate brokerage, management, consulting and development services in Northern New England with offices In Portland, Maine and Portsmouth, New Hampshire. CBRE | The Boulos Company is Northern New England’s largest full-service commercial real estate company, with over 70 employees and brokers. The company manages more than 4 million s/f of commercial real estate, and brokerage activity volume in FY 2015 totaled in excess of $345 million. In 2001, The Boulos Company entered into an affiliation with CBRE.
