 (1) (1).png)
News:
Northern New England
Posted: September 7, 2018
CBRE | Portsmouth facilitates $9.5 million sale
of The Bryant Property Portfolio to Torrington Properties, Inc
Durham, NH According to CBRE | Portsmouth, The Bryant Property Portfolio, a student housing portfolio, sold for $9.5 million to Torrington Properties, Inc.
The Bryant Property Portfolio consisted of 58 units in five buildings across five parcels. The portfolio was at 100% occupancy at the time of the sale and has maintained a 100% occupancy rate since 2012. Other features of the units included onsite parking for tenants, solar powered, energy-efficient heating systems and an efficient property management team.
Kent White and Caitlin Burke of CBRE | Portsmouth represented the seller, Park Court Properties Inc. & P. Bryant Properties, LLC of Durham. They were the sole brokers in the transaction.
Once the properties were underwritten and valued, the marketing process moved very quickly. The portfolio was on the market for less than a month and received multiple offers within the first week. The buyer, Torrington Properties, Inc. was familiar with the area prior to this acquisition, and also owns and manages 10-14 Strafford Rd.
“We were extremely pleased with the process of our purchase of the Bryant Properties Portfolio. The offering was straightforward and clear and as a result, the transaction with the seller and CBRE was fantastic. We look forward to owning these assets for the long term,” said Jay Bisognano, principal, Torrington Properties, Inc, buyer.
“We really enjoyed working with Miriam Bryant (seller) and her management team to help value, market and select the best buyer for this portfolio. We’re confident that Jay and his team were the right buyers for these properties and our client,” said White.
Tags:
Northern New England
MORE FROM Northern New England
Reveler Development celebrates final phase of work at The Levee - new 51-unit apartment building in Biddeford
Biddeford, ME Reveler Development has begun construction on 10 Upper Falls Rd., the fourth and final phase of Reveler’s master-planned development in downtown,The Levee. “We’re thrilled to embark on this major milestone at The Levee,” said John Laliberte, CEO of Reveler
.png)
Quick Hits
.png)
Columns and Thought Leadership
Maine multifamily outlook: Opportunities in Portland, Bangor, and Lewiston-Auburn - Blake Wright and Kristie Russell
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.
Interest rates and inflation - by Matthew Bacon
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.
The Greater Portland industrial mid-year market update - by Nate Roop
The industrial market in Maine remains robust, characterized by historically low vacancy rates. As of early 2024, the vacancy rate across the state is below 2%, indicating a continued imbalance between supply and demand. This tight market environment has kept lease rates strong, with many landlords in a favorable position. Asking rates are trending around $10.50 per s/f for
Residential is here to untie the office space doom loop - by Thomas House
The glut of unused (and to the owners, undervalued) office space because of the advent of work from home is in the process of becoming homes themselves. Though this is an officially supported trend in Boston and other northeast locations, the conversion