Liberty Commons - South Portland, MESouth Portland, ME CBRE/New England Capital Markets and CBRE – The Boulos Company team completed the sale of Liberty Commons, a 120-unit apartment community and Redbank Village, a 500-unit apartment community. CBRE/New England and CBRE – The Boulos Co. exclusively represented the seller, and procured the buyer, Jones Street Investment Partners, LLC. Liberty Commons and Redbank Village sold for a combined price of $87.5 million, which marked the largest apartment sale in Portland history.
CBRE/New England’s multi-housing experts Simon Butler, vice chairman and partner, Biria St. John, vice chairman and partner, as well as Joe Porta, partner of CBRE – The Boulos Company, exclusively represented the seller.
“We are pleased to have facilitated the sales of Liberty Commons and Redbank Village on the behalf of our client. The acquisition of Liberty Commons and Redbank Village offers Jones Street with an opportunity to execute their value add approach through selective upgrades to both the units and common areas in the tight Portland apartment market.” said Butler.
Liberty Commons was constructed between 2005 and 2006 and is comprised of six three-story buildings.
Redbank Village has been renovated over the past few years. The community is comprised of 238 one and two-story buildings.