CBRE has arranged the $21 million sale of Bayside Village, a 101-unit apartment community in Portland, ME for $20.8 million.
Built in 2008, the property consists of a five-story residential building with retail and garage parking on the first floor. The property has historically been rented as a student housing community with 100 four-bed, two-bath suite-style units that have been rented by-the-bed as well as a live-in managers unit. There is also 3,300 square feet of ground-floor retail. Amenities include bike storage, 117 covered at-grade garage spaces, resident lounge area with flat screen TV and vending machines, business center with print station, common laundry, courtyard with resident patio and picnic tables, and billiards room.
Simon Butler and Biria St. John of CBRE, together with Dan Greenstein of The Boulos Company, represented the seller, Blue Vista, in the transaction. Joe Porta of Porta & Co. represented the buyer, Port Properties.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
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