CBRE Touts South Portland Multifam Sale as ME’s Second Largest CRE Transaction
CBRE has arranged the sale of Redbank Village and Liberty Commons, a 620-unit townhouse and garden-style apartment community in South Portland, ME, for an undisclosed amount.
CBRE represented the seller, Portland Portfolio I, LLC, an entity controlled by Jones Street Investment Partners, and procured the buyer, JRK Property Holdings.
“To our knowledge, this sale represents the second largest commercial property sale in the state of Maine ever, second only to the Maine Mall,” said CBRE’s Biria St. John. The recent run up in values is indicative of the rise in rents that we have seen throughout secondary markets in New England as residents have relocated to places such as Portland and NH to enjoy a better lifestyle while still being able to maintain their existing employment and working remotely.”
Redbank Village Apartments offers 500 direct-entry homes; Liberty Commons is comprised of 120 garden apartment homes.
- ◦Sale/Acquisition