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Midland Capital Partners Buys $8M Augusta Subsidized Housing Complex
The Boulos Company’s Tony McDonald and Nick Lucas have represented Silver Street Partners in the sale of a subsidized housing project in Augusta, ME. According to the company, the sale of 82 Glenridge Drive is one of the largest subsidized multifamily deals in ME in recent years.
The 120-unit property was purchased for $8 million by Midland Capital Partners, a developer and operator of subsidized housing in ME. Midland plans to renovate every unit at the complex using a financing package through Maine Housing Authority, which will convert some market-rate units to subsidized units.
Boulos conducted a nationwide search for buyers that resulted in eight significant offers. In the end, Midland was selected based on their experience in acquiring and operating low-income housing projects in the state. “There is significant demand for affordable housing in the Augusta market, where there is an aging housing stock, and Midland Capital Partners recognized the need,” said Lucas.
- ◦Sale/Acquisition
