A Massachusetts investment firm said the high rental demand in Greater Portland served as a catalyst for its purchase of 620 South Portland apartment units for $87.5 million.
The sale, which was first reported on Tuesday by the Boston-based commercial real estate news outlet The Real Reporter, has the Hingham, Mass.-based investment firm Jones Street Investment Partners purchasing both the 500-unit Redbank Village development and the adjoining 120-unit Liberty Commons complex.
Portland-based CBRE|The Boulos Co. and CBRE|New England of Boston co-brokered the sale.
The two complexes, which are located between the Portland International Jetport and the Maine Mall were previously owned by the Dallas-based Lone Star Funds following its 2015 purchase of the real estate investment trust Home Properties of America, according to the Bangor Daily News.
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