Former 1920s hotel in Portland, now apartments, sells for $7.3 million

An 86-unit apartment complex in Portland originally built as a hotel in the 1920s has been sold for $7.3 million.

The Ambassador Apartments at 37 Casco St. is the latest in a string of multifamily housing structures that have changed hands in recent months, said Vince Ciampi, a broker at CBRE|The Boulos Co., who represented the sellers, Shirley Quirk and the estate of John J. Quirk Sally Quirk. Joe Porta, a partner at Boulos, represented the buyer, Ambassador LLC. The sale closed May 19, Ciampi said.

The Ambassador contains 82 studio units and four one-bedroom units, most of which are occupied, he said. Real estate brokers continue to see strong demand for large and small apartment properties in Portland, Ciampi said.

Earlier in May, a Massachusetts investment firm purchased two adjacent apartment communities in South Portland for a total of $87.5 million. Brokers described it as the highest-dollar purchase of

... read more at: http://www.pressherald.com/2016/05/31/former-1920s-hotel-in-portland-now-apartments-sells-for-7-3-million/