Jones Street Investment Partners has picked up two multi-family housing properties in South Portland, Maine for a combined price of $57.5 million. The sale includes Liberty Commons, a 120-unit apartment community built between 2005 and 2006 and Redbank Village, a 500-unit apartment complex built in 1945. The communities are located next to one an other and share a free clubhouse amenity center. CBRE/New England and CBRE β The Boulos Company exclusively represented the seller, and procured the buyer.
βThe acquisition of Liberty Commons and Redbank Village offers Jones Street with an opportunity to execute their value add approach through selective upgrades to both the units and common areas in the tight Portland apartment market.β said CBRE/New Englandβs Simon Butler.
