The CBRE Capital Markets team today announced the sale of Bayside Village located at 132 Marginal Way in Portland, Maine, for $20,800,000.
CBRE multihousing experts Simon Butler and Biria St. John together with Dan Greenstein of The Boulos Company represented the seller, Blue Vista, and with the assistance of Joe Porta of Porta & Company procured the buyer, Port Properties.
Bayside Village is a 101-unit apartment community located in Portland, Maine. Built in 2008, the property consists of a five-story residential building with retail and garage parking on the first floor. The property has historically been rented as a student housing community, with 100 four-bed, two-bath suite-style units that have been rented by-the-bed as well as a live-in managers unit. There is also 3,300 square feet of ground-floor retail. Bayside Village recently refreshed hallways and resident amenity areas. Amenities include bike storage, 117 covered at-grade garage spaces, resident lounge area with flat screen TV and vending machines, business center with print station, common laundry, courtyard with resident patio and picnic tables, and billiards room. The leasing office is currently in a four-bedroom apartment on the second floor.
Historically, the property targeted the 25,000 students at the four major colleges and universities located within four miles. However, more recently the property has rented to both students, young professionals and General Assistance residents. The buyer plans to make a significant capital investment to upgrade the property and reconfigure some of the units to create more traditional market-rate housing and increase the overall unit count to 206 units.
To ensure a positive experience for current tenants, the new owners have placed a dedicated housing coordinator onsite to provide information and resources to help each individual meet their long-term housing goals, whether they wish to remain at the property, relocate within the owners’ portfolio, or secure housing with other partners and landlords.