$10.2M sale of apartment complex is Lewiston’s largest in years
Courtesy / The Boulos Co.
The Bluffs, a 65-unit townhouse-style complex at 1 Tourmaline Drive in Lewiston, sold for $10.2 million in an off-market transaction.
Thought to be Lewiston’s largest multifamily sale price in several years, an apartment complex at 1 Tourmaline Drive sold for $10.2 million in an off-market transaction.
The Bluffs is a 65-unit townhouse-style complex. Each unit consists of two bedrooms and 1.5 bathrooms, with two parking spaces. The sale also featured a 10.51-acre parcel, previously approved for 65 garage storage units, that have potential to be a value-add opportunity.
Nick Lucas and Noah Stebbins of the Boulos Co. brokered the deal.
The sale price comparables are based on market data from Multiple Listing Service and New England Commercial Property Exchange.
The Bluffs LLC bought the property from Randall Road Associates LLC.
The complex was built in phases from 2008 to 2010.
"The sellers developed the property, and they thought the timing was right to sell due to historical low interest rates — at least at the beginning of the marketing process — and to take advantage of the competitive buyer pool due to their being a limited amount of large multi-family properties on the market statewide,” Stebbins told Mainebiz. “The buyer is based out of California and has family ties to Maine and owns several commercial properties in the Northeast.”
An initial deal fell apart. But Boulos secured a signed back-up offer that minimized delay in securing the deal. In a process that took about six months, the brokers reached out to a large list of in-state and out-of-state multi-family investors, particularly in the Lewiston-Auburn area, who actively look to acquire similar assets in Maine.
"The property gained a tremendous amount of interest from numerous multi-family investors due to the size and quality of the complex,” said Stebbins. “It is challenging to find this many units on one location in Maine.”
The Class A, market-rate complex has had excellent occupancy ever since it opened, with long-term tenants and a waiting list.
Further investment potentially involves the addition of 65 garage storage units.
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