The acquisition of a mixed-use, multifamily portfolio in Sanford is considered a value-add opportunity through lease-up and capital improvements.
A limited liability corporation, 13 Washington St LLC, bought Kingsley Apartments at 13–17 Washington St. and Emery Court Apartments next door at 7 Emery St. from Besso LLC for $3.5 million.
Andrew Robbins and Abby Bachman of Colliers’ Portsmouth, N.H., office represented the buyer and Amber Purty of the Collective Real Estate Co. in Cumberland represented the seller.
The LLC is an entity related to Select Capital, a Delaware limited liability corporation that solely invests in real estate, Robbins told Mainebiz. The Sanford portfolio is Select’s sole real estate holding in Maine.
“This portfolio checked a lot of boxes for our client,” said Robbins. “It offers immediate scale in a tight residential market, along with the ability to unlock further value through thoughtful investment.”
The seller is based in Boston, Robbins said.
Value-add opportunity
The portfolio includes 33 units, consisting of five commercial spaces and 28 residential apartments across three buildings. The property also has a 12-car underground parking garage, considered a rare amenity in the market that enhances convenience and strengthened the asset’s appeal.
Half of the portfolio was built in the early 1900s and half in the 1990s, with a full renovation of all around 1999, Robbins said.
At the time of sale, the portfolio was 75% occupied, presenting a compelling value-add opportunity through lease-up and targeted capital improvements, which are not specified at this time, Robbins said.
Expanding neighborhoods
The property was marketed as being highly visible in Sanford’s commercial district, supported by a strong year-round population, reliable workforce and expanding residential neighborhoods driving demand for retail and service uses.
Over the past five years, 270 apartments were added to the town. Another 450 apartments and condos for a range of incomes and ages are in the pipeline, including Newmarket, N.H.-based Chinburg Properties’ redevelopment of the Jagger Mill in Sanford’s Springvale district into 86 apartments and 18 affordable apartments being built by ReinCorp of Springvale.
“Sanford continues to experience meaningful momentum, and this acquisition positions the buyer to participate in that ongoing growth,” said Robbins.
The purchase marks the buyer’s first multifamily acquisition in Maine, expanding Select Capital’s regional footprint. Reinvestment across all units is expected to support the local housing supply, enhance the downtown environment and contribute to Sanford’s economic activity.
