Courtesy / F.O. Bailey Real Estate
The same buyer picked up 285-289 Main St., Biddeford, a 10-unit mixed-use commercial building built around 1900, in an off-market deal.
October 6, 2019
Biddeford apartment complex sells for $3.6 million
Courtesy / F.O. Bailey Real Estate
The $3.6 million sale of a hundred-year-old townhouse apartment complex, at 24 State St., Biddeford, was all about timing.
Southwood Court Townhouses, a rental-housing complex in Biddeford, sold for $3.6 million — a substantial price tag that reflects growing residential demand in the city.
24 State LLC bought 24 State St. from TNT Associates in a deal that closed Sept. 11. Thomas Gadbois of F.O. Bailey Real Estate brokered the transaction on behalf of both buyer and seller.
Southwood Court Townhouses consists of four stories in a U-shaped 53,188-square-foot building with 34 two-bedroom townhouse units and eight three-bedroom townhouse units. The structure was built in 1920. There are 90 parking spots. The lot is 1.8 acres.
The $3.6 million price tag is big for Biddeford, Gadbois said.
“Prices are going up in Biddeford,” he said. “This is a unique property because it’s all one building with a lot of parking.”
“I’ve been working on selling this property for about four years,” he added. There were some interested parties, but the seller was looking for the right buyer, he explained.
“It was all about timing,” he continued. “In the end, the owner decided he wanted to retire and move on to other things. The owner really liked this buyer and felt he was the right person to pass the torch to.”
The building is in excellent condition.
The apartments are priced at market rates. And those rates will potentially go up given increasing demand.
“People are looking to move to Biddeford because Portland is getting so expensive,” Gadbois said. “So there’s a tremendous amount of upside. That’s why the buyer was so interested.”
The buyer is a Connecticut resident whose real estate portfolio includes retail and residential properties throughout the U.S., said Gadbois.
The same buyer acquired 285-289 Main St., Biddeford, as well. That’s a 10-unit mixed-use commercial building that came in with a purchase price of $650,000. Gadbois represented the buyer and James Benoit and Erika Puschock, also of F.O. Bailey Real Estate, represented seller, 145 Realty Associates LLC. The deal closed July 11.
Built around 1900, 285-289 Main St. is a three-story commercial brick building in the downtown, with eight residential units and two commercial units.
“That was an off-market deal,” Gadbois explained. “There were maybe two tenants in there, out of 10 units. We’re putting an F.O. Bailey office on the ground floor. The buyer is remodeling the apartments and has started to rent some of them.”
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