A San Francisco investor looking to make a move to Maine saw a solid investment in the acquisition of a recently built tract of 21 new duplexes in Windham.
The $9 million purchase price was a record-setter for the type of property in the area, said Thomas Gadbois of F.O. Bailey Real Estate, who represented both buyer and seller in the transaction.
“It’s a big deal, especially for Windham,” he said. “It shows investors are looking at areas besides Portland.”
Kettles Estates LLC bought 14-70 Dusty Rhoades Lane from Dusty Rhoades LLC in the deal, which closed Nov. 13.
Robie Builders, a general contractor in Windham, developed the property over the past year, said Gadbois.
Windham’s attractions, he said, include plenty of green space while also being relative close, a half-hour drive to downtown Portland.
Also, he said, “Windham has a lot of great amenities. There’s a lot of development going on — restaurants, shops. It’s one of the next communities to see a lot of influx from Portland and out-of-state.”
The development is located north of Windham’s downtown, in a quiet residential section called Dolley Corner.
Off-market deal
The development was never actually on the market. The buyer, who has ties in Maine, contacted Gadbois.
“He was looking for property and he knew I dig up a lot of deals,” he said.
So Gadbois contacted Robie Builders.
“I asked, ‘Do you want to sell it?’” he recounted. “He said, ‘Yes,’ and he gave me a price the next day. It closed three weeks later.”
All together, there are 42 rental units. All are full, and there’s a waiting list, said Gadbois.
The buyer plans to keep the development as a long-term hold, he added.
The target market is young professionals. Unit features include granite countertops, full basements and hardwood floors.
“They’re top-notch units,” Gadbois continued. “That’s something my buyer really wanted. I put other deals in front of him, but he loved the a fact that this is brand-new and he won’t have deferred maintenance for years to come.”
The buyer owns other properties in New England. Gadbois said he’s working with the buyer on other properties in Maine.
This year, Gadbois has brokered close to $50 million in commercial, residential and multi-unit transactions.