COURTESY / REMINGTON STREET PROPERTIES
34 Cedar St.
July 20, 2020
Large multi-family portfolio sale reflects ongoing interest in Augusta
COURTESY / REMINGTON STREET PROPERTIES
53 Water St. in Augusta was one of a collection of downtown residential properties recently acquired for $3.5 million.
The off-market sale of a large portfolio of multifamily housing units in Augusta netted a $500,000 profit for the sellers just a year after buying the property.
CKW LLC bought 15 buildings from RSP Augusta LLC for $3.5 million.
Their addresses are 8, 12, 18, 22 Bond St.; 16 Green St.; 9, 17, 19 Laurel St.; 34 Cedar St.; 30 North St.; and 37, 53, 375, 382 and 384 Water St.
Josh Soley of Maine Realty Advisors was the sole broker in the transaction, which closed June 24.
The sellers were Jim and Rebecca Henry, who own the South Berwick-based Remington Street Properties.
Augusta has been an active marketplace over the past year, noted Soley.
The 15 properties are part of a total of 19 that Remington Street Properties bought from River City Realty in February 2019 for $3 million.
The eclectic collection includes mostly two- and three-family buildings with a mix of low-income and market-rate rentals, plus 53 Water St., built in 1920 as mill housing for the nearby Edwards Mill and later converted into the Hotel Arnold. All of the properties are nearly a century old or older and have been well-maintained through the years.
Stable product
“Since the pandemic hit, there’s been lot of interest in multi-families,” Soley said. “It’s been one of the most stable products in the state.”
The Henrys generally hold onto their properties as value-add propositions for the long-term. But in this case they received an offer they couldn’t refuse, Soley said.
COURTESY / REMINGTON STREET PROPERTIES
382 Water St. is among the multi-family buildings seen as a value-add opportunity.
“It was an unsolicited offer between two clients of mine,” he explained.
The buyer, who was not identified beyond the limited liability corporation, is an investor with similar holdings in the southern Maine and Greater Boston area, Soley said.
“He loved the product type,” he added.
The activity reflects a surge in downtown Augusta redevelopment, most notably with residential property along with an increasing retail presence.
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