New managers take the reins at Munjoy South
Portland apartment complex Munjoy South is under new management. Stanford Management, a local affordable housing provider, bought the contracts to manage the 140-unit building on April 1 for an undisclosed price, according to Stanford's president and owner, Rosa Scarcelli.
Located on Mountfort Street, the property is home to about 450 tenants. Stanford purchased the contracts from American Multifamily Management, a Michael Liberty company that has overseen the property for more than 10 years, she says. The complex is owned by Mountfort Housing Limited Partnership.
Munjoy South was one of 11 properties in the state that Stanford recently acquired. The new additions tacked on another $30 million to the company's $100 million portfolio of developments in Maine, Connecticut, Pennsylvania and Mississippi, according to a press release from the company.
At Munjoy South, Stanford plans to improve signage and landscaping, make roadwork upgrades and, if funding becomes available, weatherize the building, Scarcelli says. The company also will institute its integrated management approach, which will involve training and empowering on-site managers, Scarcelli says.
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