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May 15, 2013

N.Y. investor buys S. Portland apartments for $9.7M

A New York-based investor has purchased a 96-unit South Portland apartment complex from Summit Associates Inc. for $9.7 million.

Joe Porta, a broker with CBRE | The Boulos Co., said the Summit Terrace Apartments were on the market for around two years before the sale. Porta said at press time that he was not at liberty to disclose the identity of the buyer.

Porta said the property was 100% occupied at the time of the sale and that the market for multi-unit investment properties continues to grow more competitive, driven by low government-backed financing options that investors are able to lock in.

"Competitive financing is driving the investment in multi-unit properties," Porta said.

The property was developed in stages through the late 1970s and mid-1980s and has been managed by Summit Associates since that time.

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