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August 1, 2017

RAM Cos. sells 136-unit apartment complex in South Portland

Courtesy / RAM Cos.
Courtesy / RAM Cos.
RiverPlace, a 136-unit luxury apartment complex in South Portland overlooking the Portland skyline, has been sold to RiverPlace Properties LLC.

RiverPlace, a 136-unit luxury apartment complex in South Portland overlooking the Portland skyline, has been sold to RiverPlace Properties LLC. The sale price was not disclosed.

Howard A. Goldenfarb, president of The RAM Cos., announced the sale in a news release. Goldenfarb stated that RiverPlace was southern Maine's first waterfront luxury apartment community when it opened in 2003 and has maintained nearly 100% occupancy over 14 years.

The property is assessed in 2017 at $19.51 million, according to the online record of the South Portland assessing office.

The 11-acre complex includes four apartment buildings with private decks and central air conditioning, a waterfront pool, tennis court, clubhouse with fitness center, private dock for canoes and kayaks, gated access and covered parking. It has views of the Fore River, Mill Cove and Portland Harbor.

Simon Butler of the CB Richard Ellis Boston office brokered the deal on behalf of RAM, while Jim Harnden of Harnden Commercial Brokers represented the new owner, RiverPlace Properties LLC. It is believed that RiverPlace was sold at the highest price per unit of any residential development of its size in Maine, according to the RAM Cos.' news release.

Using the property's $19.5 million assessed valuation as a point of comparison and assuming it sold at or above that price, the sale is roughly equivalent to the fourth- and fifth-largest commercial property sales listed in the July 24 print edition of Mainebiz: 10 Water St. in Waterville, a mixed-use complex that sold for $20,150,000 and is ranked No. 4, and Auburn Retail Portfolio, a retail complex that sold for $20 million and is ranked No. 5.

The top three sales listed were: 1) 62 MacArthur Circle, a 620-unit multi-family apartment complex in South Portland that sold for $87.5 million; 2) 46A Tamarlane, a 309-unit multi-family apartment complex in Portland that sold for $50.25 million; and 3) Brunswick Landing Portfolio in Brunswick and Topsham, a 407-unit multi-family apartment complex that sold for $45 million.

"The development, operation and subsequent sale of RiverPlace has been one of our proudest achievements in over 40 years in the real estate business," Goldenfarb said. "RiverPlace has a dedicated staff, excellent residents and is truly a unique property. After 14 years of successful operations, the environment was right for a sale. We had the luxury of being able to choose the buyer of RiverPlace and we have found the right buyer. We are confident there will be a seamless transition and they will continue to provide the residents with a great community to live in."

About RAM Cos.

Courtesy / RAM Cos.
Courtesy / RAM Cos.
Howard Goldenfarb, founder of RAM Cos.

Goldenfarb is the founder of RAM Cos., which has been involved in office, retail and residential property development in New England, South Florida and Europe for more than 40 years. Goldenfarb is credited with igniting the redevelopment of Portland's Old Port district in the 1970s with the purchase and redevelopment of more than 20 properties, including many historic buildings.

Other projects include The Maine Outlet in Kittery, the first multi-tenant, purpose-built outlet mall in New England; Citicorp Park in South Portland, Maine's first suburban office park; and Foreside Common in Falmouth, the region's first luxury waterfront condominium project.

RAM, which is based in Scarborough and Miami, also been involved in European (England and Belgium) and the Middle East (Israel) outlet mall developments.

In recent years its focus has been on acquiring income-producing industrial properties in New England, as well as the redevelopment of luxury single-family homes through its affiliate, Mile Marker Investments, based in Miami.

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