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Updated: August 18, 2025

Real estate investor expands multifamily portfolio with Bath deal

An exterior view of a building with off-white siding. Photo / Courtesy White Bark Property Management White Bark Property Management expanded its multifamily portfolio in Bath with the acquisition of 832 Washington St. for $510,000.
By Laurie Schreiber

White Bark Property Management — a real estate investment, construction and property management firm with offices in Southport, Conn., and Camden — expanded its Bath footprint with the acquisition of 832 Washington St. for $510,000.

David Jones and Thomas Gadbois of F.O. Bailey Real Estate and Richard Bisson Jr. of Keller Williams Realty brokered the deal.

The 6,822-square-foot building dates to 1880. It was marketed as a prime property a third of a mile north of Bath Iron Works and near the downtown neighborhood. Washington Street runs parallel to the Kennebec River.

“This building represents exactly the type of opportunity we’re passionate about, one that allows us to preserve housing, support small business continuity and invest in the ongoing revitalization of Bath,” said Matthew Goldfine, White Bark’s founder and managing director. “With Bath Iron Works at the heart of the local economy, it’s critical that the community has access to safe, well-managed and conveniently located housing.”

The property includes a parking lot that is used by BIW employees on a paid monthly basis.

Renovations

White Bark is a privately held real estate investment and management firm with a growing presence across the Northeast. 

The property has four residential apartments and one long-standing commercial tenant — an accounting firm that has been at the location for more than 20 years and plans to remain, according to a news release.

All existing tenants will stay in place during and after a renovation that is underway and includes new siding, roofing, electrical updates and a full boiler replacement. In addition, the property is being converted from oil to natural gas to increase energy efficiency, reduce environmental impact and improve long-term affordability for tenants.

An aerial view shows numerous buildings and a river with a bridge.
Photo / Courtesy White Bark Property Management
The 6,822-square-foot building, at bottom center, is near a commercial area that runs along the Kennebec River.

“We’ll be investing hundreds of thousands of dollars over the next several months to upgrade the building’s systems, improve energy efficiency and complete improvements like a new boiler, siding and roofing,” a White Bark spokesperson told Mainebiz via email. “Our goal is to make these upgrades while keeping all current tenants in place and avoiding any disruption to their daily lives. Over time, as units naturally turn over, we’ll also modernize interiors to further enhance the property.”

Financing for the acquisition and renovation was structured under a combined mortgage and construction loan that allowed White Bark to close on the property and secure the funding for improvements at the same time. The financing will convert into long-term, permanent financing once the renovation phase is complete.

White Bark will act as general contractor on the project, leveraging its in-house design and construction staff while partnering with local contractors.

Bath portfolio

The acquisition brings White Bark’s total portfolio in Bath to 56 units.

In 2020, the company acquired Ledgeview Apartments, a 23,040-square-foot, 24-unit apartment complex on 3.5 acres at 1 Ledgeview Lane, for $2.05 million.

In 2024, White Bark acquired four multifamily buildings totaling 27 units at 36-40 Court St., for $2.349 million and completed extensive rehab work, improving building systems and living standards without displacing tenants.

Acquisitions elsewhere include a $4 million private-offer deal in 2018 that involved 106 apartment units in 21 different buildings in Sanford and Springvale. 

Earlier this year, White Bark acquired the Lafayette Center — a former mill turned office building at 2 Storer St in downtown Kennebunk — $5.5 million, said to be one of the largest commercial real estate purchases in the town’s history.

Gadbois and David Jones, also with F.O. Bailey Real Estate, have been  involved with most of White Bark’s Maine transactions.

White Bark said it plans to continue expanding its presence in Bath, with a long-term goal of significantly increasing its unit count to better serve the region’s workforce and meet growing housing demand.

Founded in 2018, White Bark is a privately held real estate investment and development firm with over 400 residential, commercial and mixed-use units across the Northeast. The company specializes in the acquisition, rehabilitation and management of long-term, “community-focused” properties.

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