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A 56-unit portfolio of six multifamily properties in Lewiston and Auburn, has been sold to Wakefield, Mass.-based NorthBridge LLC for $5.99 million.
The sale included two buildings in Auburn at 287 Turner St. and 15 Cushman Place and four in Lewiston: 182 Pine St., 172-176 Blake St., 78 and 84 College St. and 717 Lisbon St.
All the properties, except 717 Lisbon St., were off-market transactions, put together by the Boulos Co.’s Noah Stebbins for the buyer.
Jon Leahy of JT Leahy Real Estate represented sellers JDR Holdings LLC and JDR Exchange LLC for five of the buildings. Dan Coleman of Androvise Realty represented IMAJ Properties LLC, the seller of 717 Lisbon St.
“This transaction was driven by both necessity and opportunity,” said Stebbins. “The buyer had a 1031 exchange to complete and wanted to focus on the growing Lewiston-Auburn market, where they already own multifamily buildings and have a strong management team in place.
“With limited multifamily inventory of scale available, we curated a property portfolio to satisfy the exchange requirements.”
Stebbins added that the deal required the teams to coordinate inspections, paperwork, and due diligence across all six properties to meet exchange timelines.
A 1031 exchange is a swap of one real estate investment property(ies) for another within a 180-day timeframe, in order to defer capital gains taxes.
“We know the market players and have built strong relationships with brokers across firms over the years,” said Stebbins. “Without Jon and Dan, this deal wouldn’t have been possible.”
Stebbins added that the buyer’s acquisition signals growing investor demand in Lewiston-Auburn.
“I expect demand will only increase as the area’s population grows and downtown centers continue to transform.”
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Whether you’re a developer, financer, architect, or industry enthusiast, Groundbreaking Maine is crafted to be your go-to source for valuable insights in Maine’s real estate and construction community.
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