Equity Residential Portfolio Nets $35M

PORTLAND, ME-Continuing a flurry of multifamily sales thus far this year in Maine’s Casco region, Equity Residential has traded three apartment communities to a Philadelphia-based investment group, Resource Real Estate. Totaling 309 units, the portfolio fetched $35.05 million for Equity Residential, which has embraced a strategy to focus on core markets.

“We had good interest,” reports Cushman & Wakefield executive director Simon Butler, a member of C&W’s multifamily sales team that marketed the apartments for Equity. Private capital was especially attracted to the opportunity, says Butler, who characterizes the portfolio as a value-added play. Butler was joined by C&W executive director Biria St. John and Capital Markets Group chief Robert Griffin Jr., in brokering the sale for Equity and procuring the buyer.

The largest of the three assets changing hands is Tamarlane, a 115-unit community comprised of both flats and townhomes and a range of one and two-bedroom units. Tamarlane has two dozen wood-frame buildings on its 19-acre campus, with a leasing center and 23 two-story residential structures consisting of vinyl clapboard siding and asphalt shingle roofs. The apartments feature fully applianced kitchens, washer/dryers and substantial closet space, while Tamarlane also offers residents such amenities as a basketball court, swimming pool and tennis courts.