About this Property
The Portfolio offers a rare opportunity to make a large, strategic purchase in the Midcoast area of Maine by acquiring 6 residential communities. With a total unit count of 407, the Portfolio represents a combination of high quality real estate assets including condo-style townhouses, garden-style apartments, single-family homes, and military-designed efficiency units, plus 53 acres of additional land. The low cost basis, combined with interior and exterior renovation potential, provides the opportunity to realize outsized returns by increasing rents to meet the high market demand, as evidenced by historically high occupancies and a waiting list of future tenants. Presidium, and our local partner Helios, are acquiring the Portfolio at a 7.2% going-in cap rate.
- Increase rents to market level immediately post-closing with minimal Capex dollar inputs, as evidenced by 100% occupancies historically and a waiting list.
- Implement a RUBS system which bills back utility expenses from tenant.
- The redevelopment of Brunswick Naval Air Station by the Midcoast Regional Redevelopment Authority (MRRA) has been deemed an extreme success that attracted 88 businesses since 2011 and created 900 new jobs during fiscal year 2015. Approximately 700 additional new jobs are in the process of coming on-line.
- In Topsham, the Patriot Commons (the Portfolio property) is located adjacent to Topsham’s high, middle and elementary schools (Mt. Ararat). In both areas, the Portfolio has been operated at above 95% occupancies historically with a waiting list.
- Potential to develop 250 new units on the 53 acres of excess land, 30 acres of which already have existing permit, roadways and infrastructure in-place to build 100 new units.