The Boulos Company’s Chris Gallagher and Joe Italiaander represented the owner in the sale of a 17-property portfolio to 56 Properties, LLC for $3,950,000. This deal is one of Southern Maine’s largest multifamily portfolio sales of the year. Over the course of six months, the Boulos team navigated many challenges and found creative solutions to bring the complex transaction to a close.

“There’s continued demand for multifamily housing in Southern Maine,” said Joe Italiaander, “especially for deals that offer economies of scale. Given the statewide shortage of quality rental housing, tertiary markets like Sanford present an attractive opportunity for investors.”

The portfolio contains a 49-unit mix of fair market and subsidized apartments. 56 Properties, LLC is an out-of-state group specializing in multifamily housing.

The transaction was arranged on behalf of the seller by Joseph Italiaander and Chris Gallagher of The Boulos Company and on behalf of the buyer by Greg Perry of Compass Commercial Brokers.