In a real estate deal brokered by CBRE The Boulos Company, two large apartment complexes in Scarborough have been sold to Chestnut Realty, LLC, headquartered in Springfield, Mass.
The deal included Foxcroft Apartments, which consists of 104 townhouse-style homes located off of Route 1, and Coach Lantern Apartments, 90 townhouse-style units off Winnocks Neck Road.
“This was a unique opportunity for Chestnut Realty to acquire core multi-family assets with critical mass,” according to Joe Porta, a partner at The Boulos Company.
In a press release, the company also said the housing complexes “provide for superior access to Maine’s largest cultural and employment centers.”
The press release added that while both communities “have been impeccably maintained and have benefited from strong historical occupancy and rent growth, the properties are ripe for interior and common area renovations that should further enhance their market (value).”
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