Hot Portland Market and Low Risk Attract Maine Business to Multi-Family Properties
A Maine-based family business specializing in multi-family assets has seen many opportunities over the past two years on both the buy and sell side of the market.
BJB Realty LLC’s most recent sale was 257 Ocean St., a multi-family building in South Portland. The buyer was Kevin Nguyen and the purchase price was $ 445,000.
Vince Ciampi and Peter Gwilym of Porta & Co. represented BJB Realty and Hoang Nguyen of FO Bailey Real Estate represented the buyer. The case was concluded on July 3.
“It’s a great three-unit,” said Ciampi, who has represented BJB Realty for over two years. “There are very large apartments and it is in a great location.
The 5,610 square foot, three story building is over 100 years old. It was touted as a great location in Knightville close to shopping, a school, and the waterfront. Each unit has a large porch at the back of the building. The property includes a detached garage.
There was a lot of interest in the ad, Ciampi said, “It sold for $ 150,000 each, which is pretty consistent for this size range in South Portland as long as it doesn’t need to. ‘a huge amount of work; $ 150,000 seems to be where the market is taking place right now. “
BJB Realty LLC is a small family business in Maine formed in 2009, according to its website.
Today it owns more than 30 rental properties.
In the past two years, other sales included:
• 82 Winter Street, Portland, four-unit apartment building sold to Liv Modern Green LLC for $ 450,000. Ciampi and Gwilym negotiated the deal, which was reached on May 22.
Courtesy / Porta & Co.
82 Winter St. in Portland was a value-added investment opportunity in the West End.
Built in 1840, Portland’s 82 Winter St. was a value-added investment opportunity in the West End. “It’s an A-plus location, but it needed a bit of work,” Ciampi said.
• 82 North Kelsey Street, South Portland: four-unit multi-family building sold to Robert Beardsley for $ 582,000. Ciampi and Gwilym, and Timberly Muncey of Realty ONE Group, negotiated the sale, which closed on March 23.
• 807 Broadway, South Portland: three-unit multi-family building sold to Colton Gross for $ 445,000. Ciampi and Gwilym negotiated the deal, which was reached on January 30.
• 3, rue Clifford and 88, rue Cleaves, Biddeford: five-unit multi-family building sold to 4A Property LLC for $ 470,000. Ciampi and Brandon Mitchell of Malone Commercial Brokers negotiated the deal, which closed on August 20, 2019.
• 1006 Forest Avenue, Portland: 5,235 square foot office building sold to 1006 Forest Avenue LLC for $ 745,000. Tony McDonald and Jon Rizzo of Boulos Co. and John Doyon of Malone Commercial Brokers negotiated the deal, which closed on November 8, 2018.
Additionally, Ciampi noted, BJB Realty is looking to sell 258 Sawyer Street, a five-unit building in South Portland.
Over the past four years, BJB Realty’s purchases have included:
• 142 park avenue, Portland: 12-unit multi-family building sold by 142 Park Ave LLC for $ 1.75 million. Ciampi and Gwilym negotiated the sale, which closed on October 21, 2019. It dates back about a century but was turnkey, Ciampi said.
Courtesy / Porta & Co.
BJB Realty purchased a 12-unit multi-family building at 142 Park Ave. in Portland last October. It dates from around a century but was in turnkey condition.
• 162 and 168 Washburn Ave, Portland: Multifamily building with 17 units sold by Martina M. Baldwin for $ 2 million. Ciampi negotiated the deal, which was concluded on August 1, 2019. It was an off-market deal. “After going through the numbers and going around the building, it seemed like a great value-added game,” Ciampi said.
• 596, rue Preble, Cap Elizabeth: 9-unit multi-family building sold by Preble Street Apartments LLC for $ 1.05 million. Matthew Lamontagne of Signature Homes Real Estate Group and Brit Vitalius of Vitalius Real Estate Group negotiated the transaction, which closed on August 20, 2018.
• 100 Forest Avenue, Portland: 5-unit building sold by 100 Forest Ave LLC for $ 439,900 Thomas Gadbois of FO Bailey Real Estate and Joe Flynn of Flynn and Co. negotiated the transaction, which closed on February 9, 2018.
• 6 Oregon Avenue, Old Orchard Beach: Multifamily property of 11,408 square feet and 16 units sold by Bratt Realty Trust for $ 1.35 million. Katie Millett and Sylas Hatch of NAI The Dunham Group and Flynn negotiated the sale, which closed on December 30, 2016.
• 773 Congress Street, Portland: 5-unit multi-family building sold at 773 Congress Street LLC for $ 400,000. Ciampi and Flynn negotiated the deal, which was concluded on August 29, 2016.
• 124 Emery Street, 59 Bramhall Street and 503 Cumberland Ave, Portland: Three apartment buildings sold by BrickLight Properties II LLC, 59 Bramhall Street Realty LLC and East End Realty LLC for $ 2.5 million. Ciampi and Flynn negotiated the deal, which was concluded on July 21, 2016.
• 395 Lisbon St., Lisbon: 24 row apartments sold by Brandon Park LLC for $ 1.275 million. Dan Greenstein and Tony McDonald of CBRE | The Boulos Co. negotiated the deal, which was reached on May 13, 2016.
In total, BJB Realty has 205 units, primarily in Greater Portland, Ciampi said.
“The overall goal is long-term durability,” he said. “Selling is all about finding efficiencies where they can best use their funds. If they’ve done all they can with one asset and have seen the returns, then they put the returns in another value-added asset. It’s a pragmatic decision: if the numbers make sense to sell, they will sell. If the numbers make sense to buy, they will buy.
On the buyer side, “They’re pretty open-minded about what they’re looking for,” he explained. “The top priority is what the long-term returns will look like.”
Multi-family buildings are one of the most popular assets in the Greater Portland market, he said.
“The vacancy rate for multi-family units in Portland is currently 1%,” he said. “In my last seven years with the business, vacancy rates have remained below 5%, with little fluctuation. So, multi-families in this market are very low risk and you see a lot of local buying and selling. “
Porta & Co. founder and broker Joe Porta has made $ 300 million in multi-family sales since 2011 and Ciampi has made approximately $ 60 million in multi-family sales since 2013.
“We are able to use this experience for the benefit of our clients and to ensure that we provide the most sensible solutions for each specific client,” Ciampi said.