
Salem, NH Dennis Kelleher and John Pentore of Horvath & Tremblay have completed the sale of Rosewood Apartments. Horvath & Tremblay exclusively represented the seller and procured the buyer in the transaction that closed at a sale price of $6.525 million.
Rosewood Apartments is a 42-unit apartment community consisting of seven, garden-style, apartment buildings on a 4.66-acre site. The buildings are set on a residential street around a landscaped cul-de-sac with off street parking lots and a unit breakdown that includes (18) 2-bedroom units and (24) 3-bedroom units. The property is well-located on a residential street with highway access to both Interstate 93 and 495 and is proximate to The Mall of Rockingham Park and the new Tuscan Village development.
The multifamily market in Maine’s major cities presents a diverse range of opportunities for investors. We looked at the potential benefits and unique characteristics of three major submarkets in the state: Portland, Bangor, and Lewiston-Auburn. The information below is based on research done in CoStar and county registries, and focuses on multifamily properties that have four or more units.
As we all know, interest rates have been changing drastically, with movement in both directions, depending on the type and term of financing. The Federal Open Market Committee has taken drastic action in efforts to curb abnormally high inflation, but it hasn’t controlled labor cost growth to the extent that was intended.