Portland, ME PM Construction Co. continues to play a key role in the ongoing development of housing in the city.
• The Daymark condo project (shown) on Chestnut St. is underway. The seven-story (70,000 s/f) building will consist of 54 units with one, ~ 2,400 s/f commercial space. The development is being led by The Procopio Companies.
• Construction for the 218 Washington project are picking up momentum. The condo building will include 45 units throughout four floors, with garage parking and a rooftop deck.
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.