Dover, NH The former Christmas tree farm at 239 Knox Marsh Rd. was sold to 239 Knox Marsh Realty, LLC for $1.225 million.
Seller, Equine Properties, LLC, acquired the 9.36-acre site in 2020 and secured all the approvals necessary for a mixed-use housing project comprising 52 multi-family units, two 13,583 s/f commercial units, and 12 single-family homes. The buyer, a regional developer, was looking for a shovel-ready site with permits in place. While engineers worked with the DOT to get the last approval, the seller worked with local community organizations, donating Christmas trees to those in need.
The transaction was arranged on behalf of the seller by Christian Stallkamp and Katherine Gemmecke of The Boulos Company. Gil Aleixo represented the buyer.
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.