Big Augusta Apartment Complex Sold For A Whopping $8 Million
One of the largest apartment complexes in Central Maine has been sold to Midland Capital Partners, a company that specializes in acquiring affordable housing.
According to the KJ, the 120 unit Glenridge Drive complex was purchased from Silver Street Partners for just over $8 million.
Midland Capital Partners intends to renovate all 120 units in the complex. It is expected that financing for those renovations will be provided, at least in part, by the Maine Housing Authority. It is also expected that Midland will be converting some of the complex's market-rate units into subsidized units.
The sale of the complex had been marketed for several months. And, like nearly every other real estate transaction from the last few years, multiple offers had been made. In the end, eight offers had been made on the apartment complex.
At over $8 million, it is one of the largest real estate transactions ever made in Central Maine. It even beats that sale of a New England Road complex. The one went for $2,425,000 in 2009.
According to the article, the complex was built in the 1970s.
While there has been an affordable housing crisis in the Augusta / Waterville area for years, the economic changes brought on by the pandemic have really put a spotlight on the problem. As more people moved to the state, housing prices increased. Many apartment building owners raised their rates to fit the market. In some cases, this has made it impossible for tenants to continue to live in apartments that they have had for years.
Thigs are slowly getting better, though. We recently told you about three dozen townhouse style apartments that could be coming to Waterville.