Foreside Estates trades hands for $16.5M

Multifamily complex features gardening plots, fitness amenities

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CB Richard Ellis/New England recently arranged the sale of Foreside Estates, a 170-unit apartment community located in Falmouth, Maine. The value of the transaction was $16.5 million. Princeton Properties purchased the asset, which consists of 170 units including 35 units that are under a Section 8 contract, from MB Management Co. The community is comprised of 10 two-and-one-half-story buildings on 52 acres. Built in 1981, Foreside Estates offers six floor plans, ranging from one-bedroom apartments to townhouse and duplex units. Community amenities include a large clubhouse with a full kitchen for residents, a swimming pool, tennis courts, a fitness center, four laundry rooms and resident gardening plots. CB Richard Ellis/New England is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group with offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. ...