Confidence is high in downtown Bangor investment property
Bangor, ME – Colliers International, a global leader in commercial real estate services, is pleased to announce that NMS 28 Broad Street, LLC has purchased the luxury apartment building at 28 Broad Street in Bangor, Maine, from Broad Street, LLC.
The four-story, turn-of-the-century property in the heart of downtown Bangor is considered one of the city’s premier residential buildings. It features 18 custom luxury units with state-of-the-art amenities. In 2015, developers invested ~$1.6M over two years to renovate the former Dakin Sporting Goods building. The first units opened in Spring 2016 and the building quickly became fully occupied. For the previous owner, New Hampshire-based Broad Street, LLC, the model was working but was somewhat unproven. Broad Street Lofts was commanding rental rates that were previously uncharacteristic for Bangor. Over just three years of ownership, Broad Street, LLC was able to not only prove that this model works but has also been able to consistently achieve rental increases year over year.
“This really speaks to the economic growth and development of downtown Bangor” says Mike Cobb, Managing Director of Colliers International in Maine. “When we sold this building in 2017, there was a lot of speculation on whether the market could bare these rental rates. Since then, there have been many other high-end apartment rental projects developed in downtown and tenants are telling the story that they want to be here, and they are willing to pay a premium for quality units.”
Mike Cobb and Andrew Ward of Colliers International represented the Seller and assisted the Buyer in this transaction.