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W W W. M A I N E B I Z . B I Z 17 J U LY 2 2 , 2 0 1 9 F O C U S R E A L E S TAT E / C O N S T R U C T I O N / D E S I G N Waterville, as entrepreneurial hotspots that invite future investment. en there are the costs of renovation. Renovation of one of their Portland properties, on Carleton Street, averages $8,000 per unit and ran as much as $15,000 on one unit. Renovations range from interior updates to costly deferred maintenance issues. In Augusta, the Henrys expect to invest $250,000 to $350,000 or more to renovate the 19 buildings. "In the first one to three years of these kinds of properties, we draw little, if any, income off the property," explains Rebecca Henry. "In the case of Carleton, some of the more dated units were rent- ing well below market." Renovations are gradually bringing the units up to market-rate rents, she explains. But for now, with renovations ongoing, they're just breaking even. "e intention with Carleton is to build equity in the long term," she says. Overall, she says, the projects are affordable to pursue because the properties are not the couple's sole source of income. "Not every landlord can afford to invest in a build- ing and then pour further dollars into renovating and rehabbing a property," she says. "What's more, not everyone has the stomach for it. We can only do this because we don't rely on the income at this time and because we partner with strong property manage- ment companies with the vision and team to execute. And we know, from experience, that if we invest in C O N T I N U E D O N F O L L OW I N G PA G E » Sampling of multi-family transactions H O L L I S 63 units in five locations / $4.23 million Under contract one month after hitting the market. "We're seeing a lot more people moving to the outskirts because of the prices in Portland," says David Jones of F.O. Bailey Real Estate. S A N F O R D / S P R I N G VA L E 106 units in 21 buildings / $4 million Private offer to New York buyer with Maine roots. B A N G O R 18 luxury units, 28 Broad St. / $3.13 million After two-year $1.6 million renovation, property sells for top dollar to New Hampshire buyer. B R U N S W I C K 21 units, 6 Potter St. / $1.775 million One of Brunswick's largest apartment buildings. Interest seen from investors in California and New York. B I D D E F O R D 10 units, 61 Bacon St. / $645,000 Sold at auction. With just one hot water heater for all units, renovation is essential. B AT H 6 units, 41–43 Lincoln St. / $325,000 Bath Housing Development Corp. finds itself in a bidding war.

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