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V O L . X X V I I I N O. X V J U LY 2 5 , 2 0 2 2 10 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E N O T E W O R T H Y C E N T R A L & W E S T E R N The University of Maine at Augusta introduced an online Master of Science in Trauma-Informed Emergency Management and an online Associate of Science in Community Policing that will be available to stu- dents in the fall. The Skowhegan River Park Committee received a $30,000 com- mitment from the Franklin Savings Bank Community Development Foundation to support its Skowhegan River Park project. Fishermen cite concerns on wind power e state of Maine is bullish about offshore wind-power development, as Gov. Janet Mills and her admin- istration study possible uses of the renewable energy at the state's com- mercial ports and pursue a lease in federal waters for a pilot project. But B R I E F 1.25 % Get more out of your savings with the Jumpstart Money Market Account by Kennebec Savings Bank Minimum daily balance of $25,000 required to earn the disclosed Annual Percentage Yield (APY). $100 minimum to open (opening deposit must be new money not currently on deposit with Kennebec Savings Bank or any of its divisions). Your interest rate and APY may change at any time without notice. Rates as of 05/02/2022. A $10 per month fee is charged to accounts whose average daily balance falls below $25,000. Fees could reduce the earnings on this account. An active Kennebec Savings Bank checking account is required. * Call us at (207) 622-5801 or visit us at www.KennebecSavings.Bank to open your account today. Boost the earnings on your money! M I D C O A S T & D O W N E A S T Investors come from as far as NYC for Portland multifamily showings B y L a u r i e S c h r e i b e r P o r t l a n d — Two multifamily buildings in Portland expe- rienced over 15 showings each within a two-hour window, with potential buyers coming from as far as New York City. Both listings received multiple offers over the asking price. "We believe the narrative is multifamily investment demand in downtown Portland remains stronger than ever due to barri- ers for new construction, which is resulting in increased value of existing housing stock, among other factors," said Tim Millett of Porta & Co., who represented the seller in the deals. A limited liability corporation, I-95 Portland Portfolio I LLC, sold 28 High St., a 6,864-square-foot multifamily building, to 28 High Street LLC for $1,675 million, which was $50,000 above the list price. Cheri Bonawitz and Karen Rich of Malone Commercial Brokers represented the buyer. On the same day, I-95 Portland Portfolio I LLC sold 41 Chestnut St., a 16-unit multifamily building, to 41 Chestnut LLC for $3.15 million. The sale price was $155,000 above the list price of $2.995 million. David Holman of RE/MAX River side represented the buyer. The aggregate deal totaled 23 units for $4,825,001. "We had two people fly- ing in from New York City," Millett said of the show- ings. Two different buyers came in on the deals. At the time of the sales, 28 High St. was fully occupied and 41 Chestnut St. had one vacant unit that has since been filled, said Millett. What's behind the deals Millett said he's seen a huge increase in the value of mul- tifamilies in Greater Portland. "It's becoming difficult to build new downtown," he said. "That continues to add more pressure on existing housing stock and we certainly saw that demand." The seller, I-95 Portland Portfolio I LLC, is a partnership led by general partners Palo Peirce and Alex Jones. Peirce is a Portland resident who also co-owns Bricklight Realty Management along with Jones, which owns and manages about 225 multifamily market-rate and affordable units spread across 14 buildings, predominantly in Portland. "We're still looking at a multitude of buildings," said Peirce. "We think Portland is a good market. Portland is a wonderful place to live, so you're seeing those impacts on the demand side and, consequently, valuations." P H O T O / C O U R T E S Y O F P O R TA & C O 28 High St.

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