How we work.
Look closely. Move when it makes sense. Take care of what we own.
What We're Looking For
We only buy apartment buildings in Maine. Here's roughly what fits:
- What
- Apartment buildings, 5 to 20 units
- Where
- Around Maine. Portland and the surrounding area, Augusta, Lewiston-Auburn, Bangor, and the towns nearby
- Condition
- Buildings that need work and buildings that are already running well
- Size
- Flexible. We look at smaller buildings that bigger buyers usually skip
We're most interested in buildings that aren't doing as well as they could be, whether that's repairs that have been put off, rents that are below what the area supports, weak management, or just an owner who's ready to be done.
How Buildings Come To Us
Most of what we look at comes from brokers we know, owners reaching out directly, or referrals from people in Maine who know what we're looking for. We're around, and when something fits, we move on it.
If you have a building that might work for us, just send it over. We'll respond and let you know if it's a fit, usually within a day.
How We Look At a Deal
We start with the numbers. We build out what the building actually does today and what it could do, and we test the assumptions before we put in an offer. We walk the building, check what's been deferred, and don't close on something we haven't gotten our heads around.
We don't chase. If the numbers don't work, we pass.
What Happens After We Buy
When a building needs work, we go in with a plan and a budget. That usually means renovating units, taking care of repairs that have been put off, replacing tired systems, and getting day-to-day management in better shape. Fix the building first, take care of tenants, and then rents catch up over time.
We Hold Long Term
We're not flipping anything. The plan is to own these buildings for a long time, run them well, and let the value build year over year.