- Associated Press - Wednesday, June 1, 2016

PORTLAND, Maine (AP) - Following a recent trend of multi-family housing structures changing hands, an apartment complex in Portland that was originally built as a hotel in the 1920s has been sold for $7.3 million.

Real estate broker Vince Ciampi tells the Portland Press Herald (http://bit.ly/1UdxqnJ ) that the sale of the 86-unit Ambassador Apartments to Ambassador LLC closed on May 19. The sellers were Shirley Quirk and the estate of John J. Quirk & Sally Quirk.

The Ambassador features 82 studio apartments and four one-bedroom units. Most of the units are currently occupied.

Ciampi says brokers are continuing to see a strong demand for apartment properties both large and small in the Portland area.

A Massachusetts investment firm purchased two adjacent apartment complexes in South Portland for $87.5 million earlier in May.


Information from: Portland Press Herald, http://www.pressherald.com



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