Miami, FL – March 13, 2012 – (RealEstateRama) — The Federated Companies, a leading national real estate investment and development firm, is pleased to announce that it has completed the sale of Bayside Village, a student housing complex located at 132 Marginal Way in Portland, Maine to Blue Vista Capital Management for $18.2mm. The five-story building, completed in 2009, consists of 402 beds and includes 3,300 square feet of retail space, and a 117 parking space garage. The property is located in an infill location less than a mile from the University of Southern Maine; across the street from Whole Foods, Trader Joe’s, and Planet Fitness; and provides easy access to downtown Portland, the Historic Old Port, and I-295.
The Federated Companies acquired the non-performing mortgage which was secured by the property in December 2010 from KeyBank, and successfully negotiated a deed-in-lieu with the defaulted borrower and mezzanine lender.
“Over the past fourteen months, our efforts have resulted in a 2.5x equity multiple and 125% internal rate of return for our investors,” stated Brian Connell, Chief Executive Officer of The Federated Companies. “The property was stabilized through value-added management including revamped marketing and pricing strategies, which allowed us to achieve 100% occupancy for Fall 2011 versus 45% occupancy for Fall 2010.”
With over 3,100 residential units currently in the development and construction pipeline, The Federated Companies will continue to build projects that serve a diverse range of needs putting a significant emphasis on projects that encompass the principles of sustainable, pedestrian-friendly development.
About The Federated Companies
The Federated Companies is a national real estate investment group with offices in Boston, MA and Miami, FL. The company is a vertically integrated organization that is a leader in the acquisition, development, construction, and management of multifamily apartment communities and net lease retail assets. Founded in 1999, the company has successfully navigated several market cycles, demonstrating program flexibility, and disciplined investing. In addition to its traditional investment objectives, The Federated Companies strives to maintain a competitive edge in the marketplace while balancing environmental, economic, and social objectives. The firm is a member of the United States Green Building Council and a Federal Energy Star Partner.
Vice President of Marketing
The Federated Companies