PORTLAND, Maine (AP) _ Three Maine apartment complexes have been sold to a Massachusetts-based real estate company for more than $50 million.
The Portland Press Herald reports that Springfield-based Chestnut Realty Management bought the Portland and Scarborough complexes.
They were sold by Philadelphia-based Resource Real Estate. The sale closed last Wednesday.
Chestnut hopes to profit from using low interest rates to buy multi-family rental units as rent increases.
A broker in the deal says there are has been no significant increase in housing in the area, but that the demand for it has gone up.
A newspaper analysis found the average rent for a two-bedroom apartment in Portland has risen 40 percent over the past five years to more than $1,500.
The broker says tenants will probably not see their rents go up.