Growing Pre-Lease Rate Unusual as Maine's First Luxury Rental Community Sets to Open in May

34 of 136 units under contract even with construction still ongoing along the South Portland waterfront

SOUTH PORTLAND, Maine - With one month still to go before the first tenant takes occupancy, RiverPlace - Maine's first luxury rental community ö already has 25 percent of the apartments under contract.

"It's interesting and a little unusual that so many people would pre-lease sight unseen," said Jamie Whelan, the president-elect of the state's largest real estate development trade organization. "I think RiverPlace's early success is really a tribute to developer Howard Goldenfarb's impeccable reputation as a builder of high quality projects."

To date, people have based their decision to rent on just floor plans and renderings, which isn't typical in Maine, according to Whelan, who also is the regional manager of Princeton Properties, a large national owner and manager of apartments. Even greater demand is expected when prospective tenants get the opportunity to tour the model apartments and see the first completed building in mid-May.

Portland's tight rental market, as well as the project's many amenities and its waterfront location, help to explain the strong early demand, Whelan said. Residents will have expansive views of Portland Harbor, the Portland skyline and spectacular sunsets. Rents for the apartments, which range in size from 943 to 1,477 square feet, range from $1,100 to $1,900 per month.

"Our amenities and design will set RiverPlace apart from other rental complexes in Maine," said Howard Goldenfarb, president of Ram Management Co. "RiverPlace will offer a waterfront pool and tennis court, a clubhouse with a fitness facility, media room and business center, and a private dock for canoes and kayaks. Apartments will have elevators, high speed Internet connections, in-home laundry, central air conditioning, private decks and state-of-the-art décor."

The site also offers gated access and covered parking for the residents, he added.

The $17 million project includes 136 apartments in four buildings on the Fore River, Mill Cove and Portland Harbor in South Portland. The first four-story building will be opening in mid-May with the remaining three buildings scheduled to be completed by October.

Located on RiverPlace Drive, off Mussey Street in South Portland, the leasing office is open seven days a week. Applications can be obtained by calling (207) 767-0900 or via the RiverPlace web site, www.RiverPlacebyRam.com.

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