Investor makes $150 million bet on luxury rentals in southern Maine

Mark McClure views Maine’s rental housing shortage and high prices differently than most people.

from Maine Shortage of 20,000 units of affordable rentals, including more than 2,000 in Greater Portland, translates into opportunity for the real estate investor and developer. Large developments of 500 or more homes are unlikely to be built in Maine and New England because land costs are high. Smaller ones like his will proliferate for a decade to fill shortages, he said.

“Homes for rent are where the money is right now, especially in appreciation value,” said McClure, managing partner of GenX Capital Partners, which has offices in Portland and Miami. “So we’re going to ride that wave, like any developer.”

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