30-Unit Townhouse Style Multifamily Development Opportunity
Fully positioned development site for 30 spacious 2–3BR units in a growing Maine submarket.
Marketing description
Positioned in the heart of Orono—one of Maine’s most supply-constrained and consistently high-demand rental markets—this ±4.6-acre development site at 0 Park Street presents a rare opportunity to deliver new construction, townhouse-style student housing immediately adjacent to the University of Maine.
Located just steps from The Local and approximately 0.5–0.8 miles (±2–4 minute drive / short bike ride) from University of Maine, the property offers an exceptional proximity advantage that is increasingly difficult to replicate. The University enrolls approximately 11,000 students and serves as the state’s flagship research institution, driving consistent housing demand across all asset classes.
The offering consists of a 4.58-acre level parcel with favorable positioning along Park Street, a primary corridor connecting downtown Orono to campus. The site benefits from existing infrastructure access and is ideally suited for a 30-unit, 2–3 bedroom townhouse-style apartment community, a product type that directly aligns with current renter preferences for larger, modern, off-campus living options.
Contact Listing Broker for an NDA to review Engineering Documents.
Investment highlights
Purpose-Built Student Housing Opportunity
Demand for quality off-campus housing in Orono remains strong, driven by sustained enrollment, limited new supply, and a renter base seeking upgraded living environments beyond traditional student housing stock.
Proximity to Campus (Walk/Bike Accessible)
The site’s close proximity to the University of Maine creates a compelling leasing advantage, offering residents convenient access to campus, downtown amenities, and student life.
Strong Economic & Employment Base
Orono functions as a key employment hub within the Bangor metro area, anchored by the University of Maine, which employs approximately 2,400 individuals, alongside a diverse mix of research, education, healthcare, and technology-related jobs.
The surrounding area also benefits from:
- Maine Tech Industrial Park (R&D and innovation hub)
- Regional healthcare systems in nearby Bangor
- Financial institutions and service-sector employers
- A highly educated workforce, with over 54% of residents holding a four-year degree or higher
Proven Rental Market Fundamentals
Orono consistently draws renters from both the student population and the broader Bangor region, functioning as a regional service and employment center with more jobs than resident workers—supporting long-term rental demand stability.
Scalable Development with Seller Support
The ±4.6-acre site provides the scale and flexibility to execute a cohesive townhome-style community, with the seller willing to support approvals—reducing entitlement risk and accelerating development timelines.
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