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Investor sees $150 million opportunity in southern Maine housing shortage

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

The shortage of 20,000 affordable rental units in Maine, including more than 2,000 in Greater Portland, translates into an 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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