Jonathan Rose Companies and Schochet Companies have acquired Plumley Village in Worcester, MA, from The Community Builders (TCB), a nonprofit housing developer and manager. Terms of the acquisition were not disclosed.
This transaction marks the sixth acquisition for the Rose Affordable Housing Preservation Fund VI and expands the firm’s Massachusetts portfolio to more than 1,000 units under ownership. It will become the 35th affordable housing property currently managed by Schochet.Â
Located at 16 Laurel St. in Worcester, Plumley Village comprises 430 apartments, 342 of which are rent-subsidized under a Project-Based Section 8 contract. The remainder are rent restricted under a Low-Income Housing Tax Credit (LIHTC) Land Use Regulatory Agreement with MassDevelopment. Â
Originally developed in 1970 and substantially rehabilitated in 2005 by TCB, the property features extensive community amenities. Jonathan Rose Companies plans to invest in a substantial rehabilitation of the property.
Newmark’s Andy Daitch brokered the sale, with Newmark arranging an acquisition loan from Fannie Mae. Â
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