Worcester, MA— In a significant real estate transaction signaling continued investor interest in Central Massachusetts, The Micozzi Companies, a Boston-based real estate firm, has acquired the Renew Worcester apartment complex for $25.73 million, according to a report by the Worcester Business Journal (WBJ).
The eight-story, 92-unit apartment building, located at 5 Suburban Drive, was purchased from an entity affiliated with FPA Multifamily, a San Francisco-based private real estate investment firm. The deal was finalized on Wednesday, as per records from the Worcester District Registry of Deeds and WBJ’s report.
Built in 1965, Renew Worcester is situated near Doherty Memorial High School and features 63 one-bedroom and 29 two-bedroom units. WBJ reported that building amenities include balconies, a business center, and walk-in closets.
According to WBJ, FPA had acquired the property in 2021 for $22.4 million, marking a profit of over $3 million in just four years.
This acquisition marks Micozzi Cos.’ fourth multi-family purchase in Central Massachusetts since 2020. The firm previously bought:
- Littleton Lyne Apartments in Ayer for $12.1 million (2020)
- The Oak Apartments in Worcester for $2.65 million (2020)
- A three-story building at 124 Vernon Street in Worcester for $1.77 million (2024), according to data cited by WBJ.
The 2.51-acre property was most recently assessed at $17.58 million in 2025 by the City of Worcester, as WBJ noted in its coverage.
Micozzi Cos., which owns nearly 100 properties across Massachusetts and Rhode Island, appears to be strategically deepening its footprint in Worcester’s growing multi-family housing market—a region increasingly seen as a more affordable alternative to Boston’s high-priced real estate landscape.
With housing demand remaining strong across Worcester County, WBJ’s report indicates that investor appetite for well-located residential assets remains robust. The Renew Worcester sale underscores the city’s ongoing evolution as a prime target for real estate development and investment.
