Worcester, MA— In a major move to preserve and enhance long-term affordable housing in Central Massachusetts, Jonathan Rose Companies and Schochet Companies have acquired Plumley Village, a 430-unit affordable housing community located at 16 Laurel Street in Worcester. The acquisition was made from The Community Builders (TCB), a nonprofit housing organization that owned and operated the property for 35 years.
The deal expands Jonathan Rose Companies’ Massachusetts portfolio to over 1,000 units and marks the sixth acquisition for its Rose Affordable Housing Preservation Fund VI. For Schochet, the acquisition brings its affordable housing management portfolio to 35 properties across New England, reinforcing the company’s position as a regional leader in housing preservation and management.
“Plumley Village has been a cornerstone of affordable housing in Worcester for more than 50 years,” said Richard Henken, President & CEO of Schochet. “We are proud to partner with Jonathan Rose Companies to ensure long-term affordability and livability at Plumley Village, while making significant upgrades that will improve residents’ quality of life for decades to come.”
Long-Term Affordability Secured
Of the 430 apartments, 342 are subsidized under a Project-Based Section 8 contract, and the remaining units are restricted through a Low-Income Housing Tax Credit (LIHTC) regulatory agreement with MassDevelopment. To further protect residents, the new owners worked with the U.S. Department of Housing and Urban Development (HUD) to secure a 20-year renewal of the Housing Assistance Payments (HAP) contract.
“This property’s central location, access to services, and community history make it a vital addition to our portfolio,” said Max Jawer, Managing Director of Acquisitions at Jonathan Rose Companies. “We’re proud to preserve affordability while investing in both the infrastructure and social programming that help residents thrive.”
Planned Rehabilitation and Resident Services
Originally developed in 1970 and substantially rehabilitated in 2005, Plumley Village features a wide array of community amenities, including a community room, business center, convenience store, food pantry, laundry facilities, basketball court, playgrounds, and a community garden. The Boys and Girls Club of Worcester also occupies the entire ground floor of the high-rise tower, offering critical after-school programming and youth services.
Jonathan Rose Companies plans to invest in a major rehabilitation of the property, including:
- Window and roof replacements
- Upgraded building systems
- New kitchens and bathrooms in apartments
- Revitalized community spaces
- Addition of a fitness center.
The firm will also implement its Communities of Opportunity program, which will bring four dedicated resident service professionals to support on-site programming focused on health, education, and financial stability.
“This rehabilitation will address key structural needs while enhancing services that support resident well-being,” said Brandon Kearse, Co-Chief Investment Officer at Jonathan Rose Companies. “Together with Schochet, we’re committed to ensuring Plumley Village remains a vibrant, affordable community for generations to come.”
Honoring a 35-Year Legacy
The acquisition also marks the end of a successful chapter for The Community Builders (TCB), which had owned and operated Plumley Village since the 1990s. During its tenure, TCB implemented numerous award-winning programs and resident initiatives, including:
- The Community of Quality Exemplary Family Property Award from the New England Assisted Housing Management Association
- A KABOOM! playground built with support from the New England Patriots
- A TD Bank Housing for Everyone Award that helped dozens of residents become first-time homeowners.
“TCB has delivered well on our 35-year mission at Plumley Village,” said Rachana Crowley, TCB Vice President of Real Estate Development. “We are pleased to see the property transition to responsible new ownership that shares our commitment to affordable housing in Worcester.”
The sale was brokered by Andy Daitch of Newmark, with Newmark also arranging acquisition financing through Fannie Mae.
A Community-Centered Future
With deep investments in both the physical fabric and social infrastructure of Plumley Village, Jonathan Rose Companies and Schochet Companies are positioning the property as a national model for how public-private partnerships can preserve affordability while fostering resident opportunity.
“This isn’t just a real estate transaction—it’s a commitment to community,” said Henken. “And we look forward to building on the strong foundation laid by TCB.”
