WORCESTER, MA – A longtime Jewish senior housing community in Worcester has changed hands in a $17 million deal, marking the first Massachusetts acquisition for a Tennessee-based affordable housing organization, reported Worcester Business Journal.
Housing Preservation Inc., based in Memphis, finalized the purchase of Bet Shalom, a 95-unit senior apartment complex located at 475 Chandler Street, according to records from the Worcester District Registry of Deeds. The transaction was completed on Tuesday, according to WBJ.
Housing Preservation Inc. specializes in acquiring and maintaining affordable housing communities initially developed through the U.S. Department of Housing and Urban Development (HUD). The organization now manages over 70 properties across 22 states. The Worcester purchase marks its first entry into the Massachusetts housing market.
Originally constructed in 1982, Bet Shalom offers one-bedroom apartments with income-based rent calculated at 30% of a resident’s adjusted income, as per the property’s website. The five-story brick building sits on a 2.6-acre parcel and had a 2025 tax assessment value of $6.54 million, according to City of Worcester property records, WBJ reported.
The property was previously owned by Worcester Jewish Community Housing for the Elderly Inc., an affiliate of the Jewish Federation of Central Massachusetts. The sale reflects a broader trend of regional and national firms investing in preserving affordable senior housing, particularly in urban areas.
Full credit for first reporting to Eric Casey and the Worcester Business Journal (WBJ). Original article: “Worcester elderly apartments sold for $17M to Tennessee firm”
WBJournal.com
