MEDIA CONTACTS:
Jonathan Rose Companies
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Schochet
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The Community Builders
jesse.migneault@tcbinc.org
Jonathan Rose Companies and Schochet Companies Acquire Affordable Housing Community in Worcester, MA
Acquisition expands both firms’ Massachusetts portfolio and strengthens long-term affordability for residents
Worcester, MA (September 29, 2025) – Jonathan Rose Companies, a leading mission-driven real estate investment and development firm, and Schochet Companies, a full-service real estate development and management company which owns and/or manages more than 5,500 apartments throughout New England, today announced the acquisition of Plumley Village in Worcester, Massachusetts, from The Community Builders, a nonprofit housing developer and manager.
This transaction marks the sixth acquisition for the Rose Affordable Housing Preservation Fund VI and expands the firm’s Massachusetts portfolio to over 1,000 units under ownership. It will become the thirty-fifth affordable housing property currently managed by Schochet.
Located at 16 Laurel Street, 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.
“Plumley Village’s central location, long-standing history in the market, and access to vital social services make it an important addition to Jonathan Rose Companies’ portfolio,” said Max Jawer, Managing Director of Acquisitions at Jonathan Rose Companies. “We’re proud to preserve the community’s affordability while making strategic investments in both its physical infrastructure and the social programs that help residents thrive.”
Originally developed in 1970 and substantially rehabilitated in 2005 by The Community Builders, the property features extensive community amenities, including a community room, business center, convenience store, food pantry, laundry facilities, basketball court, playgrounds, Women, Infant and Children (WIC) office, and a community garden. The Boys and Girls Club of Worcester occupies the entire ground floor of the high-rise tower, offering multiple classrooms with after-school programming. Jonathan Rose Companies, in partnership with Schochet, will continue to provide robust social services through its Communities of Opportunity program, staffed by four dedicated resident service professionals.
“The rehabilitation of this property will help address critical structural improvements while expanding residents’ access to programs that strengthen community health, education, and overall well-being,” said Brandon Kearse, Co-Chief Investment Officer at Jonathan Rose Companies. “Partnering with The Schochet Companies, we are committed to strengthening Plumley Village as a vibrant, affordable housing community and deepening our presence in the Massachusetts market.”
Jonathan Rose Companies plans to invest in a substantial rehabilitation of the property. Planned improvements include systems upgrades, window and roof replacements, unit improvements with new kitchens and bathrooms, the addition of a fitness center, and revitalized community spaces. Jonathan Rose Companies and Schochet have also worked closely with the U.S. Department of Housing and Urban Development (HUD) to secure long-term affordability for the property through a 20-year Housing Assistance Payments (HAP) contract renewal.
“Plumley Village has been a cornerstone of affordable housing in Worcester for more than 50 years,” said Richard Henken, President & CEO of Schochet. “This project is a natural fit for Schochet, with its extensive portfolio of affordable housing properties and long history of partnering with public and private entities to expand the availability of additional affordable housing opportunities. We are proud to partner with Jonathan Rose Companies to ensure and preserve long-term affordability and livability at Plumley Village, while making significant upgrades that will improve residents’ quality of life for decades to come.”
Jonathan Rose Companies and Schochet purchased Plumley Village from The Community Builders, which owned the property for 35 years. Newmark’s Andy Daitch brokered the sale, with Newmark arranging an $85 million loan from Fannie Mae.
Over three decades, TCB implemented award-winning operations and resident initiatives at Plumley Village. Highlights included the Community of Quality Exemplary Family Property Award from the New England Assisted Housing Management Association, a KABOOM! playground built by members of the New England Patriots, and a Housing for Everyone Award from TD Bank that helped dozens of Plumley Village renters achieve first-time homeownership.
“TCB has delivered well on our 35-year mission at Plumley Village. We take great pride in our stewardship of this community, and we’re pleased to see it transition to responsible new ownership that shares our values,” said Rachana Crowley, TCB vice president of real estate development. “Our continued commitment to providing affordable housing in Worcester remains unwavering, and we’re deeply grateful to Jonathan Rose Companies, Schochet and the City of Worcester for their partnership and support throughout this journey.”
About Jonathan Rose Companies
Jonathan Rose Companies is one of the country’s leading owners of green, affordable and mixed-income communities. Founded in 1989 with a mission to create a more environmentally thriving, socially just world through the development, preservation, renovation, and ownership of green, affordable and mixed-income communities, Rose has created projects with $4.6 billion of value as of end of year 2024, with a current portfolio of nearly 20,000 apartment homes in 14 states and Washington, D.C. The Firm is a fully integrated investment management, development, and asset management company with construction management, solar energy, mortgage finance, and title company affiliates, and has offices in New York, Ohio, Colorado and California. For more information, please visit www.rosecompanies.com
About Rose Affordable Housing Preservation Fund VI
The Rose Affordable Housing Preservation Fund VI is a $660 million impact fund managed by Jonathan Rose Companies, one of the nation’s leading owners and operators of green, affordable and mixed-income communities. The fund is dedicated to preserving and enhancing existing affordable and mixed-income housing in transit-oriented, opportunity-rich U.S. metro areas including New York, Boston, Chicago, Los Angeles and Washington D.C. Building on the success of the firm’s previous preservation funds – which now total more than $1.5 billion in equity raised – Fund VI advances a proven, holistic investment strategy that pairs long-term affordability with a deep focus on environmental sustainability and social impact. Rose Affordable Housing Preservation Fund VI is backed by a diverse group of institutional investors including pension funds, banks, foundations, endowments and family offices committed to driving measurable environmental and social outcomes and resilience financial returns.
About The Schochet Companies
The Schochet Companies is a full-service real estate development and management company founded by Jay R. Schochet more than 50 years ago. Since that time the company has developed, owned, and/or managed more than 7,000 apartments, the bulk of which are affordable, and more than 600,000 square feet of retail and commercial space throughout New England and on the West Coast. Today, Schochet Companies owns and/or manages more than 5,0500 apartments and 100,000 square feet of commercial space throughout New England. Headquartered in Braintree, the company employs close to 200 individuals. For more information about Schochet please visit www.schochet.com
About The Community Builders
The Community Builders’ mission is to build and sustain strong communities where all people can thrive. Our mission-driven businesses work with partners to develop, finance, and operate residential communities, neighborhood amenities and opportunity programs for families, seniors, and adults with disabilities. Since 1964, we have advanced housing that is fair for all through award-winning affordable and mixed-income communities and our pioneering Community Life model for resident success. Today, our ownership and management portfolio include over 15,000 apartment homes. Anchored by offices in Boston, Chicago, Columbus, New York, and Washington D.C., we operate across 15 states.