Schochet Associates Inc. announces completion of a $21 million acquisition in Leominster, MA
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- January 25, 2011 |
- Development News |
Retirement Housing Foundation and Schochet Associates, Inc. today announced that they have completed the $21 million acquisition of 312 apartments located in Leominster, MA.
Boston – January 25, 2011 – Retirement Housing Foundation and Schochet Associates, Inc. today announced that they have completed the $21 million acquisition of 312 apartments located in Leominster, MA. The project was originally constructed in the early 1970s. Riverside Village consists of 26 residential buildings and a community building which sit on a beautifully landscaped pastoral campus in Leominster. The property provides excellent access to local and regional highways, local services, and downtown. On site parking is available for 460 cars. Residents of Riverside Village Apartments enjoy a wide range of amenities including organized pool, tennis courts and a basket ball court.
The project is subsidized by the United States Department of Housing and Urban Development (HUD) under the federal Section 8 program and Section 236 program and will benefit from federal tax credits which will be used to upgrade building systems, and refurbish common areas and apartments. Federal Management Co., Inc., an affiliate of Schochet Associates, Inc., will serve as property manager.
About Retirement Housing Foundation
Retirement Housing Foundation (RHF) is a non-profit organization of 157 communities in 24 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands which provides housing and services to more than 16,000 older adults, economically disadvantaged families and people with disabilities.
About Schochet Associates, Inc.
Schochet Associates, Inc. is a full service real estate development and management company founded by Jay R. Schochet in 1973. Since that time the company has developed, owned, and/or managed in excess of 7,000 apartments and over 600,000 square feet of retail and commercial space throughout New England and on the West Coast. Today, Schochet Associates owns and/or manages over 4,000 apartments and 275,000 square feet of commercial space throughout New England. Headquartered in Boston, MA, the company has regional offices in Newport, RI, and Portland, ME, and employs over 130 people.