Developer buys 48-unit Worcester complex for $6.6M, to become luxury apartments
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A 48-unit complex off Sunderland Road was sold to Michael Ermani, a Worcester developer.
A 48-unit apartment complex on Sunderland Road in Worcester sold for $6.6 million to local real estate developer Michael Ermani of Premier Investment Properties LLC, who plans to convert the property into luxury apartments.
The parcel at 441 Sunderland Road, which includes a single-family home as well as the complex, was sold in a deal closed Dec. 6 after a year and a half in the works, according to Ermani and the Worcester South District Registry of Deeds.
Ermani said he plans to renovate the property into luxury apartments. Ten of the units are currently vacant, and Ermani paid the seller three months of rent to keep them that way as they worked together to make a sale deal. Three of the 10 vacant units are almost completely remodeled already, he said.
The seller was Sylvan Properties LLC, which is registered to Stephen Anderson of Shrewsbury. He has owned the property, which is now assessed by the City of Worcester at $6.5 million, since at least 1988, according to the city’s assessors data.
Ermani said he hopes to cater to UMass students, as the property is located about three miles from the school off of Lake Avenue. As for the current residents, they will have the option to pay close to market value rents if they choose to stay, he said.
Ermani has purchased more than 150 units this year, he said, and has plans for at least three more large developments in the coming year.
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What defines luxury apartments? Worcester is known for having some of the oldest housing stock in the state, so almost any improvement might be considered luxury to some. Brian Allen- WorcesterMulti
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