Worcester elderly apartments sold for $17M to Tennessee firm
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475 Chandler St. in Worcester
Bet Shalom, a 95-unit Jewish senior living community in Worcester, has been sold to a Tennessee-based firm for $17 million.
The affordable housing building, located at 475 Chandler St., was sold in a deal finalized on Tuesday to Housing Preservation Inc., according to Worcester District Registry of Deeds records.
Housing Preservation is a Memphis-based organization that acquires and preserves affordable housing communities originally developed by the U.S. Department of Housing and Urban Development, according to its website.
Housing Preservation owns more than 70 properties across 22 states. This is its first property in Massachusetts.
The HUD-subsidized community provides one-bedroom apartments with income-based rent, set at 30% of adjusted income, according to the property’s website.
Bet Shalom was sold by Worcester Jewish Community Housing for the Elderly Inc., a subsidiary of the Jewish Federation of Central Massachusetts in Worcester. The sale frees up $13 million for the creation of a foundation focused on meeting the needs of seniors in Worcester County, according to a July 3 press release from Bet Shalom.
“Housing Preservation is committed to caring for Bet Shalom’s residents, offering all employees continued employment and being good neighbors,” Steve Sosnoff, a Bet Shalom board member, said in the press release. “For over 40 years, the Bet Shalom board and Barkan Management have proudly represented the community as a source of affordable housing. The residents are well cared for, the building is in excellent shape, and the operation continues to be an asset to the neighborhood and Worcester.”
Nixon Peabody, a Boston-based law firm, assisted Bet Shalom with the sale.
The five-story building sits on a 2.6-acre parcel, was constructed in 1982, and received a 2025 tax assessment value of $6.54 million, according to City of Worcester property records.
EDITOR'S NOTE: This article has been updated to include more information about the sale and a statement from Bet Shalom.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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