Worcester property investor flips Lancaster Street apartment building for $150K profit four months after purchase
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18 Lancaster St. in Worcester
A prominent Worcester property investor has sold a Lancaster Street apartment for $1.01 million, just months after buying the building for $860,000.
The six-unit building, located at 18 Lancaster St. in Worcester, was sold by Premier Investment Properties LLC in a deal finalized on Friday, according to Worcester District Registry of Deeds records.
Premier Investments is a Worcester-based entity managed by Michael Ermani, according to Massachusetts Secretary of the Commonwealth records. The building was sold to Boundary LLC, a Shrewsbury-based entity managed by Deepak Saxena.
Ermani owns a number of properties in the Central Massachusetts region, including a 48-unit apartment complex on Sunderland Road in Worcester and a 15-unit apartment complex on Grant Street in Framingham. He is behind the proposal to tear down a former Italian restaurant located on Franklin Street in Worcester to build a 26-unit apartment building.
Premier Investments originally purchased the building in October from Paras-M, LLC, a Shrewsbury-based entity, which had owned the property since September 2017 when it purchased it for $590,000.
The building located at 18 Lancaster St. was built in 1890. The property was given a tax assessment value of $629,200 for fiscal 2024, according to City of Worcester property records.
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