Developer who purchased Becker College properties sells two in five-parcel $6M sale
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54 Cedar St. (pictured) is one of five properties bought by Arkoa Property Services from Hampton Properties.
Five Elm Park neighborhood properties in Worcester, including two purchased as Becker College was heading toward closure in 2021, have switched hands from one property management company to another, as a corporation owned by the operators of Arkoa Property Services has purchased the parcels for $5.94 million.
Cedarmore LLC, a Pittsfield-based entity, has purchased 54 Cedar St., 61 Cedar St., 62 Cedar St., 66 Cedar St., and 38 Fruit St. from Hampton Properties LLC, a Worcester-based property management company. The transactions finalized on Tuesday, according to Worcester District Registry of Deeds records.
The 54 Cedar St. and 66 Cedar St. properties were both purchased by Hampton from Becker College in August 2020 for a combined total of $580,000. Those two properties sold for a combined $2.48 million in the sale to Arkoa.
Cedarmore shares management with Arkoa Property Services, a Pittsfield-based entity that owns a number of Worcester rental properties primarily catering to Clark University and Worcester Polytechnic Institute students. The company has taken over Hampton’s management business along with the firm’s team, according to Akora’s website.
All five properties have a combined occupancy of 45, according to City of Worcester property records, with a combined tax assessment value of $3.16 million.
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Hampton developer Russ has done Worcester good by taking distressed/neglected properties and bringing them back to life as code-compliant, better-looking, and marketable, an example of a private business doing a public good.
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