Student housing on tap for former Hope Lodge following $950K sale
Image | Courtesy of Google Maps
The former Hope Lodge at 7 Oak St. in Worcester is set to see a new life as student lodging following a $950,000 sale.
The former Hope Lodge at 7 Oak St. in Worcester is set to see new life as student housing, following a $950,000 purchase by an Oxford-based firm.
The three-story, 8,094-square-foot building first built in 1890 was sold by an entity operated by Sevens Hill Foundation of Worcester to Oxford-based entity PHIGI 1 LLC in a deal finalized on Dec. 20, according to Worcester District Registry of Deeds records.
PHIGI 1 intends to turn the property into student housing, according to a Dec. 20 press release from Worcester real estate firm NAI Glickman Kovago & Jacobs.
The residential building at 7 Oak St. was used from 1984 to 2016 as a Hope Lodge location operated by the American Cancer Society, part of a wider nationwide network of temporary housing for cancer patients undergoing treatment. The lodge closed in 2016 due to a significant decrease in occupancy, according to a column published in the Worcester Telegram & Gazette at the time.
Seven Hills Foundation purchased the building to use as staff housing in 2018 for $575,000 from Wayland-based Hampton Properties, according to City of Worcester property records and minutes from a 2018 Licensing Commission meeting. Hampton had purchased the property from the American Cancer Society of New England for $400,000 in 2017.
Mike Barbera of Worcester-based BA Property & Lifestyle Advisors represented the seller, while James Keogh and Lexi Brissette of Worcester-based NAI Glickman Kovago and Jacobs represented the buyer.
The parcel was given a tax assessment value of $455,600 for 2025, according to City property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
WBJ Web Partners
Most Recent
Most Recent
0 Comments