Sustainability-minded developers buy seven multifamily properties for $4.65M
Photo | Courtesy NAI Glickman Kovago & Jacobs
Pleasant St., Richmond Ave., and Ureco Terrace, Worcester
Seven properties on one acre near the juncture of Pleasant Street and Richmond Ave. in Worcester sold in a deal on Wednesday for $4.65 million.
The properties at 831 Pleasant St., 5 Richmond Ave., 9 Richmond Ave. and on Ureco Terrace contain 28 units, totalling 30,526 square feet according to a release by NAI Glickman Kovago & Jacobs whose vice president, David Eldridge, brokered the deal on behalf of the seller.
The buyer was SCIREH Five LLC d/b/a The Worcester Vision Fund. The Worcester Vision Fund is co-sponsored by Sustainable Comfort, Inc. of Worcester and Civico Development, LLC and builds on the success of their Bell Hill Opportunity Fund, which was closed in 2021.
SCI is responsible for construction, property, and asset management of both funds' properties in Worcester.
Sustainable Comfort has purchased, preserved and/or renovated, with an eye towards energy efficiency, several multifamily properties across Worcester. The properties include 24-30, 38, and 91 Stanton St., 42-44 Gage St. and 19 and 26 Vinson St.
The company also has a robust presence in New York State, with an office in Syracuse and listing several adaptive reuse and new construction projects in their portfolio. In 2020 SCI was named to Inc. magazine’s list of the fastest growing companies in the world, at No. 934.
Civico, along with Boston developer, Rees Larkin Development, has proposed 75 units of mixed income housing on Lagrange St. and Oread St. in Worcester.
Amy Stillman represented the buyer on behalf of Rubric Commercial which has offices in Cambridge and Boston.
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