United Group of Companies, a national developer based in Troy, New York, purchased a development site at 757 Salisbury St. in Worcester for its 123-unit senior living project, The Arbella at Bramble Hill.
The property sold on June 22 for $4.9 million, according to national real estate brokerage Cushman & Wakefield, who represented the seller, Premier Property Group of Dracut.
“This exceptional multifamily development presented an excellent opportunity for investors,” Cushman & Wakefield Senior Director Bruce Lusa said in an emailed statement, received on Wednesday. “The property’s prime location and remarkable growth potential made this a very exciting acquisition, positioned for long-term success.”
Premier Property Group purchased the site, formerly the estate of Alice and Milton Higgins, in 2018 for $820,000.
United Group has two other senior living properties under development in Massachusetts, according to the company’s website. The Arbella at Ashland is a seven-building, 180-unit, 62+ market-rate active adult community. The Arbella at Newbury Street in Peabody is a 55-unit, 55+ market-rate rental community.
