Boston-based WinnCompanies has purchased Leominster’s Silver Leaf Terrace apartment complex for $39.83 million from a Maine-based firm. Winn purchased the 216-unit complex at 42 Terrace Drive in Leominster in a deal finalized on March 11, according to Worcester Northern Registry of Deeds records. The property was purchased from Silver Street Development Corp. of Portland. Constructed […]
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Boston-based WinnCompanies has purchased Leominster’s Silver Leaf Terrace apartment complex for $39.83 million from a Maine-based firm.
Winn purchased the 216-unit complex at 42 Terrace Drive in Leominster in a deal finalized on March 11, according to Worcester Northern Registry of Deeds records. The property was purchased from Silver Street Development Corp. of Portland.
Constructed in 1973, Silver Leaf is an income-restricted complex, with rent based on household income, according to real estate data firm CoStar. The complex comprises seven buildings spread across a 10.8-acre campus.
Site amenities include a business center, a clubhouse, and on-site laundry facilities. The complex contains 42 one-bedroom apartments, 108 two-bedroom apartments, and 66 three-bedroom apartments.
The sale price equates to about $184,398 per unit.
Investors are showing more interest in affordable housing properties; subsidies limit issues with collecting rent and demand in Central Massachusetts for this type of housing is high.
Winn Cos. owns more than 180 properties, according to CoStar, and is working on a $52-million project to redevelop the former Worcester Boys Club site into senior housing.
Silver Leaf, a firm focused on affordable housing properties, owns 29 sites. The Leominster property was its sole property in Central Massachusetts. Silver Leaf purchased the site for $10 million in 2009, according to City of Leominster property records.
Silver Leaf Terrace received a 2026 assessment of $16.27 million.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
