Worcester developer buys east side apartments for $6.3M
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A 30-unit apartment complex sold for $6.3 million.
Ermani Properties of Worcester purchased a 30-unit market-rate apartment complex at 31 Caroline St. in Worcester for $6.3 million.
RE/MAX Partners Principal James Kalogeropoulos, who is opening a Worcester office, represented the buyer in the deal which was recorded by the Worcester District Registry of Deeds on Wednesday.
The complex was built between 2016 and 2018 by the seller 31 Caroline Street, LLC, an affiliate of Worcester developer Botany Bay Properties who purchased the development property in 2015 for $300,000 according to the Worcester District registry of deeds.
The seller was represented by Worcester real estate firm NAI Glickman Kovago & Jacobs Vice Presidents David Eldredge, and Tim Whittredge.
Michael Ermani of Ermani Properties and Premier Investment Properties has been an active east side buyer since 2020. In 2021, he bought a 48-unit complex on Sunderland Road in Worcester with the intention of tuning them into luxury apartments. In 2022, he bought a restaurant property on Franklin Street, the former location of Chioda’s Trattoria, and got the site permitted for a 24-unit development.
He has also bought commercial properties in the Shrewsbury Street neighborhood including the location of Leo’s Ristorante and the former location of A.L.F. Floors.
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