Worcester real estate developer and investor Michael Ermani has increased his holdings of the city’s multifamily housing stock, this time purchasing the 72-unit Flats at Merrills Pond for $15 million.Ermani purchased the property at 328 Greenwood St. in a deal finalized on Friday, according to Worcester District Registry of Deeds records. The property was purchased from landlord Bechara Fren, who had bought the site in December for $14 million from FPA Multifamily.Ermani said the $1-million increase was the result of renovations Fren had made to the apartment complex. A frequent investor in Worcester-based apartments in recent years, Ermani remains bullish on their value.“Anytime something comes up for sale, I usually get the calls,” he said. “I'm a local guy. I don't think there's any other investor that lives in Worcester that owns the amount of properties that I own. This is where my focus is.”The Flats at Merrills Pond were originally built in 1965, with the site featuring four apartment buildings. There are 48 one-bedroom apartments and 24 two-bedroom apartments at the site, according to real estate data firm CoStar. The sale price equals about $208,333 per unit.Michael Ermani, owner of Worcester-based Premier Investment Properties. PHOTO COURTESY OF MICHAEL ERMANISince 2025, Ermani’s purchases have included 10 Worcester apartment buildings for $8.5 million in February and an October 2025 purchase of multi-family sites in Worcester and Grafton. The 2.62-acre site at 328 Greenwood St. received a 2026 assessment of $10.53 million, according to City of Worcester property records, with the land accounting for $3.6 million in value and improvements accounting for $6.93 million.Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
