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Medford Square High-Rise Sold for $83.5M

By Steve Adams | Banker & Tradesman Staff | Jun 4, 2020 | Reprints | Unlock Link

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Image courtesy of Google Maps

A joint venture plans to spend up to $5 million on building upgrades including installation of free WiFi for residents after acquiring a Medford elderly housing complex for $83.5 million.

The Schochet Cos. and Jonathan Rose Cos. said they will update the 200-unit Riverside Towers complex with redesigned common areas and new unit fixtures and appliances.

MassHousing provided financing for the transaction of the 14-story complex at 99 Riverside Ave., which is supported by direct rent subsidies under a HUD project-based Section 8 contract.

Braintree-based Schochet Companies was a partner in the previous ownership team and has been property manager since 2007.

The 194,000-square-foot tower was originally completed in 1979.

B&T Daily