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Retirement Housing Foundation, Schochet Assoc. Complete Affordable Housing Complex Acquisition

Jan 27, 2011 | Reprints | Unlock Link | Print

Long Beach, Calif.-based Retirement Housing Foundation and Boston-based Schochet Assoc. Inc. have completed the $21 million acquisition of Riverside Village, a 312-apartment affordable housing complex in Leominster.

Riverside Village consists of 26 residential buildings and a community building. There is also on-site parking available for 460 cars, according to a statement. Amenities include a pool, tennis courts and basketball court.

The project was subsidized by the Department of Housing and Urban Development under the federal Section 8 program and Section 236 program, according to a statement. The acquisition will benefit from federal tax credits which will be used to upgrade building systems and refurbish common areas and apartments.

Federal Management Co. Inc., an affiliate of Schochet Assoc., will serve as property manager.

Residential Real Estate