The Schochet Companies and Jonathan Rose Companies have acquired Riverside Towers, a 200-unit apartment property designated for occupancy by elderly and disabled residents in Medford as part of a joint venture. The sales price was $83.5 million.
Of the 200 units at Riverside Towers, 199 receive direct rent subsidy under a HUD Project-Based Section 8 HAP contract. The property is nearby the Medford Senior Center as well as the Medford Square shopping and restaurant district. The Schochet Companies, which was also a partner in the previous ownership team, has been the management agent for the property since 2007, and will continue in that role.
“Jonathan Rose Companies is once again excited to partner with The Schochet Companies to preserve and improve affordable housing for seniors and the disabled,” said Nathan Taft, managing director of acquisitions at Jonathan Rose Companies. “This was a difficult deal to complete against the backdrop of the COVID-19 shutdown, and a major debt of gratitude is owed to the many individuals who helped us complete this acquisition.”
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.