$35.2 Million Passive House Project Delivers Apartments for All Incomes

Boston (January 26, 2026) – WinnCompanies, an award-winning national owner, developer and manager of high-impact apartment communities, today announced completion of The Elmwood, a 93-unit, mixed-income housing development serving households in the fast-growing region around Worcester, MA.

The $35.2 million new construction project delivered a combination of low-income, affordable, workforce and market-rate apartments in two energy-efficient, three-story buildings on a vacant nine-acre parcel in the central Massachusetts town of Shrewsbury, close to key roadways and less than two miles from commuter rail service.

“The Elmwood reached full occupancy very quickly, providing clear evidence of the strong demand for apartment options across the income spectrum in this region,” said WinnDevelopment President Adam Stein. “We’re pleased to deliver a community that not only supports the economic strength of greater Worcester but also aligns with public policy goals for the production of quality, energy-efficient mixed-income housing.”

Featuring one 63-unit building and one 30-unit building, The Elmwood offers 13 low-income apartments available to households earning up to 30 percent of Area Median Income (AMI), 43 units for households earning up to 60 percent of AMI, 21 units at up to 110 percent of AMI, and 16 market rate units.

The economic diversity of the development is complimented by a wide range of bedroom sizes with three studios, 44 one-bedroom apartments, 36 two-bedroom units and 10 three-bedroom units.

Designed and built to achieve low energy use and reduced carbon intensity, The Elmwood is certified as a Passive House community featuring high-efficiency electric HVAC systems and a 150 KW rooftop solar array. There are eight electric vehicle charging stations among the property’s 161 parking spaces.

Set on a hill overlooking preserved streams and woodlands, The Elmwood features an outdoor family area with grills, a Great Lawn for resident activities, outdoor fireplaces, a playground, and a dog park. The property also offers residents a club lounge with community kitchen, work-from-home spaces, a conference room, an expansive fitness center, a package room, and an onsite management office.

Financing for the project came from the Massachusetts Executive Office of Housing and Livable Communities (EOHLC), which allocated state and federal Low-Income Housing Tax Credits, as well as subordinate loans.

MassHousing provided permanent financing, tax credit bridge loan financing and loans from the agency’s Workforce Housing Initiative. “MassHousing is excited for the residents of the Elmwood who have brand new, affordable apartment homes in proximity to Worcester as well as major roadways and transit options to access economic opportunities in and beyond Central Massachusetts,” said MassHousing CEO Chrystal Kornegay. “We were pleased to partner with WinnCompanies in developing this new housing resource in Shrewsbury for residents with a broad range of incomes.”

Bank of America provided tax credit equity and construction financing. “Bank of America Community Development Banking is pleased to provide a construction loan and tax credit investment to help finance much-needed, mixed-income housing with our long-time partners at Winn,” said Mary Thompson, Senior Vice President of Community Development Banking at Bank of America. “The Elmwood is a great example of the impact public-private partnerships can make to support the communities where we work and live, like Shrewsbury.”

The Community Economic Development Corporation (CEDAC) also helped finance the project.

Senior Project Director and Development Counsel Hagop Toghramadjian oversaw the effort for WinnDevelopment. WinnResidential, the property management arm of WinnCompanies, provides day-to-day operations for the community. Dellbrook-JKS, of Quincy, MA, served as the general contractor for the 18-month construction effort. Cube 3 of North Andover, MA, served as architect.

ABOUT WINNCOMPANIES

WinnCompanies is an award-winning owner, developer and manager of high-impact, quality apartment homes, supported by 4,600 team members in 27 states, the District of Columbia and Puerto Rico. The company is known as a leading manager of multifamily apartment communities, operating the nation’s largest portfolio of affordable housing with a groundbreaking resident services platform. Its community development work focuses on creating and revitalizing mixed-income properties through environmentally sustainable new construction and pioneering adaptive reuse techniques. The company has also been a top manager of privatized housing for members of the U.S. Armed Forces and their families since 2001. Founded in Boston in 1971, WinnCompanies is a family-owned, private company. Learn more at WinnCompanies.

MEDIA CONTACT

Ed Cafasso
edcafasso@gmail.com
Call or Text: (617)455-9651

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