Pennrose Opens 65-Unit Mixed-Income Community Forge in Lenox, Massachusetts

Pennrose has opened Forge, a newly constructed 65-unit mixed-income rental community in Lenox, Massachusetts, bringing affordable and workforce housing to a high-cost Berkshires resort town where essential workers have long struggled to afford homes near their jobs.

The development, located at 66 Brushwood Way on the former Brushwood Farm site, held its grand opening in mid-August 2026 and has begun welcoming residents. The project comprises 13 townhome-style residential buildings and a clubhouse, with one-, two-, and three-bedroom units designed to blend into the surrounding residential neighborhood and wooded landscape.

Unit Mix and Income Targeting

Of the 65 total apartments, 50 are designated as affordable units serving households earning between 30% and 60% of the area median income. The remaining 15 units are set aside for workforce housing, targeting households earning up to 120% of AMI — a tier intended to serve teachers, healthcare workers, public safety personnel, and hospitality employees who earn too much to qualify for traditional affordable housing but too little to afford market-rate rents in Lenox.

Nine units carry Massachusetts Rental Voucher Program project-based assistance, targeting households at 30% of AMI, including formerly homeless residents. Rents across the income tiers vary substantially: 60% AMI one-bedroom units are priced in the low-$1,300 range, while workforce-tier one-bedrooms at 120% AMI are priced in the high-$2,400s.

Lenox's cost of living runs approximately 10% above the national average, according to Payscale.com, making it difficult for year-round residents employed in the local economy to afford housing in the community where they work and their children attend school. Forge is designed to directly address that gap.

Capital Stack and Key Partners

The development carries an estimated total cost of approximately $40 million, or roughly $615,000 per unit.

National Equity Fund served as the syndicator for the federal low-income housing tax credit equity. MountainOne, a regional bank, provided both construction financing and invested in the federal tax credits. U.S. Bank invested in the state LIHTC allocation. Massachusetts Housing Partnership supplied permanent debt and Workforce Housing Program funds.

Public soft financing came from multiple sources, including the Executive Office of Housing and Livable Communities, the Affordable Housing Trust Fund, the Housing Stabilization Fund, the HOME program, and American Rescue Plan Act allocations. The Town of Lenox contributed local funding through its Community Preservation Committee.

Property Features and Design

Forge's 13 residential buildings are arranged in a townhome-style format across the Brushwood Way site. Community amenities include a modern clubhouse, gym, playground, bike path, hiking trail, and electric vehicle chargers. The development offers views of surrounding open space and wooded areas, and its design was intentionally scaled to integrate with the character of the adjacent Lenox neighborhood.

Market Context

Lenox draws visitors year-round for its resorts, fall foliage, and the Tanglewood Music Festival, but the same tourism economy that drives demand for hospitality and service workers has contributed to housing costs that outpace local wages. Forge represents an application of Massachusetts's stacked-subsidy model for mixed-income development in high-cost secondary markets, layering federal and state tax credits, rental assistance vouchers, workforce housing debt, and local community preservation funds into a single capital structure.

The project is part of a broader effort by the Town of Lenox to meet local housing goals, add family-sized units, and retain year-round residents.

About the Developer

Pennrose is a Philadelphia-based developer specializing in affordable and mixed-income multifamily housing.

Sources

National Equity Fund – Pennrose Opens New Affordable Homes for Low-Income & Local Workforce in the Berkshires, MA