A limited partnership tied to Stamford-based affordable housing provider New Neighborhoods Inc. recently paid $6.24 million for a 60-unit senior housing apartment building in East Hartford.
Through a deed recorded by the town on Feb. 13, St. Elizabeth Manor Inc. sold the brick, 41,718-square-foot apartment building, at 41 Applegate Lane, to a limited partnership tied to Stamford-based affordable housing provider New Neighborhoods Inc.
The seller’s principals are Peter J. Callan, of East Hampton, and John A. Sullivan, of Watertown.
New Neighborhoods is a nonprofit that grew out of a council of churches and synagogues in the 1960s. On its website, the group reports that it has acquired an 80% stake in the 1986-vintage St. Elizabeth Manor affordable senior housing property, as part of a partnership with Honeycomb Real Estate Partners. Honeycomb acquired the other 20% stake.
The apartment building is located just off the busy Silver Lane corridor, very near Rentschler Field.
Honeycomb is an affordable housing developer and investor based in Avon. Honeycomb launched construction of a 64-unit, affordable apartment building – called The Monarch – in New Haven late last year.
The company is also a partner in the ongoing transformation of the former West Hartford Inn, in West Hartford, into 44 apartments, nearly 80% of which are slated to be affordable.
