Avon-based affordable housing developer Honeycomb Real Estate Partners recently partnered with New York-based Camber Property Group in an $11.5 million purchase of the 86-unit Dobbs Crossing affordable housing complex in Vernon. The deal will preserve affordable rents, while clearing the way for major renovations at the seven-building complex at 1170 Hartford Turnpike, according to the […]
Avon-based affordable housing developer Honeycomb Real Estate Partners recently partnered with New York-based Camber Property Group in an $11.5 million purchase of the 86-unit Dobbs Crossing affordable housing complex in Vernon.
The deal will preserve affordable rents, while clearing the way for major renovations at the seven-building complex at 1170 Hartford Turnpike, according to the buyers.
The acquisition marks Camber’s second investment in Connecticut, following its $23 million purchase in 2023 of the 106-unit Oakland Heights Apartments complex in Manchester, at 360 Oakland St. In that deal, Camber partnered with the Community Preservation Corp., which provided a portion of the equity for the purchase.
In Vernon, Camber and Honeycomb said they plan to update apartment interiors, modernize kitchens and bathrooms, and make energy-efficient upgrades to heating and electrical systems. Exterior improvements, including new paving and lighting, are also planned.
Honeycomb Real Estate Partners is led by Managing Partner Lewis Brown.
Camber Principal Rick Gropper said his firm looks forward to growing its presence in Connecticut.
Dobbs Crossing was developed in 1980 under a U.S. Department of Housing and Urban Development mortgage program. The complex includes 56 one-bedroom units, six two-bedroom units and 22 three-bedroom units. Amenities include a playground, basketball court, laundry facilities and on-site parking.
As part of the deal, Camber secured a new 20-year housing-assistance payments contract with HUD. Corridor Property Management, which also oversees Oakland Heights, will handle Dobbs Crossing’s day-to-day operations.
Financing for the acquisition was provided by Merchants Bank.
