Camber Property Group has expanded its footprint with the acquisition of a 106-unit affordable housing community in Connecticut.
The New York-based firm purchased Oakland Heights Apartments, a 100% project-based Section 8 development made up of 15 buildings in Manchester. The complex features a mix of one-, two-, and three-bedroom townhomes.
The $23 million transaction marks Camber’s first Connecticut deal and is part of the company’s regional expansion strategy, according to officials.
As part of the preservation effort, the company has signed a new 20-year Housing Assistance Payment (HAP) contract with the Department of Housing and Urban Development to ensure the project’s long-term affordability. Camber will also address deferred maintenance and undertake sustainability and energy-efficiency upgrades at the property.
“Affordability is a national issue, and our acquisition of the Oakland Heights Apartments will help to contribute to a more stable Connecticut and preserve quality homes for those families who need them the most,” said Rick Gropper, principal at Camber Property Group.
His firm partnered on the acquisition with the Community Preservation Corp., which provided a portion of the equity. Cushman & Wakefield served as the exclusive capital markets adviser in the procurement of the Fannie Mae affordable acquisition loan from Greystone.
Cushman & Wakefield’s Equity, Debt & Structured Finance team of John Alascio, Alex Hernandez, Chuck Kohaut, T.J. Sullivan, and Jason Blankfein represented the borrower.
