Camber Property Group and Honeycomb Real Estate Partners acquired Dobbs Crossing, an 84-apartment, 100% affordable housing development in Vernon, CT, for $11.5 million. This transaction is Camber’s second foray into Connecticut in recent years, following the acquisition of Oakland Heights Apartments in Manchester.
“In the midst of a national housing crisis, preserving existing affordable housing is just as critical as building new units,” said Rick Gropper, principal at Camber Property Group. “These projects are not just about real estate; they are about providing stability and opportunity for the residents who need it most. We look forward to building our presence in Connecticut and being a part of this community for many years to come.”
As part of the closing, Camber executed a new 20-year Housing Assistance Payments contract with HUD. Camber and Honeycomb will also undertake programmatic renovations across the site.
The project was acquired through bridge financing from Merchants.
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