Vesta and Honeycomb Real Estate Partners Move Forward With Plans for Monarch Apartment Homes

Vesta and Honeycomb Real Estate Partners are excited to move forward with plans to build the Monarch Apartment Homes in New Haven, CT. The community will be a demolition / new construction development built on the old New England Linen Supply Company site at 149 Derby Avenue. This property will add to Vesta’s existing New Haven Property Management portfolio.

Sixty-four new affordable apartments serving families and individuals that earn at or below 80% area median income (AMI) will be constructed on the site consisting of one, two, and three-bedroom apartments. This affordability level will provide housing opportunities to many public service workers (teachers, firefighters, police officers); retail, medical and hospitality workers; as well as seniors on fixed incomes.

The new building is close to a variety of local retail and service businesses, is across the street from a public school, and is directly on a main bus line providing transportation to residents. This project will bring additional vitality to the West River neighborhood in which it is located.

Vesta and Honeycomb are looking into a variety of financing options to fund the project, including a CHFA Mortgage, LIHTC Equity, and a DECD Brownfield Grant. Read more about the project here.