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.

Jaime Larkin
Author: Jaime Larkin

Brand Coordinator for Vesta