CPP & Beacon Communities Announce Acquisition of Brewery Square Apartments in New Haven, Connecticut

Yahoo

10-06-2025

Former brewery turned apartment community to undergo historic rehabilitation, preserving affordability and enhancing resident experience
Brewery Square Apartments
NEW HAVEN, Conn., June 10, 2025 (GLOBE NEWSWIRE) -- CPP (Community Preservation Partners), a mission-driven affordable housing preservation developer, and Beacon Communities, one of the nation's leading affordable housing development and management companies, have announced the acquisition and planned rehabilitation of Brewery Square Apartments in New Haven, Connecticut. This is the second community for CPP in the Fair Haven neighborhood, following the recent completion of nearby Fairbank Apartments.
Located at 1 Brewery Square along the Quinnipiac River, Brewery Square is a two-building, 104-unit apartment community originally constructed in 1896 as a brewery and later converted to housing in the early 1980s. With this acquisition, the team will extend affordability protections and implement significant renovations while preserving the historic character of the property.
'This acquisition allows us to increase and deepen affordability while also extending the life of a property that is deeply cherished by the community,' said John Fraser, Vice President of Development at CPP. 'We are proud to protect the historic fabric of this neighborhood while delivering modern upgrades that respond directly to resident needs.'
The total development investment of approximately $43 million includes extensive renovations estimated at $112,342 per unit. Planned upgrades include all-new stainless-steel appliances, updated bathrooms, quartz countertops, new windows, refinished floors, and the installation of advanced security systems. The site will also feature enhanced landscaping, cobblestone walkways, and the adaptive reuse of the historic gatehouse into a secure indoor bike storage area — an amenity specifically requested by residents. Additionally, the renovations are expected to improve the property's energy performance by more than 15%, enhancing efficiency and reducing utility costs.
"Brewery Square serves as a model for high-quality, architecturally interesting, mixed-income housing,' said Sarah Miller, Fair Haven Alder. 'We look forward to CPP and Beacon building upon and extending this legacy, preserving both affordability and quality for another generation."
The renovation will transition 84 of the 104 units into the Low-Income Housing Tax Credit (LIHTC) program, with affordability levels ranging from 30% to 80% of Area Median Income (AMI), averaging just below 60%. The property's existing HAP contract, currently set to expire in 2034, will be extended by an additional 20 years, ensuring long-term affordability.
Brewery Square is made up of two continuous buildings and features a unit mix of two efficiency units, 41 one-bedroom units, 55 two-bedroom units, and six three-bedroom units. The property offers ample parking with 151 total spaces split between a 107-space front lot and a 44-space rear lot. Occupancy has consistently exceeded 95%, and residents have played a key role in shaping planned improvements, particularly those that preserve the community's historic charm and enhance daily living.
'The adaptive reuse of Brewery Square Apartments will modernize and expand affordable housing options In New Haven, while breathing new life into a piece of the City's history,' said Dara Kovel, CEO, Beacon Communities. 'We're honored to bring our exceptional property management to a new community of New Haven residents. Thank you to our partners at Community Preservation Partners, who share our commitment to creating quality housing that will remain affordable for generations to come.'
Brewery Square marks the fifth property for Beacon Communities in New Haven. The company currently manages Ninth Square Apartments, Edith Johnson Towers and Monterey Place, and started construction last year on The Atwater at Ninth Square, which is expected to be completed in 2026.
The project leverages LIHTC 4% tax credits and tax-exempt bonds. Financing partners include NewPoint as the construction and permanent lender, KeyBank as the tax credit and EBL investor, Eversource as the state historic tax credit investor, and JPMorgan Chase as the federal historic tax credit investor. Heritage Consulting has been retained to ensure all work complies with National Park Service historic guidelines.
About Community Preservation PartnersIn 2004, Community Preservation Partners was established by their parent company, WNC & Associates, a national investor in affordable housing and community renewal initiatives. Since then, CPP has successfully acquired, developed, and rehabilitated more than 15,000 affordable multifamily and senior housing units nationwide. From the very beginning, they've done things differently. As more than a consultant or an investor, CPP is a true partner in every sense. By joining leading nonprofits and strategic partners, they can provide essential social services to residents, support neighborhood initiatives and transform multifamily affordable housing communities. Creativity, Performance, and Purpose are their core values and embody everything they do. Together they define A Different Way to Home for their excellent employees, partners, and communities. To learn more, visit: https://www.cpp-housing.com/
About Beacon Communities Beacon Communities LLC is an owner, developer, and manager of affordable and mixed-income housing across the northeast, with nearly 19,000 apartments in eleven states. Beacon's developments include new construction, historic adaptive reuse, public housing redevelopment and the preservation of existing housing. The organization's driving passion is to create and manage well-designed, healthy homes that improve lives and enhance neighborhoods. Learn more at https://www.beaconcommunitiesllc.com/.
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