CA Ventures Breaks Ground on Connecticut Community
Located in New Haven, the property plans to welcome its first residents in early 2024.
CA Ventures is expanding its Connecticut multifamily portfolio, breaking ground on a 166-unit project, The Archive, in New Haven, Conn. The company will begin leasing at the property in the fourth quarter of 2023. First move-ins are anticipated early next year, Brian Brodeur, executive vice president of development at the firm, said in a statement.
The Archive will feature two buildings that will house studio, one-, two- and three-bedroom apartments, as well as outdoor recreation areas and green spaces. Located at 808 and 848 Chapel St., the project is near downtown New Haven’s restaurant and retail options, the New Haven Green and cultural attractions like the Yale University Art Gallery and College Street Music Hall. The property is in close proximity to public transportation and major highways, including Interstates 91 and 95.
New Haven and other locales in Fairfield County are expected to benefit from the major shift toward hybrid work, according to a Marcus & Millichap 2023 investment forecast report. The report noted that construction activity in New Haven would drop slightly, but fall in line with the five-year average. New Haven’s vacancy rate is expected to go up to 4.8 percent, but rent are still expected to rise 3.1 percent to $2,428 by the end of the year.
Investing in student and senior housing
Besides its New Haven project, CA Ventures has built a 120-unit senior housing community with independent living, assisted living and memory care units in Simsbury, Conn. The vertically-integrated company is based in Chicago and focuses on niche asset classes, including student housing, senior housing and other residential and industrial property types. Most of CA Ventures’ residential portfolio includes communities in the Midwest, particularly Illinois.
While it is located near Yale University, the project is not specifically designed as student housing. CA Ventures has extensive experience with student housing in other states, having previously owned a 71-unit community near the University of Miami before selling it to Landmark Properties in 2021. The company also developed an 833-bed student housing community in Tempe, Ariz., located within walking distance of Arizona State University’s Tempe campus.