CPP, Beacon Communities Acquire Historic New Haven Housing Property
More than $40 million in planned renovations are set to take shape.

A joint venture between Community Preservation Partners and Beacon Communities has acquired Brewery Square Apartments in New Haven, Conn., making a total investment of about $43 million. That figure includes plans for extensive renovation to the two-building, 104-unit property that originally dates back to 1896.
Located at 1 Brewery Square along the Quinnipiac River, Brewery Square was originally built as a brewery, and was redeveloped into housing in the 1980s. The planned renovations will cost an estimated $112,342 per unit, and are expected to improve the property’s energy performance by more than 15 percent.
Brewery Square Apartments offers a mix of two efficiency units, 41 one-bedroom units, 55 two-bedroom units and six three-bedroom units. There are a total of 151 parking spaces.
The upgrades will include new stainless-steel appliances, updated bathrooms, quartz countertops, new windows, refinished floors and the installation of updated security systems. The buyers are also planning to enhance the property’s landscaping and cobblestone walkways, and to convert the historic gatehouse into a secure indoor bike storage area, an amenity that was requested by current residents.
The renovation will convert 84 of the property’s 104 units into the Low-Income Housing Tax Credit program, where they will be rented to households earning between 30 percent to 80 percent of the Area Median Income. The property’s existing Housing Assistance Payments contract, currently set to expire in 2034, will be extended by an additional 20 years.
During its time as a residential property, occupancy at Brewery Square has consistently exceeded 95 percent, according to CPP and Beacon Communities. Residents have played a role in shaping planned improvements, particularly those that preserve the community’s historic character and relate to daily living, the partners note.
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NewPoint is the construction and permanent lender, with KeyBank as the tax credit investor, Eversource is serving as the state historic tax credit investor, and JPMorgan Chase as the federal historic tax credit investor. Heritage Consulting has been tasked to ensure all work complies with National Park Service historic guidelines.
Community Preservation Partners, established by parent company WNC & Associates, is a national investor in affordable housing and community renewal initiatives. CPP has acquired, developed, and rehabilitated more than 15,000 affordable multifamily and senior housing units nationwide.
Brewery Square marks the fifth property in New Haven for Beacon Communities, an affordable housing specialist with about 19,000 units in 11 states. 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 slated for completion in 2026.
Connecticut short on affordable housing
Connecticut, like many places, has a profound shortage of housing that is affordable to low-income households. According to the National Low-Income Housing Coalition, Connecticut has only one unit of affordable rental housing for every three extremely low-income households, which is 30 percent of AMI or less.
About 87 percent of extremely low-income Connecticut households spend more than 30 percent of their income on rent – and are thus cost-burdened – the report notes, while 73 percent devote more than half their income on rent. Even very low income households (between 30 to 50 percent AMI) are largely cost-burdened in the state.
In New Haven specifically, more than 25,000 households are cost-burdened, according to a report by New Haven Housing Authority. Over the last 30 years, New Haven has seen the construction of 5,700 new residential properties. The housing authority predicts that the city needs to build another 8,400 residences by 2030 just to keep up with demand.