Camber Property Group Closes on $23 Million Oakland Heights Apartments in Manchester, Connecticut
Camber Property Group, a leading affordable housing developer and investor, has announced the successful acquisition and preservation of the Oakland Heights Apartments, a 106-unit affordable housing community located at 360 Oakland Street in Manchester, Connecticut. The $23 million transaction marks a significant milestone for the firm as it represents Camber's first foothold in Connecticut, signaling a broader regional expansion strategy built on the company's resident-centric philosophy toward affordable housing development, investment, and long-term ownership.
This acquisition is a powerful statement about the growing urgency of preserving affordable housing across the United States. With housing costs rising in markets large and small, deals like this one serve as a critical lifeline for low- and moderate-income families seeking stable, quality housing.
About Oakland Heights Apartments
Spread across 12 acres and comprising 15 residential buildings, Oakland Heights Apartments is a 100 percent Project-Based Section 8 development offering a diverse mix of one-bedroom, two-bedroom, and three-bedroom townhomes. The community is designed to meet the full spectrum of family housing needs, making it one of the most versatile affordable housing assets in the greater Manchester area.
Residents at Oakland Heights enjoy a well-rounded amenity package that includes a clubhouse with a dedicated community room, 200 parking spaces, an on-site laundry facility, and a maintenance shop and garage. These amenities reflect the kind of quality-of-life considerations that Camber Property Group prioritizes when selecting properties for acquisition and preservation.
The complex's scale, location, and resident demographics make it a high-impact investment — one that will continue to serve vulnerable families in Connecticut for generations to come.
A New 20-Year HUD Housing Assistance Payments Contract
One of the most consequential elements of this transaction is Camber's execution of a new 20-year Housing Assistance Payments (HAP) contract with the U.S. Department of Housing and Urban Development (HUD). This long-term agreement ensures that affordability will be preserved at Oakland Heights for the next two decades, shielding current and future residents from the kind of market-rate displacement that has become all too common in communities across the country.
HAP contracts are a cornerstone of the Section 8 Project-Based rental assistance program, providing property owners with rental subsidies in exchange for keeping units affordable to qualifying low-income tenants. By securing this 20-year renewal, Camber has made a binding commitment to the residents of Oakland Heights and the broader Manchester community — one that prioritizes people over profit.
Planned Property Improvements and Sustainability Upgrades
Beyond preserving affordability, Camber Property Group has committed to a comprehensive improvement plan for Oakland Heights Apartments. The firm will address deferred maintenance across the property, ensuring that residents benefit from a safe, well-maintained living environment. In addition to these essential repairs, Camber will undertake sustainability and energy efficiency upgrades, reflecting its forward-thinking approach to responsible property stewardship.
Energy efficiency improvements in affordable housing communities carry dual benefits: they reduce operating costs, which helps maintain long-term financial viability, and they lower utility expenses for residents — a meaningful relief for families operating on fixed or limited incomes. These upgrades also align with broader state and federal goals around reducing carbon emissions and modernizing the housing stock.
Key Partners Behind the Deal
The successful closing of Oakland Heights was made possible through a strategic network of experienced partners, each playing a critical role in bringing the transaction across the finish line.
- Community Preservation Corporation (CPC): CPC partnered with Camber on the acquisition and provided a portion of the equity. A longtime champion of affordable housing finance in the Northeast, CPC's involvement underscores the community-focused nature of this investment.
- Cushman & Wakefield: The global real estate services firm served as the exclusive capital markets advisor to Camber Property Group, playing a pivotal role in procuring the FNMA Affordable acquisition financing through Greystone. Their expertise in navigating complex affordable housing transactions was instrumental in achieving a successful close.
- Greystone: Greystone provided the FNMA Affordable acquisition financing, offering the debt structure needed to support the long-term affordability goals of the project.
Rick Gropper, Principal at Camber Property Group, spoke to the importance of the acquisition: "Affordability is a national issue, and our acquisition of the Oakland Heights Apartments will help to contribute to a more stable Connecticut and preserve quality homes for those families who need them the most. We look forward to working with our residents to build an even better community at this complex, and thank our partners Cushman & Wakefield for their exceptional work on this closing."
Camber's Expansion Into Connecticut's Affordable Housing Market
The Oakland Heights acquisition is not just a single deal — it is a strategic beachhead. As Camber Property Group expands its geographic footprint beyond its existing markets, Connecticut represents fertile ground for mission-driven affordable housing investment. The state faces a well-documented affordable housing shortage, with demand far outpacing supply in many of its urban and suburban communities.
Camber's entry into Connecticut brings with it a disciplined, resident-first approach that has defined its work in other markets. The firm's model centers on acquiring, preserving, and improving affordable housing communities while building genuine partnerships with residents and local stakeholders — a formula that has earned it a reputation as one of the more thoughtful operators in the sector.
Why Affordable Housing Preservation Matters
Transactions like the Oakland Heights acquisition carry significance that extends well beyond the balance sheet. When affordable housing communities age without proper investment and long-term affordability commitments, they risk being converted to market-rate developments or falling into disrepair — both outcomes that devastate the low-income families who depend on them.
Preservation-focused acquisitions, particularly those backed by renewed HUD HAP contracts and planned capital improvements, represent one of the most effective tools available for maintaining the nation's affordable housing stock. They keep communities intact, provide residents with stability, and prevent the displacement that often cascades into broader social and economic hardship.
With the $23 million closing of Oakland Heights Apartments, Camber Property Group has demonstrated its commitment to being part of the solution — not just in Connecticut, but across every market where it operates. As the affordable housing crisis continues to demand bold, sustained action, investments of this kind set an important standard for what responsible housing stewardship looks like in the modern era.