CPP Closes 1st Affordable Housing Buy in Tennessee
The owner plans to invest more than $12 million to reposition the 108-unit asset.
Belveron Partners has sold a 108-unit affordable community in Shelbyville, Tenn. The buyer, Community Preservation Partners, plans to rehabilitate the 1968-built Bedford Manor Apartments. The property traded for $6.1 million.
The deal marks CPP’s first foray in the state, according to Senior Vice President Seth Gellis. The new owner plans to invest a total of $12.3 million in the restoration and preservation work. The upgrades will focus on adding new amenities, replacing unit flooring and appliances, updating HVAC systems and improving property security. The renovation is slated to begin this month with completion expected in January next year.
Bedford Manor Apartments, situated on 7.5 acres at 400 Barksdale Lane, consists of 10 two-story buildings. The community offers one-, two- and three-bedroom apartments available for residents earning less than 50 percent of the area’s median income.
The property is 1.5 miles from U.S. Highway 231, linking the area 60 miles north to downtown Nashville. The community is half a mile from the Madison Street retail corridor and Calsonic Arena.
CPP has developed more than 11,000 affordable units nationwide since its founding in 2004. In March last year, the company completed the $50 million rehabilitation of a 700-unit property in San Jose, Calif.