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CPP Closes 1st Affordable Housing Buy in Tennessee
The owner plans to invest more than $12 million to reposition the 108-unit asset. Jun042021
Image courtesy of Irwin Partners Architects
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.