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.
Company aims to buy, renovate apartments
Oakridger
A company is looking to renovate Oak Ridge s McKenzie Acres Apartments, adding security cameras, high speed internet access and ADA accessibility by June 2022 with work getting started in August.
The apartments, at which people can apply with public HUD subsidies, are located at 100 Utica Circle.
“We have been made aware of some drug and petty crime activity in the neighborhood. Our goal is to ensure that all residents have a safe and healthy place to live through proper, long term oversight and substantial renovation efforts,” Belinda Lee, senior project manager at Community Preservation Partners (CPP), said in an email to The Oak Ridger when asked about the need for renovations. CPP plans to purchase the property, but does not own it at present. Currently, Vikas LLC owns it, Lee said. She said the purchase is dependent on securing tax credit allocations from the state and she hopes the purchase will happen in July.