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CPP Closes 1st Affordable Housing Buy in Tennessee

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. ....

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Bedford Manor resident marks 100th birthday

Residents at Bedford Manor celebrated a milestone Friday afternoon.
They were getting together to celebrate long-time resident Elsie Wilson s 100th birthday. It was also the first time residents had been able to gather for a celebration since the COVID-19 pandemic began last year.
This was our first big thing, said Liz Wood, manager at Bedford Manor. This was such an important day, we just had to do something.
Bedford Manor is an apartment complex that offers low-income housing for people over the age of 62. Typically, the complex offers opportunities for residents to socialize, hosting holiday parties and community functions, but for the past year, the pandemic has kept them isolated. ....

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