CPP Housing Acquires Affordable Housing Community in Shelbyville, Tennessee for $6.1M
SHELBYVILLE, TENN. — Community Preservation Partners (CPP Housing) has acquired Bedford Manor Apartments, a 108-unit affordable housing community in Shelbyville, for $6.1 million. The property comprises 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50 percent of the area median income (AMI).
CPP Housing is investing $12.3 million to renovate the 10-building property, which was built in 1968. Construction begins this month and is expected to finish in January 2022.
CPP Housing plans to remodel the interior units to include new flooring, cabinets, countertops, appliances and lighting. The company also plans to make exterior improvements and security enhancements, such as improvements to the roofing, HVAC system, windows, lighting and security cameras. Americans with Disabilities Act units and ADA path of travel will also be updated as required by local jurisdictions.
CPP Housing also plans to expand the property’s residential services to include programs such as health and wellness classes, financial literacy and food programs.
CPP Housing is an affordable housing rehabilitation company with headquarters in Irvine, Calif., and Reston, Va.