RESTON, VA - Community Preservation Partners (CPP Housing), a national affordable housing developer committed to creativity, performance and purpose, today announced the acquisition of Bedford Manor Apartments in Shelbyville, Tennessee for $6.1 million. Built in 1968, the 108-unit multifamily community is home to more than 230 Bedford County residents who will receive a long-overdue remodel of their interior units, as well as extensive exterior improvements and security enhancements. CPP also plans to provide residential services such as health and wellness classes, financial literacy and food programs. Construction begins this month and is expected to finish in January 2022.
“We are excited to start making a difference in Tennessee by acquiring our first affordable housing community in the state,” said Seth Gellis, senior vice president, eastern division, CPP. “Ensuring people have a safe and secure place to call home is one of our core pillars at CPP, and we have big plans to help ensure this is felt by the residents at Bedford Manor.”
The 10-builidng community consists of 18 one-bedroom, 60 two-bedroom and 30 three-bedroom units for residents earning less than 50% of the area’s median income. CPP is investing $12.3 million to renovate the property to include amenities typical of a market rate community. Interior renovations include new flooring, cabinets, countertops, appliances and lighting. Exterior improvements will be made to the roofing, HVAC system, windows, lighting, and security cameras. ADA units and ADA path of travel will also be updated as required by local jurisdictions.
“At CPP, we are mission-driven and committed to enriching lives and strengthening communities by working closely with local partners and listening to residents’ needs,” said Anand Kannan, president, CPP. “With offices on both U.S. coasts, we have the experience and resources that enable us to deploy practical solutions to complex challenges that underpin our nation’s affordable housing crisis so that people continue to have the fundamental right to equitable, vibrant and affordable housing.”
CPP continues its aggressive growth initiative to expand its footprint across the country. Communities recently closed in the U.S. have led the company to deepen the affordability of neighborhoods across Colorado, Utah, Montana, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Tennessee, Connecticut and Virginia, in addition to its long history of providing affordable housing solutions across the state of California.
About Community Preservation Partners: Since its founding in 2004, Community Preservation Partners (CPP Housing), an affordable housing rehabilitation company, has invested more than $2 billion into neighborhoods across the United States, keeping housing costs affordable for thousands of seniors, families and individuals. Having developed more than 11,000 low-income housing units, and positively changing the lives of thousands of low-income residents, the award-winning firm continues to expand nationally with headquarters in Irvine, California and Reston, Virginia. With its creative mindset and unwavering vision, CPP Housing proposes big, bold and better solutions that build community and serve the greater good. Creativity. Performance. Purpose. A different way to home. For more information, visit www.CPP-Housing.com and follow us on LinkedIn.