CLOSE

New population estimates from the U.S. Census Bureau show the Nashville metro statistical area added 36,337 people during the one-year stretch that ended July 1, 2016, meaning the region grew by an average of 100 people a day over those 12 months.
Wochit

On Tuesday, Knoxville-based suitor LHP Capital will seek approval for up to $62 million in tax-exempt bonds to help fund the purchase plus renovations.

A Knoxville-based developer and manager of multifamily affordable housing properties is in talks to buy Trevecca Towers, one of Nashville’s largest retirement communities.

On Tuesday, LHP Capital LLC will go before the Metro Nashville Health and Educational Facilities Board seeking preliminary approval for the issuance of up to $62 million in tax-exempt, multifamily housing revenue bonds to help fund the purchase plus renovations.

If a deal is finalized, the roughly 580-unit independent living community on Trevecca Nazarene University’s campus off Murfreesboro Pike would be the latest addition to LHP Capital’s Nashville portfolio. LHP Capital said it will undertake more than $25 million of improvements and renovations to modernize the apartments and commit to preserving all of the Trevecca senior housing properties as affordable for an additional 30 years. 

Last year, the developer of more than 11,500 apartment units in 12 states, including 7,709 units in Tennessee, paid $14.5 million for the Radnor Towers for the elderly and disabled off Nolensville Pike. LHP Capital is in the process of buying the Dandridge Tower subsidized apartments for seniors, which is also located off Nolensville Pike.

Carr Hagan, president of LHP Capital’s development arm, credits Trevecca Towers’  current owner Ronald K. Jones and his family for that retirement community’s success in serving low-income individuals.

“Everyone regardless of income level deserves a quality place to call home and LHP shares this belief,” Hagan said. “We will continue the Jones family’s legacy of providing excellent service to seniors and persons with disability.”

The U.S. Department of Housing and Urban Development pays for a portion of the rents to make it affordable for people with low incomes to live at Trevecca Towers. Residents there live in one-bedroom apartments with their own kitchen, living area and bathroom.

In the 1960’s and 1970’s, the late Rev. T. E. Jones founded Trevecca Towers I + East at 60 Lester Ave. and Trevecca Towers II at 310 Stanley St. The retirement community has grown under the watch of his children, Ronald K. Jones and Pat Jones Whittington, with the founder’s grandsons Tyler and Brandon Jones also involved with the operations. The towers host Trevecca Nazarene University student internships and volunteer activities.

  • Nashville is still booming, and the pace hasn't slowed

    Nashville is still booming, and the pace hasn’t slowed

  • Low home inventory is driving prices up in Nashville

    Low home inventory is driving prices up in Nashville

  • Skyscraper crane operator's view of Nashville

    Skyscraper crane operator’s view of Nashville

Reach Getahn Ward at 615-726-5968 and on Twitter @getahn.

 

Read or Share this story: http://www.tennessean.com/story/money/real-estate/2017/11/13/trevecca-towers-affordable-housing-being-sold-suitor-plans-25-million-improvements/859851001/