MEMPHIS, Tenn., Oct. 25, 2005 (PRIMEZONE) -- ALCO Management, Inc. today announced it has been awarded property management responsibilities for nine additional multi-family communities in Tennessee, including three in the innovative Uptown Memphis neighborhood north of downtown.
The latest additions push to more than 7,000 the number of units the privately held, Memphis-based company owns and/or manages in nine Southeastern states.
Atop the list of new assignments are leasing and management responsibilities for multi-family and single-family properties in the newly revitalized Uptown Memphis neighborhood. "We are very excited to both be invited to play a role in the redevelopment of a downtown neighborhood in our hometown and to be able to work with the Turley and Belz team and the Memphis Housing Authority who are transforming a vital part of our city," said Frank Jemison, Jr., president of ALCO Management.
ALCO's responsibilities in Uptown Memphis include:
-- The 347-unit Uptown Square Apartments which feature studio,
1, 2 and 3 bedroom units
-- The newly built 88-unit Greenlaw Place Apartments which
offers 9-foot ceilings and a variety of 1, 2 and 3 bedroom
townhouse and apartment floor plans
-- The newly built 114-unit Metropolitan Apartments which
provide an eclectic array of flat, loft and townhouse floor
plans for 1, 2 and 3-bedroom units
"I am especially pleased to have ALCO involved with Belz and Turley in Uptown because of its passion for the development and its residents. The passion is evident in ALCO's approach to every detail. The company's work in Uptown clearly comes from a larger commitment to Memphis and a belief that its inner city neighborhoods can be excellent places to live," said Henry Turley, a partner in the $195 million public-private Uptown Memphis Revitalization effort.
Working collaboratively, partners in Uptown Memphis are developing 1,200 new homes in what is roughly a 125-block area bounded by Cedar Avenue on the North, Auction Avenue on the South, Ayres Street on the East and the Wolf River on the West, north of St. Jude Children's Research Hospital, which is undergoing a $1 billion expansion.
Other new additions to the ALCO portfolios include:
-- The 396-unit Highland Towers in Memphis
-- The 402-unit Summit Park Apartments in Memphis
-- The 112-unit Raleigh Springs Apartments in Memphis
-- The 314-unit Washington Manor Apartments in Memphis
-- The 97-unit Parkview Apartments in Columbia, Tenn.
-- The 117-unit Madison View Towers Apartments in Madison,
Tenn., near Nashville.
"We have turnaround strategies and repositioning initiatives underway at most of the new properties we have taken on," said Michael Johnson, executive vice president of ALCO, "So our fee-management business is contributing nicely to our company's overall growth."
"But whether we own the housing community on our own or manage the property for other owners," Johnson said, "We take a consistent approach intended to enhance the long-term value as well as meet near-term operating expectations."
ALCO Properties and ALCO Management are privately held real estate firms specializing in the development, financing, ownership and management of conventional and government-assisted apartment communities for over 30 years. The companies own and/or manage properties in Alabama, Arkansas, Georgia, Kentucky, Missouri, Mississippi, North Carolina, South Carolina and Tennessee.