MEMPHIS, Tenn., Feb. 7, 2006 (PRIMEZONE) -- ALCO Management, Inc. today announced it has started renovation work valued at more than $3.4 million on four multi-family housing communities in cities around Tennessee.
The initiative is the result of a transaction financed through AmSouth Bank, which generated tax credit equity in the four properties and provided funds to renovate the properties located in Paris, Sparta, Union City and Memphis, Tenn.
"This is a great example of how we can work effectively with our business partners to make good things happen," said Frank Jemison, Jr., president of ALCO Management. "The innovative transaction we developed with AmSouth Bank makes a real difference in the longevity of our communities and in the lives of our residents."
Together, the four communities contain more than 300 residences and serve residents who qualify for various government housing subsidies.
The renovations are the latest for ALCO Management and sister company, ALCO Properties. The two privately held, Memphis-based real estate firms have specialized in the development, financing, ownership and management of conventional and government-assisted apartment communities for more than 30 years and own and/or manage more than 7,000 units in nine states.
In addition, ALCO Management has added two new multi-family communities to a growing portfolio of properties managed for third-party owners. The additions in Memphis are:
-- Parkway Commons, an 80-unit, Section 42 low income housing
tax credit property
-- Richmond Place, a 100-unit, Section 42 low income housing
tax credit property
"These latest additions continue to contribute to our growing fee-management business and our overall growth," said Michael Johnson, executive vice president of ALCO. "Other owners are recognizing the tangible benefits of our steady, hands-on approach to property management and our ability to enhance both long-term value and near-term results."
In Sparta, the 50-unit Knollcrest Manor Apartments community is slated for improvements estimated at $625,000. The scope of work includes replacing interior lighting, windows, doors, siding and resurfacing the parking lot, among others.
In Paris, the 40-unit Tyson Park Apartments community is scheduled to receive improvements in the kitchens and bathrooms of the units, new windows and doors, exterior siding and the addition of an office and maintenance building estimated at $525,000.
In Union City, the 50-unit Parkview Manor Apartments community is in line for upgraded kitchens and bathrooms, new windows and doors, improved exterior siding and stairs and new flooring estimated at $555,000.
In Memphis, the 171-unit Breezy Point Apartments community is scheduled for a $1.7 million facelift including kitchen and bathroom upgrades, the replacement of windows and exterior siding, new flooring and a renovated maintenance building.
Together, ALCO Management and ALCO Properties own and/or manage multi-family communities in Alabama, Arkansas, Georgia, Kentucky, Missouri, Mississippi, North Carolina, South Carolina and Tennessee.