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Between acquisition and renovation costs, ALCO Management Inc. today announced plans to invest $8.15 million in three multifamily complexes in Tennessee and Kentucky.
The Memphis-based real estate firm – which specializes in buying and rehabbing apartment properties, as opposed to new development – has hired Tennessee-based GSB contractors Inc. as general contractor and Memphis-based MMH Hall Architects/Planners Inc. as the architect.
Here's more information on the properties ALCO purchased, together 145 units:
- Maple Street Apartments, 555 Maple Street, Lebanon, Ky., a 56-unit affordable housing community where 20 units are set aside for elderly residents. The acquisition and renovation is valued at $2.35 million. Financial Federal Bank provided the first mortgage with secondary financing through the Kentucky Housing Corp. and a low-income housing tax credit investment from Regions Bank.
- Brookfield Apartments, 430 Harrison Lane, Paris, Tenn., a 50-unit affordable housing community. The acquisition and renovation is valued at $3.1 million. Independent Bank provided the first mortgage and Regions Bank provided a low-income housing tax credit investment.
- Hillcourt Apartments, 537 Hillcourt Circle, Huntingdon, Tenn., a 39-unit affordable housing community. The acquisition and renovation is valued at $2.7 million. Independent Bank provided the first mortgage and Regions Bank provided a low-income tax credit investment.