ALCO Management Announces Purchase of 3 Properties Across Mid-South and Renovation of Chickasaw Place Apartments in Memphis

ALCO Management, a Memphis, Tennessee-based affordable housing company, has announced the purchase of three properties and the renovation plans for one of its existing properties.

In May, ALCO purchased Fair Oaks Apartments in Little Rock, Arkansas, Irish Apartments in McEwen, Tennessee and Creekview Manor Apartments in Waverly, Tennessee.

The company closed on financing and has started major renovations to its Chickasaw Place Apartments in Memphis.

ALCO Management has a $9.5 million construction contract in motion to upgrade kitchens, bathrooms, windows, roofs, stairs, mechanical systems, and energy efficiency. The team also recently added property-wide internet service. ALCO, a longstanding partner of the Neighborhood Christian Center, is also upgrading the NCC community space on the property, adding a fitness room, and upgrading the office.

ALCO’s acquisitions & development analyst, Thomas Robinson, says renovating Chickasaw Place is a project his team is immensely proud of “Our mission is to provide quality, affordable homes, and this renovation does that and more. The additional amenities and services will make Chickasaw Place a more vibrant community in the heart of Binghampton. With all of the development in and around this neighborhood, the importance of providing affordable housing is even greater than ever.”

Chickasaw Place Apartments offers affordable housing to 270 Memphis families each with income at or below 60% of area-median income. 100% of the units have HUD rental assistance.