ALCO Management, Inc. Announces New Renovations for Memphis and McMinnville Properties

ALCO Management, Inc. has seen an incredible year of growth and new opportunities in 2020 that will bring exciting new developments to two West Tennessee cities. Just this month ALCO announced renovations for two apartment properties: Robinhood Park Apartments in Memphis and the Westside Manor Apartments in McMinnville.

Both properties have been in Alco’s portfolio for many years and the proposed renovations total more than $35,000 a unit in construction cost that will ensure that the properties continue to provide quality housing for low income families and elderly residents in Memphis and McMinnville. The Robinhood Park Apartments consist of 102 units and Westside Manor, 51 units.

ALCO is eager to begin renovations for residents that include both exterior and interior improvements including roofing, windows, doors, major systems such as HVAC and electrical fixtures. In addition, all kitchens and bathrooms will be fully renovated with new fixtures and appliances.  Energy efficiency and accessibility will be greatly enhanced by the renovations as well.  At Robinhood Park ALCO is putting the well-being of its residents center-stage by adding property amenities such as a business center and an exercise facility.  The Neighborhood Christian Center will also have a fully renovated satellite office.  The NCC offers comprehensive family support services and programs for all residents. 
 

Alco is working with long time partner to finance and implement the improvements.
 

“Both properties have been awarded Low Income Housing Tax Credits, a federal program administered by Tennessee Housing Development Agency (THDA), that allow us to raise the equity which is a significant portion of the resources needed.” Says ALCO CEO, Berkeley Burbank, “The equity is provided by our tax credit investor partners who invest in the properties to support affordable housing and meet their investment requirements. Both Regions Bank at Robinhood Park and First Horizon at Westside Manor are long time and dependable partners. In uncertain times it is important to have deep relationships with committed partners. Additionally, for the loan at Westside we are delighted to have established a new relationship with Pathway Lending”