ALCO Management, Inc. has announced the purchase of mixed-income apartment community Battery Heights, marking its seventh purchase in the greater Chattanooga area since 2015.
After closing on the property August 31, ALCO is now putting a $5.5-million renovation plan in motion to upgrade the 142-unit community while preserving its affordability. In addition to upgrading all kitchens, bathrooms, roofs, windows and more, ALCO will add a fitness center, WiFi, washer and dryer hookups, energy-efficient lighting and new security cameras.
As surrounding Chattanooga-area apartment rental rates begin to rank among the fastest-growing in the country, ALCO is more dedicated than ever to keeping its communities accessible. As part of its partnership with the Tennessee Housing Development Agency, ALCO has committed for the next 30 years to ensuring that Battery Heights residents don’t pay more than 30 percent of their income on rent and utilities.
“At ALCO, we think that by working together with our partners to create places that are affordable and that people are proud to call home, we can do our part to build community,” said ALCO Acquisitions & Development Analyst Thomas Robinson. “Chattanooga is a place that we already call home as a company, and we’re excited to expand our efforts there.”