SOUTH PARK GARDENS APARTMENTS: CLOSING

South Park Gardens was originally constructed in the 1970s, and it was owned for many years by a Memphis-based affordable housing developer. In 2014, ALCO had a lot of conversations with the developer, and in 2015, based on his relationship with Frank and others at ALCO, the developer trusted us to purchase his ownership interest in South Park Gardens and to purchase Creekwood Village in Memphis. We also were very fortunate to have some wonderful new team members join ALCO at the same time.

The story of our acquisitions and renovations of these two properties says a lot about what we do as a team. Every property and every development project is different, but the consistency in the way we work and the goals that we share is what makes our work possible. We care about the properties we own and manage, we’re responsive to the needs of residents and partners, we anticipate how we can do better, and we collaborate in order to make difficult projects possible. Through all of that we grow, as individuals and as a team.

At Creekwood, we had a clear path to using tax credits – Tennessee has long prioritized rehabbing Section 8 apartment communities, and our Tennessee experience put as at the top of the list. We closed financing in 2016 and completed the renovation in 2017, almost 5 years ago!

At South Park, the state program had different priorities, and despite ALCO’s corporate office being about an 8-minute drive to Mississippi, our “local” experience was lacking. So, we all worked to provide the team at South Park with the resources that they would need to operate without an immediate rehab. They did a great job for the last seven years. And, in the meantime, we looked for opportunities to make a large renovation possible. Early last year, we decided to do something different – we partnered with another development company and another property management company in order to qualify for the funding that we needed. Today, in partnership with a few new partners in the Park Companies and UAG Property Management and a few long-time partners in First Horizon and Financial Federal Bank, we were able to make it happen.

The Park Companies has begun construction at South Park, and about 14 months from now, the 152 families that call South Park home will all have significantly improved apartment homes. It may look a little different to have new partners, and the day-to-day management is different, but our goal is still the same – ALCO is providing quality affordable housing and building community.