Acquisitions and Development 

ALCO has developed, acquired, and managed apartment communities throughout the Southeastern United States for over 40 years. Experienced working with both the U. S. Depatment of Housing and Urban Development (HUD) and state Housing Finance Agencies throughout the Southeast, ALCO is widely-recognized as an expert in government housing programs, including Section 8, Section 236, Section 42 Low Income Housing Tax Credit and ACC Mixed Finance properties. ALCO has the experience, knowledge, and creativity to quickly and successfully close complicated affordable housing transactions.

Our Process

  • Initial Document and Site Review
    We will review 2-3 years of audited financial statements, HAP contracts, and a current rent roll. We will travel to the property for a brief site inspection
  • Offer a fair price
    We will finalize our analysis and make an offer to purchase the property for a fair price.
  • Closing
    We will work with you every step of the way to get all necessary approvals from HUD and any other regulatory partners to ensure the fastest timeline to closing.

Acquisition Priorities

ALCO is focused on the preservation of affordable apartment communities. We have extensive experience structuring transactions that preserve affordability and meet the goals of owners and regulators.

  • Properties with a Project-Based Section 8 HAP Contract
  • Properties with a Low-Income Housing Tax Credit (LIHTC) use restriction
  • General or Limited Partnership interests in affordable housing communities
  • Located in the Southeastern United States

Acquisition Examples

ALCO works to grow our portfolio by acquiring affordable properties across the southeast. In the past 5 years, we have acquired apartment communities, in 9 states, containing over 6,000 units, including:
  • Acquiring the general partnership interests of a 100% Project-Based Section 8 property in MS.
  • Acquiring the general partnership interests of a 100% Project-Based Section 8/100% LIHTC property in TN. Property was still in its LIHTC compliance period and needed financial and management stabilization.
  • Acquiring a portfolio of four Project-Based Section 8 properties in TN and GA.


ALCO is deeply committed to the preservation and improvement of affordable apartment communities. Well maintained and sustainable affordable housing benefits the residents, the surrounding neighborhoods, and the broader community. Many affordable housing communities across the Southeast are aging and cannot be preserved without significant renovation. ALCO has a proven track record of working with government agencies, lenders, and investors to navigate the complex financial and planning landscape and create and implement successful redevelopment plans for these communities. 

Since 2000, ALCO has successfully preserved 33 affordable apartment communities, providing improved homes for over 3,500 families.
 

Development Priorities

ALCO is focused on the preservation of affordable apartment communities with an emphasis on properties with Project-Based Section 8 HAP Contracts and/or Low Income Housing Tax Credit restrictions.

  • Affordable apartment communities with significant deferred maintenance that need extensive capital to continue to provide safe, quality affordable housing.
  • Properties near Year 15 of their LIHTC compliance period.

Development Examples

ALCO redeveloped Eastern Heights Apartments and Creekwood Village apartments in Memphis, TN. ALCO improved the homes of 226 families by renovating kitchens and bathrooms, updating heating, air, and water heating systems, and updating the exterior with new roofs and windows. Beyond the apartment units, ALCO was able to update the community spaces at each property by providing new community rooms, computer labs, playgrounds, and security systems to benefit the residents. In 2017, ALCO completed a 4.4 million dollar redevelopment of Country Place Apartments in Columbia, KY. ALCO was able to improve the homes of 56 families by renovating kitchens and bathrooms, updating mechanical systems, and improving the exterior with new roofs, windows and doors. In 2016, ALCO served as a consulting developer for an experienced non-profit owner and manager of affordable housing. By assembling and leading the development team, ALCO helped redevelop 200 units of senior housing. Each resident’s home received kitchen and bathroom upgrades, new mechanical equipment, and energy efficient appliances. The community room at the office was expanded and improved to allow for more resident functions. The community added a walking track and outdoor exercise equipment.


 

Acquisitions and Development Team Contacts

Robert Hyde
Executive Management/
Acquisitions & Development
[email protected]
(901) 544-1721		 Thomas Robinson
Acquisitions & Development
[email protected]  
(901) 405-5018		 Sarah Jemison
Acquisitions & Development
[email protected]
(901) 312-1502