ALCO Chickasaw Partners Purchases Two Memphis Apartment Properties.Business Editors/Real Estate Writers MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn.--(BUSINESS WIRE)--Aug. 25, 2003 ALCO Properties, Inc. today announced it has partnered with First Tennessee This article or section has multiple issues: * Its neutrality is disputed. * It reads like an advertisement and needs to be rewritten in a neutral point of view. * It may require general cleanup to meet Wikipedia's quality standards. Housing Corporation to form ALCO Chickasaw Partners, L.P. for the purpose of purchasing and renovating Walnut Park Apartments and Mimosa Street Apartments in Memphis. The purchase of the combined 272-unit, 100% Section 8 properties was financed with bonds issued through The Health, Educational, and Housing Facility Board of the City of Memphis. The properties qualify for low-income tax credits under Section 42 of the Internal Revenue Code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . Residents of Chickasaw Place will continue to receive rental assistance from the Department of Housing and Urban Development (HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. ) through the Section 8 program. Chickasaw Partners will combine the two properties and rename Re`name´ v. t. 1. To give a new name to. Verb 1. rename - assign a new name to; "Many streets in the former East Germany were renamed in 1990" the combined property Chickasaw Place Apartments. The partnership also announced a $3 million renovation of the property, including the addition of air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. , new windows and siding, parking lot repair, interior upgrades, and new playground equipment. Chickasaw Place Apartments will be managed by ALCO Management, Inc. Chickasaw Place is ALCO's fifth acquisition in the past 12 months. "We are so pleased to join with First Tennessee, the City of Memphis and HUD in advancing the availability of attractive, affordable housing in Memphis," said Frank Z. Jemison, ALCO president and chief executive officer. "We hope this project will be an example of the benefits public-private partnerships offer all parties," Jemison added. Memphis-based ALCO Properties, Inc. is a privately-held real estate firm specializing in the development, financing and management of conventional and government-assisted apartment communities for more than 25 years. ALCO currently owns and/or manages over 8,000 apartments at 75 locations in nine states throughout the Southeast. |
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