ALCO Management Adds District Property Managers.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--May 29, 2003

ALCO Management, Inc. today named Hal Downing and Keith Acton district property managers. Their appointments bring to nine the number of district property managers at ALCO, five in the Memphis office and four in the company's Nashville office.

Downing began his career in property management with Fogelman Properties, where he was also involved in insurance administration and construction development. He later joined Fogelman Securities, selling real estate investment programs. He continued to work in investment sales with Prudential Securities, New England Funds, AIM Distributors and Sun America. He returned to commercial and retail property management with Performa Entertainment Real Estate. Downing received his B. A. in business at the University of Memphis. He will supervise ALCO properties in Memphis and Birmingham.

Acton joins ALCO from Mid-America Apartment Communities, where he began as a leasing consultant, then moved to property manager, area manager and was subsequently promoted to business development director. He received his B.B.A. in finance and his M.S. in real estate from the University of Memphis. Acton will oversee ALCO properties in Tennessee, Mississippi, and Missouri.

Frank Z. Jemison, Jr., ALCO president and chief executive officer, said, "Hal and Keith bring broad industry experience to our management team. Both have proven records in real estate management, and are valuable additions to our firm."

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 73 locations in nine states throughout the Southeast.

Photos of Messrs. Downing and Acton are available on request. Please e-mail Mimi Hall at: [e-mail].