ALCO Properties Acquires Three Apartment Communities; Refinances Three More.Business Editors 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)--Nov. 29, 2002 ALCO Properties, Inc. today announced it has purchased three properties currently under management by ALCO Management, Inc. The properties purchased include Tranquility Apartments in Camden, Tennessee Camden is a city in Benton County, Tennessee, United States. The population was 3,828 at the 2000 census. It is the county seat of Benton CountyGR6. Geography Camden is positioned at (36.046344, -88. ; Gates Apartments in Gates, Tennessee Gates is a town in Lauderdale County, Tennessee, United States. The population was 901 at the 2000 census. Geography Gates is located at (35.839253, -89.407058)GR1. ; and Westside Manor Apartments in McMinnville, Tennessee McMinnville is a city in Warren County, Tennessee, USA. The population was 12,749 at the 2000 census. The 2005 census estimate is 13,242, a change of only +3.9%, making McMinnville one of Tennessee's slowest growing cities. It is the county seat of Warren County. . The properties have 119 apartments in total, all of which are covered by contracts for government assistance under Section 8. ALCO purchased the properties under the U.S. 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. ) "Mark to Market" program. The purchases were structured so that ALCO becomes the new general partner of the various investment partnerships that own the properties. At two of the newly-purchased properties, Tranquility and Gates, ALCO has initiated significant capital improvement programs, including replacing the exterior siding, adding central 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. , resurfacing parking lots, and adding new office space. Additionally, ALCO has refinanced loans on three properties in its portfolio, the Bear Creek Apartments and the Arrowhead Apartments, both in Asheville, North Carolina Not to be confused with Ashville. Asheville is a city in Buncombe County, North Carolina, and is its county seat. As of the 2000 census, the city had a total population of 68,889. It is the largest city in western North Carolina, and continues to grow. , and Oak Creek Apartments in Pocahontas, Arkansas. Total amount refinanced was $8 million. The three properties, representing 316 apartments, were refinanced with HUD insured loans for 35 years at an interest rate below 6%. "These purchases and refinancings represent the continuing refinement of our portfolio," said Frank Z. Jemison, ALCO president and chief executive officer. "The current interest rate environment offers opportunities for better positioning our properties to meet the needs of both our investors and our residents, and we are aggressively addressing these opportunities," Jemison said. 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 nearly 9,000 apartments at 76 locations in nine states throughout the Southeast. |
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