ALCO Properties Purchases Presidential West Apartments; Names New District Managers.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)--June 27, 2003 ALCO Properties, Inc. today announced it has purchased the Presidential West Apartments in Memphis, Tennessee For the ancient Egyptian capital, see . Memphis is a city in the southwest corner of Tennessee, and the county seat of Shelby County. Memphis rises above the Mississippi River on the 4th Chickasaw Bluff just below the mouth of the Wolf River. . The 112-unit apartment community was purchased with a loan insured by 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. ). ALCO also announced a major capital improvements program for Presidential West, including new windows, doors, and siding. Presidential West Apartments will be managed by ALCO Management, Inc. This acquisition marks ALCO's fourth property acquisition in the past 12 months. "We are delighted to acquire this property so near our corporate headquarters," said Frank Z. Jemison, ALCO president and chief executive officer. "We are excited about the improvements we have planned for the property, which will both benefit our residents and build long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value for our investors," Jemison added. ALCO also named Hal Downing and Keith Acton Keith Edward Acton (born 15 April, 1958 in Stouffville, Ontario) is a retired professional ice hockey player. He is currently an assistant coach of the Toronto Maple Leafs. Acton played in the NHL for 15 seasons between 1979 and 1994. as 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 Prudential is the name of two different companies and buildings named after them: Companies:
Acton joins ALCO from Mid-America Apartment Communities, where he began as a leasing consultant. He 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. "Hal and Keith bring broad industry experience to our management team," said Frank Jemison. "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 74 locations in nine states throughout the Southeast. Photos of Messrs. Downing and Acton are available. Please call Mimi Hall at 901/682-1360. |
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