Local Firm to Receive Award for Restoration of Senior Housing Community
By Eliza Theiss, Associate Editor
Memphis, TN-based Alco Management, Inc. a leading operator of affordable housing, will soon be honored by The National Affordable Housing Management Association (NAHMA) for the turnaround of Riverwood Tower Apartments, a senior living community located in suburban Nashville. Alco’s turnaround of the property is being honored at the Community of Quality Awards March 24-26 in Washington, DC.
“It’s quite an accomplishment to be named a National Community of Quality Award winner,” said NAHMA Executive Director Kris Cook. “The process is competitive and takes into account not just a property’s structure and appearance, but the quality of its management and staff, finances, compliance scores, and other factors.” Riverwood Tower Apartments is the winner of the Outstanding Turnaround of a Troubled Property category.
Formerly known as Madison View Towers, the 33-year-old senior living community located In Nashville’s Madison suburb was purchased by Alco in 2005. At the time, the 117-unit distressed property had an occupancy rate of 76 percent. Following the purchase, Alco renamed the property and in 2006 embarked on rehabilitating the asset. Upgrades include energy-efficiency measures such as water-saving kitchen and bathroom fixtures and appliances, energy efficient windows, new HVAC units, and a new fire alarm and nurse call system, along with a new electronic entry and security camera system, and the expansion of the property’s sprinkler system. Madison View Towers was also given an interior design makeover with reimagined common areas, as well as new flooring, carpeting and a paint job. The community’s parking lot was also redesigned to provide additional accessible parking. The grounds were landscaped. Alco also hired extra management staff.
Following the rebranding and repositioning of the property, Alco turned operations at Madison View Towers cash flow positive and brought occupancy to 100 percent within two years.
Photo courtesy of Alco Management, Inc. via Enhanced Online News