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Alco’s Riverwood Tower Apartments, a senior Section 8 property located in Madison, Tenn, was recognized for “Outstanding Turnaround of a Troubled Property.” Honorees will be recognized at the NAHMA winter meeting in March.
The story of Riverwood Apartments’ turnaround is a transformative one. Alco Management, which has a 6,000 unit portfolio based in the Southeast, acquired the 26-year-old property in 2005.
When purchased, the 117-unit community in the suburbs of Nashville was not in great shape. It had a high vacancy rate (24 percent), a HUD REAC score of just 42, and a sub-par reputation.
“Immediately after the purchase the renovation began. The name was changed to Riverwood Apartments to indicate a new beginning for this 26 year old property,” said Michael Johnson, Alco’s Executive Vice President and Chief Administrative Officer. “Alco was determined that this property would offer a quality life for senior citizens.”
Alco made major improvements, including a new fire alarm system, fire safety sprinklers in each unit, electronic keyless entry, security cameras, parking lot redesign, exterior fencing and an indoor and exterior facelift.
“Alco believes that a Section 8 property shouldn’t look any different than a conventional property. The apartments got new flooring, thick padded carpets, wood baseboards, and designer color paint,” Johnson said. There was also a renovation of the community common area that changed the way residents use the space. It was partitioned into four rooms (kitchen, dining, media, and community), a change that contributed to greater use.
The community’s REAC score jumped from a score of 42 before the purchase to a score of 95 after the work was done.
“Riverwood Apartment’s goals include continuous physical improvement, inventive services for the residents, and a good returns for the owner. We are proud of their accomplishments and congratulate the Community Manager, Todd Rife on leading this property,” said Johnson.
Alco’s portfolio is comprised of 75 percent affordable housing units. The company uses Yardi Voyager to manage its affordable housing portfolio, as well as Yardi Rent Processing, Resident Screening, and Portal Solutions.
