Magnolia Terrace, formerly Jellico Towers in Jellico, Tennessee, is under new management. ALCO Management, Inc., a leader in property management for multifamily affordable-housing in the southeast, purchased the property last year. ALCO has future renovation plans for the site but has already made substantial strides in improving Magnolia Terrace with an overall refresh and rebrand.
Built in 1981, Magnolia Terrace (formerly Jellico Towers) has provided quality affordable housing to elderly and disabled residents in Jellico for decades. Magnolia Terrace is a multi-level apartment community and is conveniently located downtown, just one block from the senior citizen center. The property consists of 123 apartments, all one-bedroom. The property boasts a beautiful courtyard, on-site laundry and friendly, on-site management and maintenance teams.
Local residents are pleased with ALCO’s work to upgrade the property. Police Chief, Gary W. Perkins of Jellico, remarked recently, “Under the current manager, Krista Evans, I’ve seen a tremendous change for the better. I am also pleased to see housing available to the elderly and disabled in our area.”
“We believe it’s important to provide quality, affordable-housing to our senior population,” said ALCO CEO, Frank Jemison. “We are committed to engaging community partners and building relationships to enhance the lives of the current and future residents of Magnolia Terrace. We’re excited to be here, and we believe potential residents will find it well worth the trip across the mountain to see it.”
ALCO is currently taking applications from eligible seniors and disabled individuals who qualify for low-income housing.
Headquartered in Memphis, Tennessee, ALCO guides a portfolio of over 6,000 affordable and conventional apartments.