The National Communities of Quality award winners for 2012 were recently announced by NAHMA, and congratulations are in order to Yardi client Alco Management. 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...