updated 6/14/2011 1:47:52 PM ET 2011-06-14T17:47:52

MEMPHIS, Tenn., June 14, 2011 (GLOBE NEWSWIRE) -- Alco Management, Inc. today announced that Robert D. Hyde has been named president of the Memphis-based development and property management firm that has become a national leader in affordable housing during the past 35 years.

Hyde has been with Alco Management since 2002, serving most recently as senior vice president and chief operating officer of the privately held company.

"Robert has done a fine job with responsibility for a portion of our operation. That's why I've asked him to lead our whole company," said Frank Z. Jemison, Jr., who owns Alco Management and continues as the company's chairman and chief executive officer.

Alco Management ranks among America's top 100 owner-operators of affordable multi-family housing with a portfolio of about 6,500 apartment units in eight Southeastern states.

Hyde holds undergraduate and law degrees from the University of Mississippi. He is a Certified Public Accountant (CPA) and member of the Mississippi and Tennessee Bar Associations. He has been responsible for real estate development and property management operations. And earlier this year, his persistent efforts in face of challenging capital market conditions resulted in the company's successful renovation and recapitalization of multi-family apartment communities in Nashville, Memphis, Parsons and Camden, Tennessee valued at $25 million.

"I'm enthused to lead a team so deeply dedicated to providing safe, clean and affordable housing," said Hyde. "I'm committed to foster a more cohesive team even as our operations become more geographically diverse. And I'm determined to help our company grow in ways consistent with our values and for the benefit of all our stakeholders."

As part the realignment:

  • Berkeley Burbank becomes vice president of Alco Management with broader responsibilities for real estate development, organizational development, information technology and corporate leadership. Burbank joined the company in 2007.
       
  • Cindy Phelan joins as director of human resources. She has 20+ years of experience with CRSA, Disney and Cigna and is active in the Society of Human Resource Management.
      
  • Stewart Carlin extends his responsibilities as vice president for asset management to include supervision of property accounting. Carlin has been with Alco since 1999.

The changes at Alco Management come at a time when Jemison has decided to explore additional areas of interest beyond the company.

As a result, long-time executive vice president Michael Johnson is taking on Jemison's direct responsibilities for Alco Management corporate and strategic planning and is assisting in the management of the Jemison family holdings and investments.

Alco Management owns more than 3,000 apartments, both conventional and government-subsidized, in Tennessee and an additional 2,500 plus apartments around the Southeast.

The company also provides property management services for an additional 1,000 units in selected cities, including communities in the Uptown Memphis neighborhood, such as Uptown Square, Uptown Homes, Greenlaw Place and The Metropolitan.

About Alco

Alco Management, Inc. is a privately held real estate firm that has specialized for more than 35 years in the development, financing, ownership and management of conventional and government-assisted apartment communities. The company, along with sister company ALCO Properties, owns and manages a balanced portfolio of conventional and government-assisted multi-family communities with approximately 6,500 residential units in Alabama, Arkansas, Kentucky, Mississippi, Missouri, North Carolina, South Carolina and Tennessee. Additional information is available on the Web at www.alcomgt.com.

The Alco Management, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8650

CONTACT: Bob Hetherington
         Bob Hetherington & Associates
         (901) 355 2153
         bob@bobhetherington.com

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