The Sentry Management Albuquerque Division commends a homeowner association it has long managed in their successful completion of an important land transaction. The Towne Park Homeowners Association, a gated 486-home community at Chico and Eubank NE, purchased the 74 acres it is built upon for $11 million. The purchase from the Sandia Foundation was closed on May 31.
Carol Rickert, Vice President of the Albuquerque Division of Sentry Management, represented the Association in the lease buyout. “We have worked on this land purchase for many years” said Rickert, “and I am delighted with the outcome. We needed to get all interests to align—the homeowners, the seller and the financing.” Carol also notes that the crucial push was with the foundation which owned the property. “What we did during 2012 was prod the foundation board to look hard at whether they should sell. We saw a high moral ground they could stake by selling to the association.”
Bill Shue, President of the Association Board of Directors, was instrumental in propelling the ground lease purchase to completion. “It was a very stressful, long process” says Shue. “In the end, it is the best situation for everybody.” About 70 percent of the homeowners approved the purchase exceeding the required 2/3 majority. “Honestly, we’ve never been able to get 67 percent of the homeowners to agree on anything. It was remarkable.”
Many other firms played a key part is this landmark transaction. Legal work was done by Campbell & Wells. First American Title Company handled closing. Financing was secured through Los Alamos National Bank.
The Sentry Albuquerque office is located at 4121 Eubank Blvd, NE Albuquerque, NM 87111. The phone is 505-323-7600. Sentry operates in Bernalillo, Santa Fe, Sandoval and Valencia Counties. Some of the largest cities where Sentry manages communities include Albuquerque, Rio Rancho, Santa Fe, Grants, Los Lunas and Edgewood.
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