On Tuesday, July 11, an email was sent out from Advocate Property Management regarding the upcoming Town Hall meeting on July 19, via Zoom. This blog post gives some clarification on this meeting, its purpose, and the offer on the table.
What is the meeting about?
This meeting is your opportunity to hear directly from the investment firm's attorney about the deal. Ask any questions you'd like to either our attorney or the buyer's attorney. Come prepared with any questions you have or can think of having in the future.
How did this offer come about?
It is not uncommon for large property investment companies to put offers in on properties they believe they can convert into successful apartment complexes. That is the case for us. The current board did not solicit this offer, nor is the current board trying to sell our property. This was completely initiated by the investment company. As a board, it is our fiduciary duty to bring these types of offers to the homeowners. It is not our decision whether the property is sold or not. It is for the homeowners to decide by way of a 75% affirmative vote.
What is their offer?
If you remember, the same company offered to buy our property in 2022, leading up to the election. Their offer was roughly $38 million for our entire property. We have not yet seen what their new offer is, or if there even is a new offer. Something to keep in mind is that our property values have risen significantly since their last offer in 2022.
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