Tuesday, June 08, 2004
Who now owns the Facility in the Middle of Nowhere?
Back on June 2nd the following was stuffed in the gateway of the Facility in the Middle of Nowhere:
SECURITY DEPOSIT TRANSFER NOTIFICATION
June 2, 2004
This letter is to notify you that the property commonly known as the Complex† has this date sold and transferred ownership to the Complex.
† name of the devlopment has been changed
Well, it was nice to know that the community just sold itself to itself. Or something like that. Also, for the past few days one of the units near-by has been on the receiving end of a “renovation,” which seems to currently consist of everything that isn't a load bearing wall being torn out, rather loudly as the case may be.
Then today, the following was found in the gateway of the Facility in the Middle of Nowhere:
Dear Development In Boca West Residents,
XXXXXXXXXXXXXXXXXXXXXX, Inc., owner and operator of over 30,000 apartment units, has just purchased the Complex Apartments. Over the coming months you will notice many new and exciting improvements being made, including:
- Changing the name to XXXXXXXXXXX Luxury Townhomes…
- Upgrading the pool into a resort style area with tiki bar and shade pavilion…
- Completely remodeling each townhome, as they become available, by installing all new flooring, cabinets, counters, appliances, closet doors, light fixtures, faucets, sinks, lights, fans and switches. The interiors will be freshly painted over knockdown wall finish.
We will be selling the newly remodeled luxury townhomes… If you are not interested in buying, but still want to live here, rest assured that your existing lease does not change. You may stay throughout the remaining term of your lease, and you may be able to remain in your apartment thereafter on a month-to-month basis.
Nice to know they won't immediately kick us out of the Facility in the Middle of Nowhere.
I suspect what's happening is that the rental market is drying up as interest rates remain low and everybody who can are buying homes; the fact that our rent remained the same when renewing leads me to believe this.
Then we received the following in the mail (also today, but sent on the 1st):
With reference to your lease of space in the Complex, please be advised that XXXXXXXXXXXX LLC, a Colorado limited liability company has, as of June 1, 2004, sold, transferred and assigned the Complex and your lease to XXXXXXXXXXXXXXXXXXXXXXX LLC, a Delaware limited liability company ("Purchaser").
Please be further advised that the security deposit under your lease and the accrued interest thereon, if any, have been turned over to Purchaser, whose address is XXXXXXXXXXXXXXXXXXXXXXXXXXXX, Des Moines, Iowa 50309.
I just love that property in Florida owned by a company in Colorado was sold to a company in Delaware whose bank is in Iowa, just driving a point I hold dear that individual ownership is merely a fiction nowadays, or perhaps a quaint idea of the old fasioned.
But that's a rant for another day.