Investors Buy Remaining Assest of Las Campanas
Hundreds of undeveloped lots for houses and a large commercial space at Las Campanas now belong to new group of investors, according to an announcement Wednesday.
Cienda Partners, a Dallas-based real estate group, says it has purchased all of the undeveloped assets at the luxury-home development northwest of Santa Fe.
Among investors are Jennifer Kimball, board chairman for La Fonda on the Plaza, and Howard Hawks, described in a press release as one of the original property owners.
“It was a cash purchase,” media spokeswoman Jennifer Hobson who said the amount of Wednesday’s sale wouldn’t be released. “They have paid in full for the remaining assets.”
While individual homes in the subdivision have been unaffected, Las Campanas developers have faced hardships from housing market changes in recent years. In 2008, the common areas in Las Campanas — including the golf courses and country club — as well as the unsold lots came under the direction of a new firm after Lyle Anderson Inc. turned over its management interest to a team appointed by its lender, Bank of Scotland.
A board of directors comprised of club members assumed ownership of the golf courses and country club in 2010. The other assets were sold at some point to another European bank, said partner Alan Box, and that’s the business with which Cienda closed a deal with this week.
The acquisition includes undeveloped acreage approved for up to 319 homes and a 45-acre commercial tract, according to a press release.
Box called Las Campanas “an irreplaceable, one-of-a-kind community in a city with a remarkably high quality of life” and an improving real estate market. He said the purchase brings stability to the area.
“We are not in a hurry to do anything,” Box said. “If we have to wait for a few years, we can do that.”
Contact Julie Ann Grimm at 986-3017 or email@example.com.
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