A real estate transaction in mid-March indicates that the Augusta National has closed on the purchase of a portion of the 130-unit Towneclub Condominium complex.
The acquisition could result in a property assemblage along Rae’s Creek from the Augusta Country Club all the way to Berckman’s Road.
Husky Capital, LLC purchased five condominiums for $1.875 million despite each of the five of the units’ having previously sold for under $100,000 between 2011 and 2015, according to records held by Clerk of Superior Court of Richmond County.
No information about ownership of Husky Capital is available on the Secretary of State’s website. However, the PT-61 document filed with the Clerk of Courts’ office shows that the mailing address for Husky Capital is 2604 Washington Road, which is the main address of the Augusta National Golf Club.
The companies registered address 300 Colonial Center Pkwy Suite 100N in Roswell, Ga. is used by the company “Georgia Registered Agent, LLC” which is commonly used by companies that wish to not disclose ownership members or mailing info for a company.
According to an online listing by Jones Lang LaSalle, Towneclub Condominiums is comprised 10 building with 13 units each for a total of 130 units. The property was converted from apartments to condominiums from 2005 to 2007 after selling for $4.15 million. Half of the units sold over the next few years, and the remaining 54 units sold at auction in 2011 for nearly $2.5 million, according to deeds recorded with the Clerk of Superior Court.
In years past, the Augusta National has expressed an interest in purchasing all of the units but declined when it could not purchase all of the units at the same time. Currently there are roughly 100 different owners.
That has now changed. Husky Capital has sent purchase contracts on behalf of the Augusta National to the majority of the condominium owners.
According to the Jones Lang LaSalle website, a group of the owners known as the “Owners Block” banded together to list 102 of the 130 units for sale for an undisclosed price. Emails from the Towneclub Homeowners Association Board of Directors also indicate that the property was being advertised internationally in December 2022.
It is not clear how many units Husky Capital is purchasing, but purchase agreements were distributed to the majority of unit owners. Those agreements referenced previous option agreements and required that they be terminated as part of the Augusta National’s acquisition.
“We acknowledge that you may have executed a document titled Option Agreement for the Sale and Purchase of real Property (“OPTION”) in favor of Towneclub Condominium Association, Inc, (the “HOA”). If so, we accept this Agreement subject to rights, if any, that may exist under the Option as the same, if any, may be terminated, waived, or otherwise extinguished.”
Purchase agreements that were mailed to unit owners gave Jones Day law firm as the point of contact for questions.
According to the bylaws of the association recorded with the Clerk of Superior Court the board of directors can levy any fee or assessment against the units’ owners. Board members are elected by a simple majority vote. If 51% of the units are controlled by one owner, they can effectively control the entire board of directors and all fees levied against the owners that remain that chose not to sell their condo.
The Georgia Condominium Act provides that if 80% (104 Units) or more of the unit owners agree the association could be disbanded. This could cause the remaining units to lose services that the condominium association provides such as water, gate access, clubhouse/swimming pool and security.
According to a Dec. 8, 2022, email from the associations board of directors those who choose not to sell could be at risk.
“Please remember this sale is ONLY for members of the Owners Block! The few Owners who are not members of the block are urged to consider joining the block. Once the Block is purchased, remaining Owners will be at the mercy of a new Owner who will control the HOA,” the email stated.
“If you received a letter, you may have noticed that Unit sales prices increased substantially over the 4-month period. This is WONDERFUL news for Owners! It means that the value of TowneClub has increased and the value of each Unit has also increased. Units will likely be worthmore than the amount on your Option Agreement!!”
The Augusta National purchased the Brookside West apartment complex in 2015 for just over $12 million, according to recorded deeds. Towneclub remains the last obstacle to combine the Augusta National property with the Brookside West property. The acquisition would expand the Augusta National’s property all the way to Rae’s Creek.
The Augusta National did not respond to requests for comment.
