March 11, 2010 (Revised July 25, 2010)

Los Portales Homeowners Association
c/o Ogden & Company Property Management
1901 E. University Drive, Suite 440
Mesa, AZ 85203


Dear neighbors,

My partner and I purchased the remaining lots within Los Portales last summer from Brown Family Communities under the authority of Chase Bank. Our ownership entity is Los Portales Holdings LLC and the general partners are Pete Fratt and I. We are both Arizona natives and have been in the real estate business since the early 1980’s. Early on in our research we determined that there were a number of factors which led to our decision to acquire the lots, not the least of which was your active involvement in the upkeep and maintenance in the subdivision. Many of the other partially built out communities we had seen up to that point were characterized by an abundance of deferred maintenance, graffiti and common area amenities that had not been kept up in any manner. Thanks in part to Brown Family’s vision and overall attention to quality which in my opinion attracted the type of folks like you all who were willing to step up and pitch in on the above during the “transition period”.

After further research we determined that our Property management team at Ogden was the right company to stay on board to manage Los Portales. In the ensuing months they have continued to go the extra mile for the good of the community frequently in situations far out of the scope of the traditional services one expects from a property manager. Kriss Lindberg our/your primary contact at Ogden brings many years of real estate management to the table and has proven to be quite effective in overseeing all the details inherit to our homeowners association.

The 2 unfinished homes have sold and will be completed and occupied shortly.

On a final note let me share some thoughts on our remaining lots. As many communities rebound in areas where the supply of unsold lot inventory is very high relative to the demand we all speculate when the rebound will see its way to us. Due to the overall quality and obvious pride of ownership in Los Portales I can say that we will probably one of the earlier communities to sell our lots to a builder who recognizes the relative value when they see it. To date we have been approached by 3 builders who recognized this fact and continue our dialogue with all of them. As any progress along these lines is made we will keep you informed.

Sincerely,

Tracy Glass
Partner Los Portales Holdings LLC

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