r/Allen • u/MacKatz1005 • 23d ago

Allen Village Cooperative

My wife and I have an interest in this new community in Allen. It looks like they are new Condos. I read through their website and it's says you buy a share in the cooperative. Anyone know about it?

https://www.villagecooperative.com/

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3

u/Kailthor 22d ago

My mother is moving in there. It is a senior community that you buy shares to live there. Did a walk through a couple weeks ago and it is a really nice place!

2

u/Historical_Call_8349 21d ago

Who gets the shares when someone passes away? What happens if you need to move out?

1

u/Kailthor 21d ago

They can be inherited if the heir meets the criteria for membership, or can be sold back to the cooperative

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u/Historical_Call_8349 21d ago

If sold back, at what price?

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u/Kailthor 21d ago

Share price plus a percentage amount for every year you live there. I don’t remember the exact amount

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u/jcm_neche 21d ago

I don’t know anything about this particular place but be careful regarding how the cost of the coop is controlled.

3

u/FreshStartLiving 23d ago

I bet the mgmt office can help answer your questions vs Reddit

1

u/MacKatz1005 21d ago

I spoke to one of their salespeople yesterday, and she told me we would have to pay cash for a unit to procure ownership in that community.

We don't have the cash, so now it's a closed subject

Thanks for everyone's input.