Congressman Jack Kingston (R/Ga) Thursday was notified by the U.S. Air Force that the Hunt Pinnacle Group has signed a Letter of Intent (LOI) with the American Eagle project owners for the acquisition of four housing privatization projects including Moody Air Force Base.
"This is the first step in getting the project into new hands," Congressman Kingston said. "While it doesn't set the sales price, it sets the terms to move in that direction quickly. Our hope is that the Air Force will do what it needs to do in order to make it a viable transaction for all parties."
The Air Force has indicated that a purchase agreement should follow in the coming month, with the goal of a final close of sale later this year. The deal would cover American Eagle housing projects at bases in Little Rock, Hanscom, Patrick and Moody.
"The final sales price will determine how much the sub-contractors and the bondholders will receive," Congressman Kingston said.
Hunt Pinnacle Group is a partnership between Hunt Development Group of El Paso, Texas, and Pinnacle Management Services of Seattle, Washington. These two companies recently received an award for "Outstanding Housing Installation Team" at Dover Air Force Base in Delaware. The Group currently manages privatized housing projects at numerous installations, including Dover AFB in Delaware, Nellis AFB in Nevada, Fort Lee, Virginia, Maxwell AFB in Alabama, Vance AFB in Oklahoma and Laughlin AFB, Randolph AFB and Goodfellow AFB all in Texas.