@Invision Capital Management Sues @American Residential Properties, Inc. Claiming Failure to Pay Rehab

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@Invision Capital Management Sues @American Residential Properties, Inc. Claiming Failure to Pay Rehab Costs. #law #businesslaw #scamawareness

Invision Capital Management has been forced by American Residential Properties, Inc to file multiple claims in Maricopa County Court against the REIT after many alleged unsuccessful attempts at negotiation. These multi-million dollar claims include unjust enrichment, breach of contract and fraud over properties it jointly acquired with American Residential Properties, Inc (ARPI) in Phoenix, Indianapolis and Las Vegas.

According to Invision, ARPI had committed to a combined portfolio of $40 million to acquire and rehab properties through Invision. This began in 2012 and by the summer of 2013, Invision acquired a total of 550 properties worth an estimated $28 million. Invision then states that it remediated the properties and began leasing with revenues going to ARPI in a triple net lease. While this was successful for a certain time, ARPI is accused of suddenly refusing to fund the acquisitions and the costs of rehab.

As a direct result, ARPI eventually defaulted Invision and took over those portfolios based on a lack of enough tenant revenue to pay ARPI the required rent under the triple net lease arrangement. The complaint alleges that this wa specifically a result of lack of initial funding by ARPI to rehab the properties and get them stabilized in order to create enough rent for Invision to remain current of the master lease agreements.

Invision Capital Management’s lawsuit arises from the fact that several attempts to rectify this damage and reimburse the rehab expenses have failed. Other claims include, but are not limited to unjust enrichment, breach of contract and fraud.

Invision Capital Management
Invision Capital Management Sues American Residential Properties, Inc. Claiming Failure to Pay Rehab Costs
Invision Capital Management Sues American Residential Properties, Inc. Claiming Failure to Pay Rehab Costs. Invision Capital Management has been forced by American Residential Properties, Inc to file multiple claims in Maricopa County Court again ...