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Invision Capital Management Files Lawsuit Against American Residential Properties After Alleged Breach of Contract, Fraud and More

Scottsdale 9/5/2014 1:24:40 AM

Invision Capital Management, a property investment and management company based in Phoenix, Arizona, has filed multi-million dollar claims against American Residential Properties, Inc. (ARPI). ARPI is a sizable REIT seeking to grow its portfolio of rental properties. The claims include, but are not limited to breach of contract, fraud, and unjust enrichment over properties that Invision Capital Management jointly acquired with ARPI in Phoenix, Indianapolis and Las Vegas. 
ARPI committed to a combined portfolio of $40 million to acquire and rehab properties through Invision and began with a first injection of capital in 2012. Nearly a year later, Invision Capital Management acquired a total of 550 properties in the Phoenix, Indianapolis and Las Vegas markets worth an estimated $28 million. 
The claims against ARPI come from Invision claiming ARPI under-funded its commitment to the Company and was thus able to squeeze them out and take over the portfolios and the corresponding profits interest of Invision in the assets. The complaints detail how ARPI committed to a combined portfolio of $40 million to acquire and rehab properties through Invision and began with a first injection of capital in 2012. 
By the summer of 2013, Invision acquired a total of 550 properties in the Phoenix, Indianapolis and Las Vegas worth an estimated $28 million. According to Invision Capital Management, the Company remediated the properties and began leasing with revenues going to ARPI in what is commonly called a tripe net lease. This was a successful venture for a period of time until ARPI allegedly decided to stop funding the acquisitions and the rehab costs. As a result, it is alleged that 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 was specifically a result of a lack of initial funding by ARPI to rehab the properties and get them stabilized in order to create rent for Invision to remain current on the master lease agreements. 
Furthermore, allegedly, mention of the lawsuit against ARPI is nowhere to be found in their SEC filings. 
This is not the first time claims have been brought against ARPI. Another third party company called Landsmith is alleged to have settled its dispute for an undisclosed amount. However, after several alleged failed negotiations, Invision Capital Management claims it was forced to sue ARPI for the costs of rehab and eight other claims totaling more than $8,000,000.
About Invision Capital Management
Invision Capital Management is a private Phoenix-based property investment and management company that acquires and then rehabilitates affordable, entry-level housing in select U.S. markets. The Company manages a portfolio of properties that it has been growing since 2010. 

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