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Invision Capital Management Files Multiple Claims Against ARPI After Negotiations Fail

Scottsdale 9/6/2014 3:57:03 AM

Invision Capital Management claims to be forced to sue American Residential Properties, Inc. after negotiations allegedly fail to reach a solution. Invision Capital Management has filed multi-million dollar claims against ARPI including unjust enrichment, breach of contract, and fraud over properties that had been jointly acquired with ARPI in Phoenix, Indianapolis and Las Vegas. 
These 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. Invision Capital Management was then able to acquire a total of 550 properties between Phoenix, Indianapolis and Las Vegas approximately a year later. These properties had an estimated worth of $28 Million and Invision alleges that it remediated the properties and began leasing with revenues going to ARPI in what is commonly referred to as a triple net lease. 
While this was successful for a short time, Invision alleges that the commitment was purposefully underfunded by ARPI in order to squeeze them out and take over the portfolios and the corresponding profits. ARPI had allegedly stopped funding the acquisitions and the rehab costs that allowed them to eventually default Invision and take over the portfolios. 
The complaint alleges that a 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 on the master lease agreements is the direct reason that Invision did not have enough tenant revenue to pay ARPI the required rent under the triple net lease arrangement. 
Furthermore, Invision alleges that ARPI has also done this with other third party partners such as Landsmith, with whom they have allegedly settled for an undisclosed amount. 

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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