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Gray Tactics Used By American Residential Properties Inc. (ARPI) To Grow Its Business Coming Under Fire

Scottsdale 9/24/2014 1:02:50 AM

It appears that this may not be the first time that real estate investment trust company American Residential Properties (ARPI:NYSE) has come under scrutiny over its dealings with its much smaller development partners. Allegations of fraud, unjust enrichment, breach of contract and possibly more, have emerged in a lawsuit filed by Scottsdale, Arizona company, Invision Capital Management against the public company REIT. ARPI is also purported to have a history of legal entanglements with other former partners, such as Landsmith, which reportedly settled out of court with ARPI. Other developers have also taken issue with the dealings of ARPI who uses its smaller partners to help grow ARPI’s business.
This is how the alleged contract breach against Invision Capital worked: ARPI agreed to commit a substantial amount of money to acquire and rehabilitate properties Invision Capital Management. Invision remediated the properties and began leasing them while ARPI received the revenue, known in the industry as a triple net lease. ARPI then ceased funding of the acquisitions and rehabilitation costs, forcing Invision Capital Management to default on their payments and resulting in a complete ARPI takeover of the property portfolios and revenue.
Invision Capital Management allegedly became a victim of this activity in 2012 after ARPI committed to a combined portfolio of $40 million and subsequently halted funding, sticking Invision Capital Management with reportedly over $450,000 of rehab costs and now more than an estimated $8 million in potential outstanding claims. ARPI then took over the portfolios and profits interest, leaving Invision high and dry with no financial recourse.
Invision Capital Management has put the spotlight on ARPI, remaining steadfast in pursuit of a just conclusion with a lawsuit. The company has filed multiple claims, but ARPI has made no attempt to address the allegations, and has so far failed to publicly disclose that the lawsuit exists to its shareholders or to the SEC in its most recent filings.

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