PRTODAY / NewswireToday Free press release distribution service network

Written by / Agency / Source: Invision Capital

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Invision Capital Management Files Claims for Damages Against American Residential Properties - After many unsuccessful attempts to negotiate with ARPI, Invision Capital Management has filed multi-million dollar claims including unjust enrichment, breach of contract and fraud over properties it jointly acquired with ARPI
Invision Capital Management Files Claims for Damages Against American Residential Properties

 

NewswireToday - /newswire/ - Scottsdale, AZ, United States, 2014/07/15 - After many unsuccessful attempts to negotiate with ARPI, Invision Capital Management has filed multi-million dollar claims including unjust enrichment, breach of contract and fraud over properties it jointly acquired with ARPI.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Real Estate/Property Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Invision Capital Management has filed multiple claims in Maricopa County Court against national REIT company American Residential Properties, Inc. (ARPI) after attempts completely failed to get ARPI to pay rehab costs, acquisition costs and equity interests due to Invision.

Invision Capital Management is a local property investment and management company based in Phoenix, Arizona that began jointly developing a portfolio of affordable, entry-level housing in 2010. American Residential Properties (now a public company) is a sizeable REIT seeking to grow its portfolio of rental properties. It committed to partner with Invision Capital to jointly build a portfolio of properties in the Phoenix, Indianapolis and Las Vegas markets.

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 markets worth an estimated $28 million. Invision remediated the properties and began leasing with revenues going to ARPI in what is commonly called a triple net lease. This was a successful venture for a period of time until ARPI decided to stop funding the acquisitions and the rehab costs. As a 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 claims 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 enough rent for Invision to remain current on the master lease agreements.

As a result, Invision Capital Management was forced to file a lawsuit against ARPI after multiple attempts to get the rehab expenses reimbursed by ARPI. In addition to a claim for rehab reimbursement, Invision filed eight other claims including, but not limited to, unjust enrichment, breach of contract and fraud.

To date ARPI has not tried to reconcile its failure to pay the costs of rehab, which total over $450,000, and represents just one of the multiple claims filed by Invision which total more than $8,000, 000. By under-funding its commitment to Invision, ARPI was able to squeeze them out and take over the portfolios and the corresponding profits interest of Invision in the assets. ARPI has also done this with other third party partners such as Landsmith.

ARPI did settle their dispute with Landsmith for an undisclosed amount. In its last quarter, ARPI publicly reported revenues increased 32% to $17.5 million up from $13.2 million in the Q4 of 2013, with assets now exceeding $1 billion. ARPI also failed to publicly disclose to its shareholders or the SEC in that report that it has a lawsuit on the books with Invision Capital.

About Invision Capital Management

Invision Capital Management (invisioncapitalfunds.com) is a private Phoenix-based property investment and management company that acquires and then rehabilitates affordable, entry-level housing in select US markets. The Company manages a portfolio of properties that it has been growing since 2010.

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Real Estate/Property Management Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: Invision Capital

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Real Estate/Property Management articles,
CATCH Visitors via Your Competitors Announcements!


Invision Capital Management Files Claims for Damages Against American Residential Properties

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: Len Braumberger - InvisionCapitalfunds.com 
360-305-9819 media[.]invisioncapitalfunds.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Invision Capital securities in any jurisdiction including any other companies listed or named in this release.

Real Estate/Property Management via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From Invision Capital / Company Profile


Read Real Estate/Property Management Most Recent Related Newswires:

Ede Costa Team Joins Berkshire Hathaway HomeServices California Properties
Berkshire Hathaway HomeServices California Properties Opens New Office in Brea
Berkshire Hathaway HomeServices Nevada Properties Opens New Southwest Las Vegas Office
Berkshire Hathaway HomeServices Nevada Properties Appoints New Las Vegas Branch Manager
Homenova, Inc. Launches A Website for Private Home Sales
Real Estate Executives Appointed to GLVAR Board in Nevada
Westcorp CFO Named Top Tech Exec in Nevada
Berkshire Hathaway HomeServices Arizona Names New Manager
Berkshire Hathaway HomeServices California Properties Names Larry Tait Yorba Linda Branch Manager
Progressive Realtors Launches New Website to Connect Home Buyers & Sellers
Americana Holdings Forms Alliance with ListHub Global in Three States
Manhattan Boutique Real Estate Joins South China’s Leading Luxury Property Show
17th Annual Kansas City Pagan Pride Day - Harvest Festival and Craft Faire on September 13th
Celebrity Staging Expert Announces Ask The Stagers Platform
Berkshire Hathaway HomeServices Arizona Properties Welcomes Hamlet Terry Team

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  JobsWare.com

Visit  La Bella Bakery Artisan Bakery Arizona





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)