Giant Landlord Abruptly Exits Leaving East Palo Alto Tenants in Danger
San Francisco Bay Area
12 Sep 2009 22:39 GMT
On September 9, the San Mateo County Superior Court appointed a receiver for Page Mill Properties 1800-unit East Palo Alto apartment portfolio after the giant landlord abandoned their property management duties and offices last week. East Palo Alto's biggest landlord missed a $50 million balloon payment to their bank last month prompting Wells Fargo to seek a temporary restraining order barring Page Mill from collecting further rents and destroying any books relating to the properties.
read more: http://www.indybay.org/newsitems/2009/09/11/18621642.php