RALEIGH, N.C. (WECT) – Attorney General Jeff Jackson has sued six landlords for illegally working together to raise North Carolinians’ rents, two of which own properties in Southeastern North Carolina.
According to a release by the Attorney General’s office, the six landlords are Greystar Real Estate Partners LLC, Blackstone’s LivCor LLC, Camden Property Trust, Cushman & Wakefield Inc and Pinnacle Property Management Services LLC, Willow Bridge Property Company LLC, and Cortland Management LLC.
It’s alleged the six companies worked together using software company RealPage’s algorithm to “set rents for approximately a third of one-bedroom and two-bedroom apartments in the Raleigh, Durham/Chapel Hill, and Charlotte metro areas.”
Two of the companies – Greystar Real Estate Partners and Willow Bridge Property Company – own a total of 14 properties in Southeastern North Carolina.
Greystar Real Estate Partners owns eight properties in Wilmington, two in Leland, one in Castle Hayne and one in Carolina Shores:
- The Range on Oleander in Wilmington
- Element Barclay Apartments in Wilmington
- Element Barclay Station in Wilmington
- Headwaters at Autumn Hall Apartments in Wilmington
- Riverwood Apartments and Townhomes in Wilmington
- Overlook at River Place Apartments in Wilmington
- City Block Apartments in Wilmington
- Seaboard at Sidbury Station in Castle Hayne
- Jackeye’s Ridge in Leland
- Banyan Silo Ridge in Wilmington
- The Village at Compass Pointe in Leland
- River Rock at Shingletree in Carolina Shores
Willow Bridge Property Company owns two properties in Wilmington:
- Bellingham Park in Wilmington
- Crosswinds Apartments in Wilmington
Attorney General Jackson says these landlords own or manage more than 70,000 units throughout the state.
“North Carolinians are struggling to afford their rent as it is – we won’t stand for landlords and real estate companies making the problem worse to line their own pockets,” said Attorney General Jeff Jackson. “I’m suing these landlords to make sure they play by the rules so North Carolinians can get fair prices for rent.”
This lawsuit is part of Attorney General Jackson’s ongoing case against the software company RealPage. RealPage is being sued for allegedly “exploiting landlords’ competitively sensitive information to create a pricing algorithm in violation of antitrust laws and enriching themselves at the expense of renters, who end up paying inflated prices.”
According to the Attorney General’s office, the landlords communicated with RealPage and each other to share non-public information about rent prices, occupancy, strategies for setting rents, and discounts.
“The alleged illegal conduct harms North Carolinians who are struggling to pay rent and stay in their homes as rental prices increase, and they harm landlords who are trying to play fairly and follow the rules,” the office stated.
The suit was filed with the U.S. Department of Justice and the Attorneys General of California, Colorado, Connecticut, Illinois, Massachusetts, Minnesota, Oregon, Tennessee, and Washington.
A copy of the complaint can be found here.
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