You have /5 articles left.
Sign up for a free account or log in.
Students across the country living in apartments owned by the same property management company are reporting broken elevators, malfunctioning fire alarms, shut-off utilities and no hot water or air-conditioning, among other problems, The New York Times reported. The properties are owned by Nelson Partners Student Housing, which specializes in purportedly upscale off-campus apartments.
Officials in states from Colorado to Mississippi have investigated properties owned by the company for health and safety violations, according to the Times article, and student employees of the company have said they’re missing pay.
Patrick Nelson, the owner of the company, has been accused of diverting investor funds for the properties to shore up other projects, the Times reported. Lenders, including Fannie Mae, are seeking to foreclose on some of the properties, and investors are suing to get their money back. Nelson denied any wrongdoing in his comments to the newspaper.
