News and blog

Evictions by Private Equity Landlords May Violate CARES Act Eviction Moratorium

Updated July 20, 2020.

Over the last decade, private equity and private real estate firms have become major residential landlords, buying up millions of apartments, single family homes, and mobile home communities.

While a number of states, localities, and the federal government have adopted moratoriums barring evictions during the COVID-19 pandemic, many private equity landlords have continued to file and advance evictions cases.

The Private Equity Stakeholder Project has identified several hundred eviction cases filed since mid-March by private equity and private real estate firms. 

Media coverage:

New York Times, July 23, 2020: “Landlords Jump the Gun as Eviction Moratorium Wanes”

Washington Post, July 6, 2020: “Evictions are likely to skyrocket this summer as jobs remain scarce. Black renters will be hard hit.”

More than 140 of the cases filed by private equity and other corporate landlords appear to violate the eviction moratorium adopted as part of the federal CARES Act as they have loans backed by US government-sponsored lenders Fannie Mae or Freddie Mac and were filed after the law took effect on March 27.  Many of the eviction cases are it Arizona, Texas, and Florida, which have seen recent surges of COVID-19 cases. Cases listed below.

The CARES Act is clear that a landlord with a federally-backed multifamily mortgage loan may not:

  • make, or cause to be made, any filing with the court of jurisdiction to initiate a legal action to recover possession of the covered dwelling from the tenant for nonpayment of rent or other fees or charges; or
  • charge fees, penalties, or other charges to the tenant related to such nonpayment of rent.

We have identified dozens of eviction cases filed by Greystar Real Estate Partners, which manages nearly 500,000 apartments throughout the US and owns apartment properties with more than 63,000 units, including some that appear to violate the CARES Act eviction moratorium.[i] Private equity firm Starwood Capital, with more than 75,000 apartments around the country[ii], has filed at least 60 eviction cases since mid-March, including a number that appear to violate the moratorium. Goldman Sachs has continued to advance eviction and foreclosure cases despite the pandemic.[iii]

In late May, the Private Equity Stakeholder Project sent a letter to the Federal Housing Finance Agency (FHFA), the federal agency that regulates Fannie Mae and Freddie Mac, asking the agency to enforce the law. 

In addition, last week we submitted written testimony to the Housing Subcommittee of the House Financial Services Committee, which held a hearing on Wednesday, June 10 on the growing eviction crisis that tenants face.

Evictions by Private Equity Landlords that Appear to Violate the CARES Act Moratorium:

LandlordProperty/Community NameCase NumberCountyStateDate Filed
Lincoln Park CapitalALTA VERDE202100183184HarrisTX7/20/20
Lincoln Park CapitalALTA VERDE202100183186HarrisTX7/20/20
Lincoln Park CapitalALTA VERDE202100183190HarrisTX7/20/20
Vertex InvestmentsPalms at GlendaleCC2020-106403MaricopaAZ7/20/20
Vertex InvestmentsPalms at GlendaleCC2020-106402MaricopaAZ7/20/20
Vertex InvestmentsPalms at GlendaleCC2020-106400MaricopaAZ7/20/20
Vertex InvestmentsPalms at GlendaleCC2020-106398MaricopaAZ7/20/20
Lincoln Park CapitalALTA VERDE202100181747HarrisTX7/16/20
Lincoln Park CapitalALTA VERDE202100181754HarrisTX7/16/20
Lincoln Park CapitalALTA VERDE202100181755HarrisTX7/16/20
Lincoln Park CapitalALTA VERDE202100181759HarrisTX7/16/20
Kairos Investment ManagementMonterey Village ApartmentsCC2020-105275MaricopaAZ7/16/20
TruAmerica MultifamilyCovington ParkCC2020-104757MaricopaFL7/15/20
FSC RealtyOlive Tree ApartmentsCC2020-104867MaricopaAZ7/15/20
FSC RealtyOlive Tree ApartmentsCC2020-104869MaricopaAZ7/15/20
MG Real EstateLakeview Apartments at Superstition SpringsCC2020-104825MaricopaAZ7/15/20
FSC RealtyOlive Tree ApartmentsCC2020-104551 MaricopaAZ7/14/20
FSC RealtyOlive Tree ApartmentsCC2020-104557 MaricopaAZ7/14/20
Greystar Real Estate PartnersAvana River Ranch (River Ranch Apartments)CC2020-103880MaricopaAZ7/13/20
Pro ResidentialEmerald Shores/ Square on Indian School  CC2020-103137MaricopaAZ7/10/20
Pro ResidentialEmerald Shores/ Square on Indian SchoolCC2020-103135 MaricopaAZ7/10/20
Pro ResidentialEmerald Shores/ Square on Indian SchoolCC2020-103133 MaricopaAZ7/10/20
Pro ResidentialEmerald Shores/ Square on Indian SchoolCC2020-103131MaricopaAZ7/10/20
Resource Real EstateGilbert MeadowsCC2020-103115MaricopaAZ7/10/20
Capital Real EstateOmnia BaselineCC2020-102741MaricopaAZ7/9/20
Security PropertiesCanyon Creek VillageCC2020-101787MaricopaAZ7/6/20
Pro ResidentialEmerald Shores/ Square on Indian SchoolCC2020-101441MaricopaAZ7/6/20
Pro ResidentialEmerald Shores/ Square on Indian SchoolCC2020-101437MaricopaAZ7/6/20
Vertex InvestmentsPalms at GlendaleCC2020-100082MaricopaAZ7/1/20
Vertex InvestmentsPalms at GlendaleCC2020-100087MaricopaAZ7/1/20
Vertex InvestmentsPalms at GlendaleCC2020-100090MaricopaAZ7/1/20
Next InvestmentsSpringwood Park205100000000HarrisTX6/29/20
Next InvestmentsSpringwood Park205100000000HarrisTX6/29/20
Milestone GroupBella MirageCC2020-098856MaricopaAZ6/29/20
Sares Regis GroupSedona RidgeCC2020-099222MaricopaAZ6/29/20
Bean Investment Real EstateTela Verde ApartmentsCC2020-097974MaricopaAZ6/25/20
Bean Investment Real EstateTela Verde ApartmentsCC2020-097969MaricopaAZ6/25/20
29th Street CapitalBarringer Square208200165884HarrisTX6/24/20
Bridge Investment GroupThe Palms at South MountainCC2020-097397MaricopaAZ6/24/20
Bridge Investment GroupLore South Mountain ApartmentsCC2020-096462MaricopaAZ6/22/20
Eagle Property CapitalChampions Park204100162920HarrisTX6/19/20
Blackstone GroupLong Haven EstatesCC2020-094674MaricopaAZ6/17/20
Sares Regis GroupAllegro ApartmentsCC2020-094783MaricopaAZ6/17/20
Sares Regis GroupAllegro ApartmentsCC2020-094799MaricopaAZ6/17/20
FSC RealtyOlive Tree ApartmentsCC2020-094053MaricopaAZ6/16/20
FSC RealtyOlive Tree ApartmentsCC2020-094139MaricopaAZ6/16/20
FSC RealtyOlive Tree ApartmentsCC2020-094155MaricopaAZ6/16/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-093990 MaricopaAZ6/16/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-094060MaricopaAZ6/16/20
Bridge Investment GroupThe Palms at South MountainCC2020-093313MaricopaAZ6/15/20
FSC RealtyOlive Tree ApartmentsCC2020-093747MaricopaAZ6/15/20
FSC RealtyOlive Tree ApartmentsCC2020-093746 MaricopaAZ6/15/20
FSC RealtyOlive Tree ApartmentsCC2020-093745MaricopaAZ6/15/20
FSC RealtyOlive Tree ApartmentsCC2020-093743MaricopaAZ6/15/20
FSC RealtyOlive Tree ApartmentsCC2020-093734MaricopaAZ6/15/20
Sares Regis GroupAllegro ApartmentsCC2020-092667MaricopaAZ6/12/20
Knightvest CapitalWeston at Copperfield (Lodge At Copperfield)205200151955HarrisTX6/9/20
Vertex InvestmentsPalms at GlendaleCC2020-091004MaricopaAZ6/9/20
Vertex InvestmentsPalms at GlendaleCC2020-091000MaricopaAZ6/9/20
Vertex InvestmentsPalms at GlendaleCC2020-090996MaricopaAZ6/9/20
FSC RealtyRancho Ladera ApartmentsCC2020-090683MaricopaAZ6/8/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-079565MaricopaAZ6/8/20
WGI IncFlats on WoodwardJ4-CV-20-001344TravisTX6/5/20
Starwood Capital GroupCimarron Parkway205100149013HarrisTX6/4/20
Shephard Investment GroupUnion Hills EstatesCC2020-089719MaricopaAZ6/4/20
Blackstone GroupSan Valiente ApartmentsCC2020-088280MaricopaAZ6/1/20
Capital Real EstateMandarina Apartment HomesCC2020-088436MaricopaAZ6/1/20
Capital Real EstatePavillions at ArrowheadCC2020-087969MaricopaAZ5/29/20
Next InvestmentsSpringwood Park205100144518HarrisTX5/28/20
Next InvestmentsSpringwood Park205100144521HarrisTX5/28/20
Capital Real EstateVillas At Mountain Vista RanchCC2020-087404MaricopaAZ5/28/20
Abacus CapitalLevel at SixteenthCC2020-086388MaricopaAZ5/27/20
Greystar Real Estate PartnersOlive Tree ApartmentsCC2020-086460MaricopaAZ5/27/20
MG Real EstateGarden Grove ApartmentsCC2020-085753MaricopaAZ5/26/20
Capital Real EstateVillas At Mountain Vista RanchCC2020-084734MaricopaAZ5/22/20
OpenPath InvestmentsDana Park ApartmentsCC2020-084436MaricopaAZ5/22/20
Yes! CommunitiesMountain Gate Mobile Home ParkCC2020-084124MaricopaAZ5/22/20
Westmount Realty CapitalNine 4 Nine at the DistrictCC2020-084056MaricopaAZ5/22/20
Security PropertiesAndante ApartmentsCC2020-083296MaricopaAZ5/21/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-083327MaricopaAZ5/21/20
Yes! CommunitiesMountain Gate Mobile Home ParkCC2020-083345MaricopaAZ5/21/20
FSC RealtyOlive Tree ApartmentsCC2020-082817MaricopaAZ5/20/20
Greystar Real Estate PartnersAvana Tempe ApartmentsCC2020-082633MaricopaAZ5/20/20
Yes! CommunitiesMountain Gate Mobile Home ParkCC2020-082604MaricopaAZ5/20/20
CBRENinety Degrees ApartmentsCC2020-082078MaricopaAZ5/19/20
FSC RealtyOlive Tree ApartmentsCC2020-082025MaricopaAZ5/19/20
WGI IncFlats on WoodwardJ4-CV-20-001271TravisTX5/19/20
Next Fortune CapitalSandalwood Square ApartmentsCC2020-083981MaricopaAZ5/18/20
FSC RealtyOlive Tree ApartmentsCC2020-080610MaricopaAZ5/15/20
FSC RealtyOlive Tree ApartmentsCC2020-080648MaricopaAZ5/15/20
FSC RealtyOlive Tree ApartmentsCC2020-080633MaricopaAZ5/15/20
Knightvest CapitalPaseo Park ApartmentsCC2020-080231MaricopaAZ5/15/20
Starwood Capital GroupWestwood Apartments362020CC001973A001CHLeeFL5/14/20
AEW Capital ManagementThe PalladiumCC2020-079573MaricopaAZ5/14/20
Greystar Real Estate PartnersAvana Tempe ApartmentsCC2020-079860 MaricopaAZ5/14/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-079565MaricopaAZ5/14/20
MG Real EstateSonoran ApartmentsCC2020-078759MaricopaAZ5/13/20
Monarch Investment and Management GroupGates of Rochester55-CV-20-2780OlmstedMN5/11/20
MG Real EstateGarden Grove ApartmentsCC2020-076944MaricopaAZ5/8/20
Kairos Investment ManagementMonterey Village ApartmentsCC2020-076886MaricopaAZ5/8/2020
MG Real EstateLakeview Apartments at Superstition SpringsCC2020-076406MaricopaAZ5/7/20
FSC RealtyRancho Ladera ApartmentsCC2020-075755MaricopaAZ5/6/20
DiNapoli CapitalThe Met at 3rd and FillmoreCC2020-075708MaricopaAZ5/6/20
Blackstone GroupSan Valiente ApartmentsCC2020-074942MaricopaAZ5/4/20
Pro ResidentialEmerald Shores/ Square on Indian SchoolCC2020-073832MaricopaAZ5/1/20
Pro ResidentialEmerald Shores/ Square on Indian SchoolCC2020-073823 MaricopaAZ5/1/20
Pro ResidentialEmerald Shores/ Square on Indian SchoolCC2020-073821MaricopaAZ5/1/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-073030MaricopaAZ4/30/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-073026MaricopaAZ4/30/20
FSC RealtyOlive Tree ApartmentsCC2020-072554MaricopaAZ4/29/20
FSC RealtyOlive Tree ApartmentsCC2020-072537MaricopaAZ4/29/20
FSC RealtyOlive Tree ApartmentsCC2020-072530MaricopaAZ4/29/20
Greystar Real Estate PartnersThe Art on HighlandCC2020-069023MaricopaAZ4/22/20
MG Real EstateBroadstone Scottsdale HorizonCC2020-069163MaricopaAZ4/22/20
FSC RealtyOlive Tree ApartmentsCC2020-068807MaricopaAZ4/21/20
Greystar Real Estate PartnersAvana Southview (Southview Gables)19AV-CV-20-949DakotaMN4/20/20
Blackstone GroupFinisterra Apartment HomesCC2020-068103MaricopaAZ4/20/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-067518MaricopaAZ4/17/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-067521MaricopaAZ4/17/20
OpenPath InvestmentsIndian Springs ApartmentsCC2020-067524MaricopaAZ4/17/20
Sares Regis GroupSedona RidgeCC2020-065745MaricopaAZ4/13/20
Sares Regis GroupSedona RidgeCC2020-065747MaricopaAZ4/13/20
Greystar Real Estate PartnersAvana Tempe ApartmentsCC2020-065243MaricopaAZ4/10/20
DTI InvestmentsCoppertreeJ4-CV-20-001133TravisTX4/9/20
AimcoRoyal Crest Marlborough20H85SP001277Central Housing CourtMA4/8/20
CBRENinety Degrees ApartmentsCC2020-063863MaricopaAZ4/6/20
AimcoBayberry Hill Estates Apartments20H85SP001267Central Housing CourtMA4/3/20
AimcoBayberry Hill Estates Apartments20H85SP001268Central Housing CourtMA4/3/20
AimcoBayberry Hill Estates Apartments20H85SP001269Central Housing CourtMA4/3/20
AimcoBayberry Hill Estates Apartments20H85SP001270Central Housing CourtMA4/3/20
AimcoRoyal Crest Marlborough20H85SP001261Central Housing CourtMA4/3/20
AimcoRoyal Crest Marlborough20H85SP001262Central Housing CourtMA4/3/20
CBRENinety Degrees ApartmentsCC2020-063321MaricopaAZ4/3/20
Conti OrganizationVilla SienaE20-0883J6DentonTX4/2/20
Conti OrganizationVilla SienaE20-0884J6DentonTX4/2/20
Conti OrganizationVilla SienaE20-0885J6DentonTX4/2/20
Conti OrganizationVilla SienaE20-0886J6DentonTX4/2/20
Starwood Capital GroupSpring Harbor Apartments35-2020-CC-001830LakeFL4/2/20
Starwood Capital GroupKings Colony Apartments2020-006200-CC-26Miami DadeFL4/2/20
Starwood Capital GroupKings Colony Apartments2020-006201-CC-26Miami DadeFL4/2/20
Greystar Real Estate PartnersThe Art on HighlandCC2020-062322MaricopaAZ4/1/20
Avanath Capital Management Blunn Creek ApartmentsJ4-CV-20-001118TravisTX4/1/20
Starwood Capital GroupGrande Court Apartments2020-CC-003991-XXXXDuvalFL3/31/20
Starwood Capital GroupGrande Court Apartments2020-CC-003989-XXXXDuvalFL3/31/20
Starwood Capital GroupCoconut Palm ClubCONO20004605BrowardFL3/30/20

[i]NMHC 50 Largest Apartment Managers, 2020.NMHC 50 Largest Apartment Owners, 2020.

[ii]NMHC 50 Largest Apartment Owners, 2020.

[iii]“Goldman Sachs Forecloses on 10,000 Homes for ‘Consumer Relief’,” NY Times, May 22, 2020.

Sign up to our newsletter to receive news and updates from PESP

Click here