Memphis Towers has brand-new owner, housing advocates stay skeptical

MEMPHIS, Tenn. - - After years of repeated code infractions and locals reporting a pattern of safety issues, a taxpayer-funded high increase for senior citizens located in the Medical District of Memphis has a brand-new owner.

BNN got a copy of a letter that regional real estate supporters say was distributed to locals at Memphis Towers today suggesting a change in ownership at the residential or commercial property.

The letter, signed by Brian P. Myers of TRG Replacement GP LLC, reads in part, "… … reliable immediately, Memphis Towers is under new ownership ……"

The file also kept in mind, "The Millennia Companies are no longer connected with the owners of the home."

A spokesperson for Millennia told the News Channel 3 Investigators, "Memphis Towers is now under the ownership of Richman Capital. All concerns about the property need to be described the brand-new owner."

According to a site for Connecticut-based Richman Group of Companies, the business and its affiliates remain in realty development, property management and asset management.

Myers is noted on the business's website under Asset Management/ Investor Services.

A spokesperson for the Department of Housing and Urban Development told BNN its records still reflected Millennia being in charge. HUD provided the following declaration:

" The Department of Housing and Urban Development (HUD) has actually not received a formal ask for change of ownership of Memphis HUD' srs. HUDs records show that the task is owned by Memphis Towers TN TC, LP and handled by Millennia Housing Management Ltd, both operating under Millennia Companies. However, we know ongoing discussions amongst the partners in the restricted collaboration and are engaging with them as this situation develops."

For several years, BNN has actually exposed issues at Memphis Towers and other properties owned by Ohio-based Millennia.

Problems at Millennia residential or commercial properties extend beyond Memphis

Millennia had long guaranteed a significant turnaround at Memphis Towers. The property was in the middle of what Millennia called a "significant rehab" with building costs at more than $20 million.

Regardless of the facelift at the 296-unit residential or commercial property, senior citizens living at Memphis Towers have continued to report issues at the high increase varying from security and lighting to concerns with lease.

' What you running for?': Tenants require answers from Millennia Housing
Residents voice their frustrations with Memphis Towers

For numerous months, citizens and organizers with the Memphis Towers Tenants Union have actually pushed the Health, Educational, and Housing Facility Board of Memphis, which helps fund tax incentives at Memphis Towers, to reassess the tax breaks it offers at the home.

The board has its frequently set up regular monthly meeting on Wednesday, March 6, where we could learn more about the change in ownership.

Memphis Towers is not on the program. However, there is a program product for PILOTS in legal default and other organization.

The board positioned Memphis Towers on its watch list in 2015 and noted its owner Millennia was overdue in submitting monetary reports to the board.

When again plan to go to the HEHF board conference, representatives from the MTTU informed BNN they.

Organizer Alex Uhlmann told BNN about the concept of brand-new ownership at Memphis Towers.

" The proof is in the pudding. These new folks are being available in, saying they're great actors and are going to do things the right way. It's a step in the right direction," he said.

Uhlmann nevertheless, said he stays hesitant: "We don't know these folks."

He stated they are searching for a pattern and record of constant action that takes residents' feedback into account and deals with folks with dignity and regard.

Millennia currently owned Memphis Towers when it took over residential or commercial property management and ultimately ownership at Gospel Gardens, Cavalier Court and Hope Heights.

The business is likewise in charge at Serenity Towers, but an offer for a final sale fell through last year when state real estate regulators pulled their financial backing.

Millennia announced late last year that its affiliated entity was planning to sell Serenity. At the time, business leaders didn't show a possible modification in ownership of Memphis Towers.