“But with that, we would expect the quality of the building, and the quality of the management, would stay the same, and that was not what we saw.” “I understand that rent goes up, cost of living goes up, everything goes up,” Cooper said. Another renter described having to heat her bathwater on the stove after she woke several times to find only cold water flowing from her tap. One tenant said she was frightened when she encountered a large, seemingly drunk man she didn’t know dancing in a leotard and tutu in the parking garage.
Trash collected in the hallways and on the rooftop deck, Cooper said. Cooper worried his new community was about to change.Īs Greystar took charge, his alarm grew. The private equity-backed firm was buying the Olume’s owner, Monogram Residential Trust, and its investments in four dozen properties scattered across 10 states.
In July 2017, Cooper received an email announcing that Greystar, the property management and real estate investment behemoth, was taking over the building.