Houston-based Camden Property Belief is the newest domino to fall within the broader RealPage rent-fixing authorized battle.
The owner agreed final week to pay $53 million to resolve the claims it faces as a part of a civil case involving the usage of RealPage software program, Bisnow reported. The settlement was disclosed in a Securities and Change Fee submitting.
Camden pays the wonderful throughout two installments, the primary of which can be due inside 45 days of the settlement’s approval. Camden is in search of preliminary approval of the deal by mid-Could.
Along with paying a wonderful — the identical quantity that Mid-America Condominium Communities agreed to pay in January to settle its claims — Camden dedicated to “together with provisions regarding the disclosure and use of nonpublic information and the corporate’s use of income administration software program.” It didn’t, nonetheless, admit any fault or legal responsibility.
The corporate declined to remark to Bisnow on the settlement.
A number of months in the past, 27 landlords and property managers agreed to a preliminary $141 million settlement within the class-action lawsuit alleging a rent-fixing scheme. Greystar contributed the biggest portion of the settlement at $50 million, whereas different corporations like BH Administration, Brookfield and Pinnacle Property Administration Companies sought to settle.
Litigation towards RealPage surfaced after a 2022 ProPublica article that detailed how its YieldStar software program — which has since been rebranded — could inflate rents and suppress competitors throughout the nation based mostly on its algorithm.
The Division of Justice filed its personal go well with, elevating industrywide questions on whether or not sharing aggregated, anonymized lease information, as is central in RealPage’s software program, may very well be construed as collusion. In November, RealPage reached a settlement with the DOJ, absolving the corporate of monetary penalties and admissions of wrongdoing, contingent on the corporate committing to platform modifications and agreeing to impartial oversight.
Camden, which owns 172 properties with practically 59,000 whole items, just lately underwent a leadership change. Alex Jessett, beforehand president and chief monetary officer, ascended to the function of CEO, the primary time the corporate has had a brand new CEO since going public in 1993.
Co-founder Ric Campo, the previous CEO, moved to the function of government chair of the Board of Belief Managers.
Learn extra
Dozens of property owners, managers settle rent-fixing case
RealPage settles DOJ antitrust suit
Camden Property Trust shakes up leadership
