Over 30 first-time home buyers were robbed of the chance of home-ownership when Equity Residential took over West Falls Station/The Oaks.

The supposed intent was to convert to condos, but their first act of business negligence was taking too long deciding when to start renovations and the market went down in the meantime (over 1 year from purchase to start of renovations).

One day before settlements were to begin, Equity informed its shareholders (but NOT its Customers) that "they did not sell enough units to satisfy the Primary Lender's (Wells Fargo) requirements" and were going to revert The Oaks back to rental apartments. One problem: at least one Senior Manager from Wells Fargo characterized that statement as "A flat-out lie."

Another problem: They appear to have lied about the number of closed sale contracts they had on their Public Financial Statements. They claimed only 19 when there were really over 30.

The only thing Equity figured out was that they could make MORE PROFIT by continuing to rent The Oaks at inflated rents (they raised the rents $200-$500) as opposed to selling the units as condos. Works nicely: inflated rents keep people renting by not being able to save to buy. Nice business model.

If Equity was willing to break sales contracts in the name of profit, imagine how rental residents will be treated!

DO NOT RENT HERE!!!!

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