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Southern Management Companies is a privately owned [1] property management company in the Mid-Atlantic United States. [2] [3] [4] [5]The company owns more than 25,000 apartment units [6] across 76 properties, three hotels, [7] and 1 million square feet in commercial space [8] in the Baltimore/DC area and a ski resort, hotel, and conference center, Bear Creek, [9] in Macungie, Pennsylvania.
Most of the apartments were built in the 1970s and 1980s. [2] The corporation filed for bankruptcy in 1989, and reorganized as Cardinal Realty Services, Inc., a real estate ownership and management company. Cardinal Realty Services, Inc. was listed on the New York Stock Exchange [CRSI] before merging with Equity Residential. [3]
Under the PMSO, property management services (PMSs) are to be prescribed under seven specified categories [12] [13] as follows: General management services relating to a property; Management of the environment of a property; Repair, maintenance and improvement of a property; Finance and asset management relating to a property;
In 2022, a tenant at a Greystar property in Charlotte, North Carolina filed a lawsuit against the company, alleging that Greystar failed to perform necessary building maintenance. [6] In October 2022, Greystar was a co-defendant in a lawsuit filed against the property management software company RealPage. The suit alleged that RealPage colluded ...
The company was founded in 1977 by George E. Cates. [3] In 1993, the company was organized as a real estate investment trust. [1] In February 1994, the company acquired The Cates Company from George E. Cates and became a public company via an initial public offering. [3] In March 2009, founder George E. Cates retired. [3]
Equity Residential was sued in a class action in 2017 due to allegations that it charged late payment fees in violation of California law. [20] [21]In 2022, the company agreed to pay approximately $2 million to settle a lawsuit filed by Attorney General for the District of Columbia Karl Racine alleging that the company offered misleading rent discounts on a rent-controlled building in ...
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