From The Banner · Giacomo Bologna · · 1m 10s
Baltimore Landlord Faces Cleveland Vacant Homes Scrutiny
Baltimore landlord Riparian faces Cleveland city officials over 80% vacant properties in its Ohio portfolio.
In brief
Baltimore landlord Riparian faces Cleveland city officials over 80% vacant properties in its Ohio portfolio. Riparian Capital Partners, a Baltimore landlord with 683 homes, is losing Cleveland properties due to 80% vacancies after buying 172 homes for $9 million. Originally reported by The Banner.
Riparian Landlord in Cleveland
Riparian Capital Partners, a Baltimore landlord, bought 172 homes in Cleveland's Cuyahoga County last year.
80% Vacant Properties
About 80% of Riparian's Cleveland properties are visibly vacant, with many in disrepair, according to Cleveland housing advocates.
Cleveland Officials Targeting Riparian
Cleveland has issued 101 violation notices and 191 civil tickets against Riparian-owned properties in housing court.
Riparian's Loan for Improvements
Riparian took a $35 million loan using its Cleveland portfolio and one Michigan property shortly after buying them.
Riparian CEO's Statement
Riparian CEO Kristoffer Garin said the loan was meant for home improvements but found conditions worse than represented.
Riparian Working on Sale
Riparian is working with a potential buyer for Cleveland properties and may take a loss on the investment.
Baltimore Portfolio Size
Riparian owns or controls 683 homes in Baltimore through various limited liability companies.
The big picture
Riparian Capital Partners, a Baltimore landlord with 683 homes, is losing Cleveland properties due to 80% vacancies after buying 172 homes for $9 million.
