Appart’City: The signing of new leases is moving quickly among our clients

This is no secret, and the press has reported on it extensively: For several years now, Appart’City has been facing significant economic and financial difficulties, which have resulted in co-owners no longer receiving their rent payments as of 2015.

Faced with this situation, many co-owners banded together with various attorneys and filed lawsuits each quarter to seek payment of their rent.

Although Appart’City was found liable in most cases, these legal actions did not resolve the underlying problem and did not serve to secure the co-owners’ investments, which remained just as at risk.

4,000 co-owners in Angers, Le Mans, Limoges, Mulhouse, and Tours…

For this reason, at the initiative of Philip Péchayre, founder of the law firm Goethe Avocats, several attorneys, collectively representing more than 4,000 co-owners, decided to begin negotiations with Appart’City regarding the drafting of a new lease agreement designed to enable the company to temporarily overcome its difficulties, but also—and above all—to enable the co-owners to secure their investment, which was under serious threat.

To date, Goethe Avocats is pleased to report that nearly all of the co-owners it represents have signed the new leases negotiated by the group for the residential complexes in Les Ulis, Angers, Le Mans, Limoges, Mulhouse, and Tours.

Appart’City will be required, very shortly, in accordance with the lease, to pay them the rent arrears, which is a real relief for all those who placed their trust in us.

In the other residential complexes, signatures are also coming in quickly, and we hope to be able to announce in a future post that more than 80% of the co-owners represented by Goethe Avocats have signed the new lease, which would represent a significant step forward in what is certainly the most important negotiation in the history of managed residential complexes.