TS Property Management Inc., also known as Property Management Concepts and Eugene Rentals, is going out of business due to the lack of cash in the trust accounts, The Register-Guard reports.
Eugene Rentals described itself as the largest manager of rental houses in the Eugene-Springfield area. The firm is listed as the manager for 3,500 rooms, including the Paradigm Properties’ student housing project and the Patterson Tower in Eugene.
The Lane County Circuit Court has appointed a company based in Washington to take over the failing business last Friday. Deputy commissioner Dean Owens from Oregon Real Estate Agency said the commissioners had petitioned the court to appoint Pivotal Solutions Inc. as the receiver.
Pivotal notified property owners on Wednesday about the changes, requesting them to find new a property management company. “Limited staff” from Pivotal is also available to help with the transition for the next few weeks.
The company stated that payment shall not be made at the moment under the direction of Lane County Circuit Court.
The Emerald was not able to reach TS Property Management for comment.
According to the the company profile, Eugene Rentals is licensed to sell real estate in Oregon and acts as the middle man for both buyers and sellers of income rental property.