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Court Docs Show Ivy Place Apartments Owner Owes Millions

Posted at 11:01 PM, Feb 20, 2020
and last updated 2020-02-21 00:02:00-05

TULSA, Okla. — Water is back on for residents at the Ivy Place Apartments in Tulsa.

The city shut it off after the property’s owner, TEH Realty, didn’t pay its water bill for months and owed $26,000. The company paid its water bill late last night.

2 Works for You dug deeper into TEH Realty and discovered a long list of lawsuits, including one in Tulsa County where they owe more than $7 million.

Court documents show an ongoing case between the Federal Home Loan Mortgage Corporation and several companies, one of which is called KTTO2-PICKWICK LLC. That company is also TEH Realty.

The documents also show the court could appoint a receiver to take over the funds for Ivy Place from KKTO2. They also say the apartments are in serious disrepair and the company isn’t repairing them despite having the funds to do so.

It says KTTO2 is in default and owes $7.7 million on their mortgage loan and that number continues to grow by the day.

TEH Realty is also under federal investigation for its properties in Kansas City and St. Louis.

Our Kansas City sister station, KSHB, reports the Housing Authority of Kansas City cut off section 8 federal funding to TEH properties there.

Wednesday, KMBC reported TEH hasn’t paid its $31,000 utility bill at the Colony Woods Apartments and its electricity was shut off. It also reports its water is scheduled to be shut off next week.

Meanwhile, back in Tulsa, the water is back on for Ivy Place residents, but their future is still unclear.

The next court date for the lawsuit in Tulsa County is scheduled for Friday, Feb. 28.

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