$397 million Worth of Fraud

After Ric Campo, CEO of Camden Realty Trust (59,000 units nationwide and $7.2 billion AUM), had his identity stolen with some not-so-great financial consequences, he took note of the level of fraud increasing in the multifamily space. It’s notable as some social media platforms allow the ill-intentioned to create false identities resulting in their leasing of high-end units where they never pay rent and after a protracted eviction process, move out in the middle of the night. Per the FBI, internet-related real estate crime has increased from $213 million in 2020 to $397 million in 2022, a 46% increase over two years. Staggering. Stories from multifamily firms like Camden, along with stunning statistics, show the problem expanding exponentially. Unfortunately, an apparent lack of aggressive law enforcement and a bogged down court system has allowed the problem to exacerbate.  
Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.
Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.

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