A spokesman for Right Place and its acquisition arm Red DoorCommercial LLC confirms the company has shut down, but had noadditional information. The company's web sites are not working,and calls were not returned by deadline.

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"I don't know that they're out of business; I think they'rebasically in 'triage' mode," says a source familiar with thecompany. "This is reducing their expenses, especially in thismarket."

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Right Place's mission was to acquire class B and class Cmultifamily assets in growing markets, renovate them, and rent themfor three or four years. At that time, the units would be sold asaffordable condominiums. Right Place raised acquisition andrenovation funds from its pool of investors. The company holdsabout 2,000 class B and class C units, acquired since 2006.

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The company last reported transaction was in May 2008, when itacquired the 90-unit MacArthur ParkApartments at 9616 Long Point Rd. in Houston. At the time,the company's goal was to beef up its Houston presence with furtheracquisitions. It had all but left the Phoenix market alone, citinglack of demand and poor market conditions.

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Another source tells GlobeSt.com Right Place is restructuringand likely trying to reduce the debt it is carrying on the assetsbefore going forward. "They may try to negotiate the debt down, orcontinue to manage the assets and collect the fees that way," thesource notes.

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