PHOENIX-Early in 2009, Right Place Properties, a company offering investments in class B and class C multifamily properties, closed its doors amid lawsuits and bankruptcy proceedings. These days, Dick James & Associates of Sacramento and local Vestis Group are attempting to clean up a good chunk of the portfolio Right Place owned near the end of its 15-year existence.

DJA and Vestis Group are managing and upgrading 23 former Right Place multifamily assets throughout the metro area. Though Right Place also acquired in Houston, DJA president and CEO Dick James says he decided not to touch those. “We determined it was a lost cause,” James tells GlobeSt.com. “We didn’t want to get involved with that.”

James, who already owns and operates more than 3500 units throughout the sunbelt under his own company name, says he’d gotten involved with the Right Place portfolio because he was interested in expanding a third-party management business. He was hopeful of receiving two or three Right Place properties to manage when he learned the company was closing up shop. “I ended up getting darn-near all of them,” he says.

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