Property management company unexpectedly closes | KOB 4

Property management company unexpectedly closes

Kai Porter
November 01, 2018 08:38 AM

ALBUQUERQUE, N.M. - An Albuquerque property management company is under investigation by the New Mexico Real Estate Commission.


The commission says on Oct. 1, it performed an on-site records inspection at Peak Management.

The commission says it has also been referring cases, both civil and criminal, to the attorney general's office.

Gayle Felbain, who lives in Arizona, said she hired Peak Management in April to handle business for a four-plex she owns in Albuquerque.

She said everything was fine until Monday when she learned the company was no longer in business.

Felbain said she's now out about $8 to $10 thousand dollars.

"They were holding money from me,” said Felbian. “They had all the security deposits. They had last month's rent. They had other outstanding money that I had with them because I was renovating the apartment. So I was basically holding money with them so they could do that and I lost all of it."

Feblain’s realtor, Anna Stovall, who owns 360 Ventures, said she never had any problems with Peak Management either until it suddenly closed.

"Anytime you're having somebody manage property for you, it's always a good idea to check in on the things that matter, like your mortgage payments and making sure things are getting paid,” said Stovall. “Because ultimately you're responsible even if you hire a manager."

The New Mexico Real Estate Commission said it started sending letters to property owners and tenants last Friday, stating the commission had been receiving complaints about Peak Management and it is no longer in operation.

The commission is also telling property owners and tenants to deal directly with each other until the situation is resolved and to not send any rent payments through Peak Management's payment portal.

KOB was unable to reach Peak Management's president, Scott Nary, or anyone from the company for comment.


Kai Porter

Copyright 2019 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved

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