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Rent Control Board Denies Parkmerced Appeal

SAN FRANCISCO-The board denies an appeal by owners of the 3,456-unit apartment complex that sought to overturn a determination that its one-time rebate coupon program resulted in unlawful rent increases.

By Brian K. Miller | Updated on October 19, 2006

(To read more on the multifamily market, click here.)

SAN FRANCISCO-The San Francisco Rent Control Board this week denied an appeal by the owners of the Villas Parkmerced, affirming an Administrative Law Judge’s September decision that a rebate coupon incentive program used to attract tenants to the 3,456-unit apartment complex resulted in unlawful rent increases. The vote was 3 to 2, with the two landlord representatives on the board voting not to deny the appeal and the two tenant reps and the “neutral party” voting in favor of denying the appeal.

The owner of Parkmerced, a joint venture of New York City-based Stellar Management and Rockpoint Group, a Boston-based investment and management firm, inherited the rebate coupon incentive practice when it acquired the development one year ago from a joint venture of locally based Carmel Partners and JP Morgan of Boston for approximately $650 million. Stellar management principal Robert Rosania tells GlobeSt.com ownership will appeal the ruling in Superior Court.

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