The rowhome at 5735 Cherry St., seen in a state of relative disrepair in 2019, has been owned by an affiliate LLC of ABC Capital since 2014.
Through a series of shell companies and a churning group of investors, one single-family rental company has reportedly cast a long shadow over the housing market in West and North Philadelphia.
ABC Capital Investments, which spent over $82M snapping up over 1,500 single-family residential properties in Philadelphia, has racked up a mountain of code violations, tax issues and accusations of investor foul play, the Philadelphia Inquirer reports.
More than 600 LLCs associated with ABC Capital bought properties in the city, the vast majority concentrated in two portions of the city with high concentrations of low-income communities of color. Nearly 500 of them are still under the control of those LLCs, the Inquirer reports, and those properties have a combined 500 open building code violations and more than $200K in property tax delinquencies.
One of ABC’s most common strategies had been to buy up a property and sell it to an out-of-town investor as a passive investment, with a promise to carry out property management and…
