6 Investigates: Tracking Down The Owners Of Tulsa Apartment Complex Forced To Close
Thursday, October 14th 2021, 10:22 pm
By: Brian Dorman
The search for answers after families were forced out of 160 units at Vista Shadow Mountain apartments spans from Tulsa to New Jersey to Israel. The complex was deemed unsafe by fire marshals in large part due to the damage caused by flooding during the winter when pipes broke.
News On 6’s Brian Dorman found that the company is so buried in LLCs, it's nearly impossible to find out who's really in charge.
3 Points Realty Group is based in New Jersey. Its portfolio includes apartment complexes in Houston, Chicago, Atlanta and New York City.
At the top of its executive team is founder and CEO Michael Sabo. According to his bio, Sabo started the company in 2011, that has now acquired more than $450 million in multi-family properties, with 4,000 units in the United States.
The only property 3 Points Realty owns in Oklahoma: Vista Shadow Mountain, which the Tulsa Fire Marshall shut down on July 23.
"I've not seen anything like it," Tulsa Fire Marshal Andy Teeter said of Vista Shadow Mountain.
Teeter has been with the Tulsa Fire Department for 27 years.
"We found people either living in buildings that were missing large amounts of sheetrock, more than one unit of sheetrock was missing, you know 25, 50, 75, 80 percent of the sheetrock was missing,” Teeter said.
Teeter said if there was a fire, an entire building would go up into flames in minutes. That life-threatening danger led his office to issue a 30-day notice for everyone in the complex to move.
It's been nearly three months, and many are eager to learn what the plan is moving forward.
But Teeter said he hasn’t seen a plan yet.
In an effort to get answers, News On 6 started climbing the ladder at 3 Points Realty Partners, starting with Andrea Ferber.
“I'm just the bookkeeper,” Ferber told Anchor Brian Dorman.
“Can I give you my email?” Farber asked Dorman. “I will get someone to get in touch with you.”
Next, we reached out to Corey Isdaner, who was once listed as Vice President of Acquisitions.
“Brian, I really don't want to answer too many questions about this.” Isdander said. “I'm not going to continue further, but, I have to go.”
Isdander said he hasn't worked for 3 Points Realty in more than a year.
Founder and CEO Michael Sabo is still on the job. Sabo is all the CEO of CiTYR group, with international properties, many in Israel. Sabo would not do an interview with News On 6.
Sabo's team hired Stephen Gray with Sterling Oaks Law Firm in Broken Arrow. Gray declined numerous requests for an in-person interview.
“If you checked, if you looked around and you checked every apartment complex in the city that was older of whatever this, I'm absolutely convinced, having been a real estate attorney, that these type of issues are not unique to any one particular complex,” Gray said over the phone.
News On 6 has learned that a class action lawsuit is in the works right now from those who lived at Vista Shadow Mountain. News On 6 has also confirmed, through two sources, that an insurance fraud investigation is happening right now against 3 Points Realty.