In a recent development, the FBI initiated a search at the premises of an Atlanta-based apartment management company following suspicions of antitrust violations within the apartment rental market.
The investigation, centered on potential price fixing in the apartment rental sector, prompted FBI agents to execute a search warrant at the offices of Cortland Management, a prominent apartment management firm operating nationwide with multiple complexes in the Metro Atlanta area.
Confirming the operation, a statement from Cortland Management acknowledged the FBI’s presence at their Atlanta office, stating:
“We can confirm that the Federal Bureau of Investigation executed a limited search warrant at our Atlanta office as part of an ongoing investigation by the US Department of Justice into potential antitrust violations in the multifamily housing industry.”
The search, conducted last week at the company’s Buckhead office, marks a significant development in the investigation.
Currently, there have been no formal charges filed, and Cortland Management emphasized that neither the company nor its employees are direct targets of the investigation.
Legal experts, such as former prosecutor Chris Timmons, shed light on the implications of antitrust violations, suggesting that such behavior typically involves allegations of price fixing, artificially inflating prices within the multifamily housing market.
Cortland Management assured full cooperation with the ongoing investigation while clarifying that due to the litigation, further comments on the matter are withheld at this time.
Meanwhile, Timmons outlined the procedural aspects of executing a search warrant, indicating that it often follows a lack of response to subpoenas or informal requests for documents.
As the investigation unfolds, the multifamily housing industry awaits further developments in this high-profile antitrust probe.
