PALO ALTO -- A Palo Alto-based company responsible for the management of about 17-hundred rental units in East Palo Alto is in disarray. Page Mill Properties has closed its offices and has removed its staff from several locations.
This comes after the company was unable to pay $50 million to Wells Fargo Bank. Page Mill Properties says it has reached an agreement with Wells Fargo that will allow it to continue managing the properties and collecting the rent while the bank released the money that will be needed for operation of the company.
There have been reports of maintenance issues on the properties that have yet to be resolved. Page Mill Properties was also involved in a major battle with the city of East Palo Alto when it raised rents on a number of units.
