By Paige Orr, FOX23.com News Staff
TULSA, Okla. — Thousands of Tulsa-area renters are waking up under new ownership this week following a massive legal shakeup involving Vesta Realty. Miami-based investment firm YSA Investments has taken ownership of 11 local properties after winning a $900 million court judgment against Vesta’s CEO.
The corporate fallout comes as parts of the multi-million dollar legal battle move into federal court, where mortgage giant Fannie Mae is actively suing to take over properties, citing millions of dollars in unpaid loans.
Despite the high-stakes courtroom proceedings, residents living across the affected complexes say they have been left in total darkness regarding basic daily operations under the new owners, and most importantly, where to pay their upcoming rent.
“At this point, we just need answers and we need action,” said Courtney Minter, a resident at One Eaton Square.
For weeks, tenants across the Tulsa area have reported severe living conditions under Vesta Realty’s oversight, ranging from overflowing dumpsters to broken air conditioning units during extreme summer heat. Now, a high-interest loan default has forced Vesta to hand over its portfolio to YSA Investments as the new owners.
Communication during the ownership transition has remained sparse. An email sent directly from Vesta reached some tenants, but failed to reach others, instructing residents to hold their August rent payments. With leasing offices locked, phones going unanswered, and no official step-by-step directives provided by the new ownership, residents express deep fears that paying the wrong entity could lead to eviction notices.
“Have I been abandoned? That’s what it feels like,” said Denice Woods, a resident at Woodland Manor. “Because the owner of Vesta abandoned us when he made whatever loans he made that he defaulted on.”
Other tenants express guarded skepticism about whether the change in ownership will translate into meaningful improvements to their daily living conditions.
“We’re human beings. This is our livelihood,” said Audrey Drenner, a resident at Barcelona Apartments. “I just hope they take us seriously and see us as people, and make us feel safe and cared for.”
Because YSA Investments functions strictly as a private lending firm rather than a traditional real estate management company, the new owners brought in real estate consultant Parker Detweiler to step on-site and manage operations. Detweiler confirmed that every dollar collected in rent moving forward will stay directly on the properties for deferred maintenance, work orders, and structural repairs.
“All of those rents are being used to actually improve the properties, make repairs, do work orders, get things working again,” Detweiler said. “We aren’t taking any money from the rents… Our goal is to make your lives better.”
Representatives for YSA Investments clarified that they do not plan on holding the 11 Tulsa complexes long term. Instead, their immediate objective as temporary owners is to repair the sites, stabilize occupancy, and eventually sell the properties off to long-term owners.
YSA says local property management group Capital Assets is currently on-site working to establish a new rent payment portal and take over backlogged work orders. However, with August 1 quickly approaching, tenants say the clock is ticking for the new owners to deliver clear, reliable payment instructions before rent is officially due on Friday.
