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CitiApartments' Eyes Too Big for Stomach, Throws Up a Little

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San Francisco renters' favorite punching bag (or is it vice versa?) Lembi Group— a.k.a. CitiApartments, a.k.a. Skyline Realty— has handed back 51 of its apartment buildings containing about 1,500 apartments to lender UBS. The returns were made "in lieu of foreclosure," and represent the latest in a gradual turn of fortunes for Lembi's seemingly insatiable appetite. Remember, it was almost a year ago in February when the group put up 17 of its buildings for sale. Having to return buildings outright, of course, is a different story: the managing director of the Lembi Group says with things the way they are, they weren't able to sell or refinance, and the buildings were costing them $3 million a month. Sloughing them off now "takes tremendous pressure off." UBS says they're holding on to the buildings for now. Should tenants be worried or celebrating?
· Lembi gives 51 buildings back to UBS [SF Business Times]
· Enough With the CitiApartments Drama [Curbed SF]
· Citiapartments, Skyline Realty Back Off. Just a Little. [Curbed SF]