A judge has ordered the removal of Vesta Realty as the property management company for Drexel Flats apartments in southwest Oklahoma City, giving tenants hope that long-standing maintenance and financial issues may finally improve. Earlier this year, residents reported ongoing problems including overflowing trash, repeated water shutoff notices, and non-functioning security lights, which tenants claimed were tied to unpaid bills by management. Court documents show lenders accused Vesta Realty and Vesta Capital CEO Marc Kulick of defaulting on a $28 million loan tied to the property, which has now grown to more than $30 million owed.
The court also alleged that rental income and other proceeds from the property were not turned over as required, leading to the appointment of a receiver to oversee operations. Tenants say they are relieved by the decision and hope the new management will bring much-needed improvements not only to Drexel Flats, but potentially to other Vesta-managed properties as well.