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Springfield, MO

Foreclosure sales hit embattled landlord

Posted online

Last edited 1:31 p.m., March 20, 2018

A series of foreclosure sales are scheduled this month for properties owned by 417 Rentals LLC, an embattled residential rental company that last year filed for bankruptcy.

The sales scheduled for March 28 — reported in legal-notices publication The Daily Events — list properties at:
    •    2850 W. Elm St.;
    •    900 W. Mount Vernon St.;
    •    827 S. Nettleton Ave.;
    •    1271 S. Ferguson Ave;
    •    823 N. Kansas Expressway;
    •    824 N. Eagle Ave;
    •    1617 N. Main Ave.;
    •    2527 W. Water St.;
    •    801 W. Mount Vernon St.;
    •    811 S. New Ave.;
    •    3159 W. Madison St.; and
    •    1550 N. Colgate Ave.

The sales scheduled to be held at the historic Greene County Courthouse would help satisfy debts and costs related to loans on the properties. The note holders are not listed in the The Daily Events; combined, the debts of the properties total $521,600, according to the publication.

As part of the bankruptcy proceedings, 417 Rentals and its owner Christopher Gatley indicated plans to sell 62 properties, comprising 71 units, to retire $1.4 million in debt, according to the property management company’s Jan. 5 disclosure statement.

Several creditors, including Simmons Bank and The Bank of Missouri, have filed objections to 417 Rentals’ bankruptcy plan, specifically regarding the property sale plans and whether they would satisfy claims, according to court documents.

In the initial petition last year, 417 Rentals indicated it had assets and liabilities each between $1 million and $10 million.

417 Rentals has come under fire on social media and in local media reports for various tenant issues, including allegations of overcharging and failure to make repairs.

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