Failed real-estate venture turns investors into accidental landlords

Throughout the 1990s, Phoenix-based Right Place Properties had a solid reputation as a boutique developer and real-estate brokerage. It bought low-rent apartment buildings - about one a year - and renovated them with funds from a small pool of private investors. The units were then sold as condominiums for a healthy profit. As property values began to appreciate rapidly in the early 2000s, Right Place developed an aggressive new sales strategy that included mass-marketing its investments through retirement planners, Web sites, seminars and a weekly talk-radio infomercial.

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