The Santa Barbara County District Attorney’s Office reached
a civil settlement Dec. 23 to resolve consumer protection complaints against
two companies operating apartment complexes in Isla Vista.
The civil complaints, filed in Santa Barbara Superior Court,
contended that property owner CP910BMIV and property management company Isla
Vista Luxury Living committed unlawful business practices by not having an
on-site janitor, housekeeper or other responsible person in an apartment
complex with more than 16 units, as required by state law. The landlord and
management company admitted liability in the settlement and agreed to pay a
total penalty of $16,000 to the county and to have on-site management in the future.
Isla Vista Luxury Living has taken down its website listing
available properties in the area, but the owner of the company, UCSB alumnus
Brian Moshayedi, is still in real estate business. His LinkedIn page says he is
the CEO of BM Capital, and according to his page the company owns $130 million
in real estate—which is the amount he says he has invested in properties in
Santa Barbara County, through Isla Vista Luxury Living—and manages $500 million
in commercial and multifamily property.
“Laws designed to protect tenants are extremely important,
particularly in communities like Isla Vista where there is often an inherent
imbalance of power between landlords and tenants,” District Attorney Joyce E.
Dudley said in a statement announcing the settlement. “The Santa Barbara County
District Attorney’s Office is committed to enforcing these laws and to
protecting the rights of tenants in Santa Barbara County.”