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MEMPHIS, Tenn. — The owner of several subsidized apartment complexes says it’s selling its Memphis properties.

In an emailed statement, Ohio-based The Millennia Companies said it began the process of selling the majority of its affordable housing properties in January. Millennia and its affiliated entities owned or operated five properties in Memphis. 

A month prior, officials from the Department of Housing and Urban Development suspended Millennia from entering into any new contracts with the federal government and proposed barring the company from doing any government business for five years.

Over the years, residents living at Millennia runs properties in Memphis and across the country have complained about unsafe living conditions. Bed bugs, non-working elevators, and unpaid bills are just a few of the problems WREG has exposed about local, taxpayer-funded housing complexes run by the company.

Federal records show Millennia owns or manages more than 200 subsidized properties in some two dozen states across the country.

The WREG Investigators reported last month that Memphis Towers had a new owner, Richman Capital. The company also announced late last year that it was parting ways with Serenity Towers.

Millennia also owns Gospel Gardens, Cavalier Court and Hope Heights.

The company took over day-to-day operations at those three complexes, as well as Serenity Towers in 2017, when the troubled Global Ministries Foundation got out of the affordable housing business.

WREG has reported extensively on the numerous federal and local violations at Millennia’s taxpayer funded properties.

An investigation by WREG revealed Millennia didn’t pay the company that services its elevators at Serenity Towers, which is why they were out for months.

WREG uncovered additional unpaid bills, despite Millennia collecting nearly a million dollars in Housing Assistance Payments for its contract at Serenity in 2022.

Conditions were so bad at the senior high rise, Shelby County Environmental Court Judge Patrick Dandridge appointed a Special Master to oversee all of the court cases and work with the owners to resolve the issues.

The parties in that case are due back in court Thursday, April 25th.

HUD told WREG it has not required Millennia to sell properties in its portfolio.