MRC is a Responsible Property Management Company Committed to Resident Well-Being

MRC restored stability, safety, and trust for thousands of residents who had endured years of neglect under the previous owner, PFI, which was found to have been run as a classic Ponzi scheme since 2007

SAN FRANCISCO, Calif. , Oct. 24, 2025 /PRNewswire/ -- Mission Rock Residential California, Inc. (MRC), a female led expert in multifamily housing management, today announced the company has reached a settlement with the California Attorney General's Office (AG) to resolve historical issues related to a portfolio of apartment communities it manages in Northern California.

In December, 2021, MRC assumed management of a portfolio of 39 properties that were previously owned and criminally mismanaged by Professional Financial Investors, Inc. (PFI), a company later revealed to be the center of a major investment fraud and Ponzi scheme. The AG's investigation was prompted following a resident's complaint regarding paying for their own utilities, the introduction of an electronic lock system, and other improvements intended to enhance the resident experience.

The settlement concludes the AG's inquiry into technical compliance matters under California's complex housing regulations, particularly surrounding the application of the Tenant Protection Act. MRC cooperated with the AG by providing comprehensive documentation and information, and proactively refunded residents for fees and charges that were inconsistent with the AG's interpretation of the Tenant Protection Act. MRC believes it acted in compliance with the law and elected to resolve the matter with the AG so that it could concentrate its resources on the business of property management.

MRC: A Commitment to Improving the Resident Experience

When MRC took over management, many of the apartment communities were in significant disrepair. The company immediately began the challenging task of restoring safety and trust for hundreds of residents who had endured years of neglect under the previous ownership by carrying out capital improvement projects focused on safety and modernization.

"When MRC stepped into this portfolio, the priority was to bring integrity, professionalism, and compassion to communities that had never been professionally managed," said Patricia Hutchison, Chief Executive Officer and Co-Founder of MRC. "Our mission from day one has been to rebuild — not only the properties, but the confidence of residents and investors alike."

Since assuming management, MRC has carried out millions of dollars in property improvements across the California portfolio, including roof and seismic repairs, safety enhancements, updated utilities, and community amenity upgrades.

The company also implemented a series of operational and resident-focused improvements:

• 24/7 Resident Support and Maintenance Response — The company instituted a comprehensive service platform that ensures residents can reach management as needed.
• Resident Experience Hub – The company launched a comprehensive portal offering residents centralized communications, the flexibility to pay rent electronically, and a convenient service request management system.
• Smart Lock System – The company installed an electronic lock system to provide remote control and keyless entry, offering a more convenient and modern way to enter the home.

"The improvements we've made go well beyond compliance," said Meredith Wright, President of MRC. "They reflect our core belief that residents deserve respect, transparency, and safe, well-managed homes. We take that responsibility seriously every single day."

Looking Ahead

With the resolution of this matter, MRC will continue to focus on community investment and improvement, sustainability, and equitable housing practices across its California portfolio. The company is committed to providing quality and reputable housing to its California residents, and will continue to provide exceptional service while fostering resident engagement to cultivate a sense of a community.

Contact: Sam Singer
Singer Associates Public Relations San Francisco
singer@singersf.com
415.336.4949

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SOURCE Mission Rock Residential California, Inc.