--- title: "Landlords in the RealPage cases: client records and outcomes" language: en canonical: https://dossiertwist.com/dossiers/realpage/landlord-defendants/ as_of: 2026-10-10 keywords: ["RealPage","RealPage, Inc.","Thoma Bravo","Stephen T. Winn","YieldStar","Lease Rent Options","AI Revenue Management","revenue management software","rent pricing software","United States v. RealPage","MDL No. 3071","Sherman Act","RealPage Holdings, LLC","RealPage Parent, LP","Mirasol Parent, LLC","Camden Property Trust","Greystar","Cortland","LivCor","Willow Bridge"] --- # Landlords in the RealPage cases: client records and outcomes **Question.** Which landlords are documented or alleged RealPage clients, and how have the cases against them ended? **Answer.** RealPage's 2021 amended annual report names Camden Property Trust, which sold it YieldStar in 2002, as one of its larger customers; most other client links come from complaints describing landlords that license YieldStar, LRO or AIRM, and from court rulings. Using RealPage's software is not the alleged violation: the cases rest on alleged agreements to pool nonpublic data and on specific communications, which the rulings in the retained records assess only at the pleading stage. Outcomes differ by landlord: Cortland, Greystar and LivCor have final judgments with the United States and the plaintiff states; Pinnacle and Willow Bridge have consent decrees with the United States only, and the court lists the states' claims against Pinnacle and all plaintiffs' claims against Camden and Willow Bridge as continuing; some forty landlords have agreed class settlements while denying wrongdoing, and several have settled state cases. ## What the records say about client relationships - Analysis: RealPage's own records describe Camden as a customer. RealPage bought the YieldStar revenue management system from Camden in July 2002, and its 2021 amended annual report, filed while Camden trust manager Scott S. Ingraham sat on RealPage's board, described Camden Property Trust as "one of our larger customers". The board overlap and Ingraham's personal shareholdings in both companies are documented positions; no retained record alleges that Ingraham acted for Camden in RealPage matters or that the overlap affected RealPage's pricing products. [src-024] [src-002] [src-119] - Analysis: The federal amended complaint describes its landlord defendants as RealPage clients owning or managing properties in the district of the federal court hearing the case that use AIRM (Camden, Greystar and Willow Bridge; Cortland's properties use or recently used it, and LivCor owns or provides asset management to at least one such property) or, in the case of Pinnacle, through which Cushman & Wakefield has run its multifamily business since March 2020, YieldStar. The Arizona complaint describes Apartment Management Consultants, RPM Living, BH Management Services, Weidner Property Management, HSL Properties with its subsidiary HSL Asset Management, and Trammell Crow Residential, whose parent is Crow Holdings, as YieldStar users under written contracts, RPM Living also of LRO and AIRM, and names Camden and Greystar as users of YieldStar and AIRM. These descriptions come from the plaintiffs' complaints: being a RealPage client, or licensing its software, is not evidence of wrongdoing or itself the alleged violation, and the allegations against the landlords rest on the claimed agreement to share data and on specific communications. [src-030] [src-067] - Analysis: In the District of Columbia case the court recounted the District's allegations that Bell Partners signed the earliest RealPage "One Master Agreement" identified, on May 1, 2014, that JBG Associates uses LRO under one executed on January 27, 2020, and that Highmark signed one in 2016 and used the software to set rents at Ellicott House; these are allegations, not findings. The same court dismissed the claim against AvalonBay Communities in May 2024: AvalonBay had used LRO since contracting with The Rainmaker Group in 2007 and signed an LRO master services agreement with RealPage in January 2022 under contracts barring the use of its data for other clients, and the court held that its failure to exchange its proprietary data with the other landlords through RealPage, or to delegate its pricing entirely, was fatal to the claim. That ruling, like the denial of JBG's and Highmark's motions, decided only whether the complaint states a claim, not whether the remaining defendants conspired. [src-068] ## How the matters stand for the landlords - Analysis: The federal case added six landlord groups on January 7, 2025. By the court's September 30, 2026 account, the United States and the plaintiff states have entered final judgments with Cortland, Greystar and LivCor, and the United States, but not the states, has entered consent decrees with Pinnacle and Willow Bridge; Cushman & Wakefield was dismissed without prejudice and replaced by its subsidiary Pinnacle. The same opinion lists the remaining claims as the states' claims against RealPage and Pinnacle and all plaintiffs' claims against Camden and Willow Bridge, without explaining why the United States' claims against Willow Bridge remain after its consent decree. The amended complaint's allegations are not findings, and use of the software is not itself the alleged violation. North Carolina's Attorney General said in October 2026 that the states' settlement with LivCor was worth $7 million and that LivCor would stop using other landlords' nonpublic data to set rents; according to a trade news report of the consent judgment, LivCor denies fault, liability or wrongdoing and will cooperate in the case against the remaining defendants. [src-030] [src-048] [src-007] [src-073] [src-061] - Analysis: In the private class action some forty landlord and property-management defendants, including Camden, Cortland, Greystar Management Services, Pinnacle, Mid-America Apartment Communities, Equity Residential, Bozzuto, Highmark, Sares Regis, Crow Holdings, Trammell Crow Residential, RPM Living, Avenue5, Bell Partners and BH Management Services, have reached preliminarily approved settlements that would create a $359,925,000 fund and change their business practices. They deny all allegations of wrongdoing, the court has not decided who is right or wrong, and the retained records do not show whether final approval followed the October 15, 2026 fairness hearing. Camden disclosed a binding term sheet of April 7, 2026 to settle for $53 million, subject to court approval, and stated that it does not admit fault or liability. [src-070] [src-083] - Analysis: In the state cases, the District of Columbia settled with William C. Smith & Co. in June 2025, with Avenue5 Residential and Bell Partners in June 2026 for $700,000 each with changes to their business practices, and with JBG Smith and Mid-America Apartments in September 2026 for $8.1 million and $1.2 million, the two agreeing to stop using revenue management software that relies on other companies' nonpublic data. The settlements resolve the District's allegations against those landlords and the releases state no admission; as of September 2026 the District's claims against RealPage and the remaining landlords continue. In Kentucky's federal suit, filed in July 2025, the state dropped its claims against RPM Living without prejudice in September 2025; on February 2, 2026 Chief Judge David L. Bunning dismissed the unjust enrichment claim but allowed the Sherman Act and Kentucky Consumer Protection Act claims to proceed to discovery, a ruling only on whether the claims may proceed, and RealPage answered with a jury demand on February 23, 2026. On July 27, 2026 the court entered consent judgments dismissing Greystar Management Services, which agreed to pay Kentucky $115,000, and First Communities Management, which agreed to pay $50,000; the claims against RealPage continue. [src-092] [src-063] [src-059] [src-062] ## Sources - [src-024] Company statement source · src-024 - [src-002] RealPage, Inc. Form 10-K/A for fiscal 2020 (Part III information), U.S. Securities and Exchange Commission (EDGAR), 2021-04 - [src-119] Other source · src-119 - [src-030] Federal Register notice: United States et al. v. RealPage, Inc. et al., proposed final judgment and competitive impact statement, Office of the Federal Register (U.S. Department of Justice, Antitrust Division notice), 2025-12-05 - [src-067] Complaint, State of Arizona ex rel. Mayes v. RealPage, Inc. et al. (Maricopa County Superior Court), Arizona Attorney General, 2024-02-28 - [src-068] Court record source · src-068 - [src-048] Court record source · src-048 - [src-007] Court record source · src-007 - [src-073] Media source · src-073 - [src-061] North Carolina Attorney General release on the court's denial of RealPage's motion to dismiss, North Carolina Department of Justice, 2026-10-02 - [src-070] Court record source · src-070 - [src-083] Camden Property Trust Form 8-K on the class-action settlement term sheet, U.S. Securities and Exchange Commission (EDGAR), 2026-04-09 - [src-092] District of Columbia Attorney General release on settlements with Avenue5 and Bell Partners, Office of the Attorney General for the District of Columbia, 2026-06-12 - [src-063] District of Columbia Attorney General release on settlements with JBG Smith and MAA, Office of the Attorney General for the District of Columbia, 2026-09-14 - [src-059] Court record source · src-059 - [src-062] Court record source · src-062