Key Takeaways
- • Red Tail Residential, which manages more than 11,000 apartments across two dozen states, appears closely connected to FPA Multifamily, a Southern California private equity firm managing nearly $8 billion in assets, according to a review of state business records, federal lawsuits and SEC filings.
- • At least five high-level managers and executives have work experience straddling Red Tail and FPA, and Michael B. Earl, listed as FPA chairman as late as 2024, signed filings for both firms and much of the Alaska paperwork for Red Tail's Anchorage properties.
- • Tenants at Red Tail's Anchorage buildings reported burst pipes left unfixed, sewage fumes, mold, and weeks without hot water or heat, alongside new fees, a $10.95 monthly renter's insurance charge, and move-out bills for repairs.
- • Red Tail president J.D. Carbone says the company is separate from FPA and has no connection to the operations or investments in the properties; FPA and its owner Gregory A. Fowler did not respond to interview requests.
- • Experts contacted by the Anchorage Daily News said Red Tail appears to be part of the same corporate family tree as FPA, and an academic researcher said most of Red Tail's clients appear to be FPA.
Summary
An Anchorage Daily News investigation examines how tenants of apartments managed by Red Tail Residential say conditions and billing deteriorated after a new owner took over several properties. Clayton Willis, who rented a two-bedroom unit at Romig Court, a 29-unit complex near Spenard, for eight years, said the property was sold in 2022 by a longtime local owner to a new business and placed under Red Tail's management. Tenants told the newspaper of prolonged maintenance failures, including unfixed burst pipes, sewage fumes entering units for months, mold, and hot water and heat outages lasting weeks in winter. Willis received a move-out statement dated Dec. 5, 2025, listing $3,392 in charges, including $2,000 for carpet and flooring and $1,000 for painting. He said he left the unit in better condition than any apartment he had previously vacated. After being given 30 days to vacate without a stated reason, he lived with his family in a used RV.
The newspaper reports that public records link Red Tail to FPA Multifamily, a Southern California firm controlling nearly $8 billion in assets. At least five high-level managers and executives have work histories spanning both companies, and Michael B. Earl, listed as FPA chairman as late as 2024, signed filings for both firms with the California secretary of state and much of the Alaska paperwork for Red Tail's Anchorage holdings, including Romig Court, Kings Court and the Nicole Apartments. Both companies list the same Irvine, California office address. FPA's promotional materials describe its portfolio as older, working-class and low-income housing, and its latest fund targeted "mismanaged and undercapitalized assets" in secondary and tertiary markets, a description the newspaper says fits Red Tail's Anchorage properties. Red Tail president J.D. Carbone told the newspaper the firm is distinct and "not related to FPA," and said FPA has no connection to the operations or investments of the properties discussed. FPA Multifamily and its owner Gregory A. Fowler did not respond to interview requests.
Tenant accounts describe new charges, including a $10.95 monthly renter's insurance fee that former property manager Teana Huber said the company "just automatically started charging people," and utility charges that tenants said seemed arbitrary. Galen Deeds, who moved out of Kings Court in fall 2024, said he owed $2,115.70 in late fees and other charges according to an August 2024 online ledger, though he said he was never notified of delinquencies; his original lease capped late fees at $25 and did not mention renter's insurance. Red Tail manages properties in more than two dozen states, and has expanded in Alaska to Kodiak, Palmer, Kenai, Soldotna and North Pole after buying six Anchorage properties. Renee Tapp, an assistant professor at the University of North Carolina, said most of Red Tail's clients appear to be FPA. Sam Garin of the Private Equity Stakeholders Project criticized private equity landlords generally, and the article notes Red Tail's BBB page includes dozens of complaints about maintenance, billing and unresponsiveness. Local officials say Anchorage has relatively few tools to penalize landlords who fail to provide heat or habitable conditions.
The newspaper reports that public records link Red Tail to FPA Multifamily, a Southern California firm controlling nearly $8 billion in assets. At least five high-level managers and executives have work histories spanning both companies, and Michael B. Earl, listed as FPA chairman as late as 2024, signed filings for both firms with the California secretary of state and much of the Alaska paperwork for Red Tail's Anchorage holdings, including Romig Court, Kings Court and the Nicole Apartments. Both companies list the same Irvine, California office address. FPA's promotional materials describe its portfolio as older, working-class and low-income housing, and its latest fund targeted "mismanaged and undercapitalized assets" in secondary and tertiary markets, a description the newspaper says fits Red Tail's Anchorage properties. Red Tail president J.D. Carbone told the newspaper the firm is distinct and "not related to FPA," and said FPA has no connection to the operations or investments of the properties discussed. FPA Multifamily and its owner Gregory A. Fowler did not respond to interview requests.
Tenant accounts describe new charges, including a $10.95 monthly renter's insurance fee that former property manager Teana Huber said the company "just automatically started charging people," and utility charges that tenants said seemed arbitrary. Galen Deeds, who moved out of Kings Court in fall 2024, said he owed $2,115.70 in late fees and other charges according to an August 2024 online ledger, though he said he was never notified of delinquencies; his original lease capped late fees at $25 and did not mention renter's insurance. Red Tail manages properties in more than two dozen states, and has expanded in Alaska to Kodiak, Palmer, Kenai, Soldotna and North Pole after buying six Anchorage properties. Renee Tapp, an assistant professor at the University of North Carolina, said most of Red Tail's clients appear to be FPA. Sam Garin of the Private Equity Stakeholders Project criticized private equity landlords generally, and the article notes Red Tail's BBB page includes dozens of complaints about maintenance, billing and unresponsiveness. Local officials say Anchorage has relatively few tools to penalize landlords who fail to provide heat or habitable conditions.
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