Soreide Law Group is investigating claims that securities firms and/or financial advisors may have recommended to their clients they invest in Hartman vREIT XXI Inc and Silver Star Properties REIT Inc (formerly Hartman Short Term Income Properties XX Inc.). Investors may have claims to recover their investment losses through a securities arbitration before the Financial Industry Regulatory Authority (FINRA).
Hartman vREIT XXI Inc, is a non-traded real estate investment trust sponsored by Hartman Income REIT Management Inc. Silver Star Properties REIT, also a non-traded REIT, has encountered its own challenges, leading to the suspension of its share redemption plan. Silver Star Properties REIT Inc, formerly Hartman Short Term Income Properties XX Inc, recently announced workforce reductions and payroll cuts as part of a turnaround plan. The Houston-based company is reportedly shifting its investment focus from office, retail, and light industrial properties to self-storage as part of a broader move away from primarily functioning as an office REIT. This is expected to yield approximately $15 million in annual cost savings and strengthen their financial stability.
The definition of a non-traded REIT is a form of real estate investment method that is designed to reduce or eliminate tax while providing returns on real estate. A non-traded REIT does not trade on a securities exchange and is quite illiquid for long periods of time. The front-end fees can be as much as 15%, which is higher than a traded REIT due to its limited secondary market. Investors in non-traded REITs such as Hartman vREIT XXI and Silver Star Properties REIT Inc typically must hold their investment for a lengthy period of time, until such time as a liquidity event happens.
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