- Report: #1433228
Complaint Review: Virtus Student Housing - Austin Texas
Reported By:
Virtus investor -
Dallas, Texas, United States
Submitted:
Updated:
-
Author Confirmed
Why?
Virtus Student Housing
835 West 6th Street suite 1500 Austin, 76703 Texas, United States
Phone:
512.891.1272
Web:
http://virtusre.com/contact-us/
Categories:
Business Rating:
(0)
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Virtus Student Housing Virtus advertises excellent returns on investments but does not deliver Austin Texas
nVirtus on or around Feb 2012 took $50,000 of my money to invest in student housing projects. They advertise in large print in their literature a projected 8.25% distribution. I was also told verbally that my principal was secure and would almost certainly increase in value too.
Over time I have received many monthly statements and did receive some monthly distributions, never as high as 8.25%. I have made calls to Virtus as recently as 8/21/17 when I spoke to a man, Adam, 512 891 1272.
By this time I had received a combination of special distributions and monthly income totalling $44,281. The Virtus paperwork said my 'net investment', ie the amount remaining in the principal account was $27,400.91. This amount was expected to be distributed in a few months, possibly before year end 2017.
Adam confirmed this and supported the valuation by saying the investment was backed by a large property, Rockoff Hall (near Rutgers University) and about $6,000,000 in cash.
On or about 3/1/2018 I visited a conference call via Email where all participating investors were told their investments were worth much less. In my case, instead of $27,000 + it appears I will receive about $7000. A little over $4400 has been paid already with another $2200 or so due in a month +/-. A couple
of smaller (perhaps $500) distributions will be made over the next couple of years.
Adding this up means my return comes to barely 1% per year before taxes.
I consider this Virtus investment a ripoff and want to warn others about investing with this group.
