Concerned about your investment with Resource Office Innovation REIT?
Have you suffered losses investing Resource Office Innovation REIT? If so, The White Law Group may be able to help you recover your investment losses through FINRA arbitration.
Resource is an asset management company that specializes in real estate and credit investments. Resource has sponsored a range of investment vehicles, including limited partnerships, joint ventures with institutional partners, publicly traded and non-traded REITs, and interval funds, such as Resource Innovation Office REIT.
The REIT invests in in office properties that are located in U.S. cities such as San Francisco, Boston, Washington, D.C., and Seattle.
Resource Real Estate, Inc. announced this week the plan to convert Resource Innovation Office REIT, Inc. into a NAV REIT. Resource Innovation Office REIT suspended its public offering, effective as of April 21, 2017, while it prepares for the conversion.
According to the press release, the conversion to an NAV REIT is expected to result in a more diverse investment strategy that targets additional classes of real estate investments.
On Friday, the REIT’s board unanimously approved the suspension of sales of Class A and Class T shares in the offering, effective immediately. The board also approved the suspension of the company’s distribution reinvestment plan as of May 1st and share repurchase program as of May 21st.
A tender offer has been authorized by the board for all of the shares issued and outstanding after it suspends the share repurchase program on May 21st.
The trouble with Non-traded REITs
The trouble with non-traded REITs, like Resource Innovation Office REIT, is that they are complex and inherently risky products.
Broker dealers are required to inform clients of the risks associated with investment recommendations and to ensure that those recommendations are suitable for the investor in light of the investor’s age, risk tolerance, net worth, and investment experience. Firms that fail to do so may be held responsible for any losses.
Lack of liquidity is often problematic for many investors. Investors looking to sell often have difficulty finding a buyer, and can suffer significant losses on the sale.
Recovery of Investment Losses
If you invested in Resource Innovation Office REIT or another non-traded REIT and would like to discuss your litigation options with a securities attorney, please call The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group and its investigations, visit www.whitesecuritieslaw.com.