Mackenzie Capital Extends Tender offer to Investors of KBS Legacy Partners Apartment REIT
The White Law Group continues to file FINRA arbitration claims involving non-traded REITs such as KBS Legacy Partners Apartment REIT.
KBS Legacy Partners Apartment REIT is a publicly registered non-traded real estate investment trust (REIT). The REIT commenced its initial offering in March 2010. It terminated in March 2014 after raising approximately $216 million. The company’s portfolio includes 10 multifamily properties valued at approximately $410 million.
The claims filed by The White Law Group involving non-traded REITs generally allege that the brokerage firms that sold these products failed to perform adequate due diligence on the investments. FINRA rules require that the investments are suitable for the investors in light of their particular financial situation. Often firms push non-traded REITs on their clients because of the large commissions the broker can gain on the sale.
Another problem with non-traded REITs is lack of liquidity. It is often difficult for the investor to find a buyer for a non-traded REIT if they decide to sell. If they are able to find a buyer it is usually at highly discounted rate through a secondary market or through a tender offer.
According to their website, Mackenzie Realty Capital, specializes in the area of discounted real estate securities. Mackenzie has extended a limited time tender offer to investors for KBS Legacy Apartment REIT.
A tender offer is an offer to purchase some or all of shareholders’ shares in a corporation. The price offered is usually at a premium to the market price and typically offered for a limited time, according to Investopedia.
Mackenzie Realty Capital is currently offering to purchase shares of KBS Legacy Partners Apartment REIT for just $6.19/share. Unfortunately for investors, the original purchase price was $10.00/share.
If you invested in KBS Legacy Apartment REIT or another non-traded REIT and are interested in your litigation options, please call the securities attorneys of The White Law Group at 888-637-5510 for a free consultation.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm. The firm has offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.