Recovery of Investment Losses – The Parking REIT
Have you suffered losses investing in The Parking REIT, Inc. (formerly known as MVP REIT II, Inc.)? If so, the securities attorneys at The White Law Group may be able to help you to recover your losses through FINRA Arbitration.
The Parking REIT, Inc. is a publicly registered, non-listed REIT that invests primarily in parking lots and garages in the United States. Its assets include 44 parking facilities located in 15 states.
As we told you in April, The Parking REIT, Inc. notified the SEC that it would be unable to file a timely annual report for the year ended December 31, 2017.
The REIT noted it would be conducting an internal investigation arising from the audit committee’s receipt of allegations from an employee of MVP Realty Advisors, LLC (the external advisor to the REIT), about possible wrongdoing by the Parking REIT’s chairman and chief executive officer.
Investigating Potential Claims involving Non-traded REITs
The White Law Group continues to investigate the liability that FINRA registered brokerage firms may have for improperly selling high-risk REITs, like The Parking REIT, to investors.
Non-traded REITs are complicated and often risky investments which should only be sold to high-net worth and sophisticated investors.
One downside of investing in non-traded REITS is that you cannot sell your shares on the market. The Parking REIT is an illiquid investment that has not stated when it will liquidate.
Unfortunately for investors, LP Sales, a secondary sales site for non-traded REITs, recently sold shares of The Parking REIT for $14.01/share. The original purchase price was $25.00/share.
Brokerage firms continue to push this type of investment because of the high commissions associated with their sale and creation. Brokerage firms generally make between 7-10% for selling a REIT, which is far in excess of the typical commission for more traditional investment types.
If you are concerned about your investment in The Parking REIT and would like to speak with a securities attorney, please call 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 with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit the firm’s website at https://www.whitesecuritieslaw.com.