June 19, 2011 Comments (0) Publications

InvestmentNews: Investors in Lerner REITs May Find No Redemption

Investors who want to redeem their shares in the Apple family of non-traded REITs marketed by David Lerner Associates Inc., which has become the target of a regulatory action, may be out of luck.

Redemption requests for nontraded real estate investment trusts normally are processed at the end of each quarter.

“My suspicion is that if the Apple REITs have too many requests from clients, that could force a suspension of the redemption program,” said Daxton White, a plaintiff’s attorney. He said that he has spoken to about 10 David Lerner clients who bought the Apple REITs.

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