Feb 28, 2019
Update Sep19, Finally, CrowdStreet was able to arrange a conference call between the investors and Paul Panza. On the call, he kept brag about a very strong nice linear trend in increased occupancy. Now, the latest report actually indicated a drop in occupancy below 90%, down from prior month. The really "strong" lasted probably only a month?
I can't believe he has an institutional partner.
Update Feb19, the promised improved NOI actually got worse and below Debt Service.
The most incompetent sponsor I have ever seen, period.
A good sponsor needs to admit the problem, and only when he faces the problem honestly, he can start to make plans and fix issues. All of us have raised our concerns at least half of year ago, and Paul surely talks BIG and felt confident. However, numbers don't lie. We see the trouble coming and decided to be patient about his turn around plan. For those who are reading this, you can see we are pretty much fed up with his BS and decided enough is enough.
We can only warn others, do not invest with Paul Panza or NicholasResidential.