URL:
Location:
San Diego, CA
Niche:
Multi-Family
Prior::
Realty Mogul

Overall:

Communication/Reporting:

Track Record/Performance:

Sponsor Fees:

Due Diligence & Discussions

Share your experience. Rate and comment!

Patrick Gillooly

Mar 16, 2019

I invested in Texas MF in 2018 with this sponsor.  Year-end 2018 update revealed below pro-forma NOI and cash-on-cash.  Expected distribution in February 2019 was not made.  Comunidad reports they "suspended distributions in order to build up cash reserves and cover ongoing operating and capital expenses at the Property"

I will not be investing in future offerings from this sponsor.

Reply By: Sponsor

Jul 24, 2019

Hi Patrick -

Our reputation is important and want to answer your comment directly as we like to ensure the communication is transparent. 

Unfortunate to hear that you're not satisfied with the performance of this property. We have almost a 99% batting average on performance and from time to time since these are dynamic properties we have performance struggles. Rest assured, we are doing everything in our power to get the property back on track and have brought in additional resources, new systems, and a new marketing plan that has translated into much better operations at the property as of late. In addition, the market that this property is located in has appreciated significantly so although the cash flow has not been where we expected it to be we believe the property performance will improve significantly and the value of the property will be very accretive to our partners. 

Thank you for your comments and concerns. We will continue to do right by our investors and work hard to represent their interests to ensure our properties are operating at their fullest potential. 

Thanks again. 

Comunidad Management

 

 

CL W

Sep 30, 2017

Invested in Texas MF.  Beating pro forma and delivering well on their original plan (rehabbing units, raising rents).  Good quarterly reporting.  Strong cash flow and distributions.

C H

Jun 03, 2017

I invested in a project by this sponsor through RealtyMogul. Been happy with the performance so far and is beating pro forma. However, my one main concern is when I have attempted to reach out to the company directly to invest in future projects, I've never once gotten a reply.

Tim C

May 12, 2017

**Updated on the review.  05/12/17    Spoke to RM about my questions.  Since the deal was on RM, I should of contacted RM to get my questions answered instead of contacting the sponsor directly.  Sponsor went throught RM for this very reason.. so they could focus on the project and not deal with 100s of investor calls/emails.  The project is currently beating proforma and firing on all cylinders.   

Tim C

Feb 10, 2017

 Have on deal with them in TX, they are executing on the value add plan and driving rents higher as projected.  Small group focused on the Hispanic market.  Expenses were running high all year due to taxes being under estimated in the proforma.  They have exceeded projections last quarter but still for the year still trailing proforma. They have said now that they have stabilized the property projections should exceed going forward.   I invested with them through RM, they don't respond well to emails or calls.  .

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Rated 2.9/5 based on 9 customer reviews