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Report: #1433228

Complaint Review: Virtus Student Housing - Austin Texas

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  • Reported By: Virtus investor — Dallas Texas United States
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  • Virtus Student Housing 835 West 6th Street suite 1500 Austin, Texas United States

Virtus Student Housing Virtus advertises excellent returns on investments but does not deliver Austin Texas

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nVirtus on or around Feb 2012 took $50,000 of my money to invest in student housing projects.  They advertise in large print in their literature a projected 8.25% distribution.  I was also told verbally that my principal was secure and would almost certainly increase in value too.

Over time I have received many monthly statements and did receive some monthly distributions, never as high as 8.25%.  I have made calls to Virtus as recently as 8/21/17 when I spoke to a man, Adam, 512 891 1272. 

By this time I had received a combination of special distributions and monthly income totalling $44,281.  The Virtus paperwork said my 'net investment', ie the amount remaining in the principal account was $27,400.91.  This amount was expected to be distributed in a few months, possibly before year end 2017.

Adam confirmed this and supported the valuation by saying the investment was backed by a large property, Rockoff Hall (near Rutgers University) and about $6,000,000 in cash.

On or about 3/1/2018 I visited a conference call via Email where all participating investors were told their investments were worth much less.  In my case, instead of $27,000 + it appears I will receive about $7000.  A little over $4400 has been paid already with another $2200 or so due in a month +/-.  A couple

of smaller (perhaps $500) distributions will be made over the next couple of years.

Adding this up means my return comes to barely 1% per year before taxes.

I consider this Virtus investment a ripoff and want to warn others about investing with this group.

This report was posted on Ripoff Report on 03/08/2018 11:48 AM and is a permanent record located here: https://www.ripoffreport.com/reports/virtus-student-housing/austin-texas-76703/virtus-student-housing-virtus-advertises-excellent-returns-on-investments-but-does-not-de-1433228. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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