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

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.