ExchangeRight Takes DST

Offering Full-Cycle, Achieves

145.82% to 150.87% Total
Returns
ExchangeRight, a sponsor of securitized 1031 exchanges and
other real estate offerings, has brought its $46.84 million
Net-Leased Portfolio 11 DST offering full-cycle on behalf of
its investors by selling it to a real estate investment trust.
The offering provided investors with total annual returns
ranging from 6.81% to 7.63%, maintained uninterrupted monthly
distributions throughout the hold period, and provided
investors with multiple options at exit.

The portfolio consisted of 17 net-leased properties which are

diversified across 204,479 square feet, nine states, and eight
national investment-grade and otherwise creditworthy tenants
operating in necessity-based and discount industries including
Advance Auto Parts, CVS Pharmacy, Dollar General, NAPA Auto
Parts, Family Dollar, Walgreens, Hobby Lobby and Sherwin-
Williams.

Upon sale, ExchangeRight provided investors the option to

complete a tax-deferred 721 exchange, perform a 1031 exchange,
receive cash or a combination of these options. Investors who
chose to complete a tax-deferred 721 exchange into the
acquiring REIT, the total return on sale, including cash flow
to investors, was equivalent to 145.96% to 150.87% of initial
capital investment based on the current value of the REIT
shares provided as a part of the transaction. For investors
who chose to cash out or complete a 1031 exchange, the Net-
Leased Portfolio 11 DST total return on sale including cash
flow was 145.82% to 149.90% of initial capital investment.
“We’re honored to have served investors through another stable
offering,” said Warren Thomas, a managing partner at
ExchangeRight. “Every one of our portfolios is structured to
provide uninterrupted cash flow for those who trust us with
their wealth, and we’re proud to have successfully brought
another recession-resilient portfolio to its completion.”

ExchangeRight and its affiliates’ platform has more than $5.3

billion in assets under management that are diversified across
more than 1,100 properties and over 21 million square feet
throughout 47 states. The company invests in net-leased
properties in the necessity-based retail and healthcare
industries, as well as value-add inline and outparcel retail
spaces shadow-anchored by grocery tenants.

For more ExchangeRight news, please visit their directory

page.

Greenbacker Purchases
Portfolio of Nine Pre-
Operational Solar Projects in
Vermont
Greenbacker Renewable Energy Company LLC, a non-traded limited
liability company focused on green energy investments, has
purchased, through a wholly owned subsidiary, a portfolio of
up to nine pre-operational solar projects from Norwich Solar.

The company said that when completed, the projects will lower
power bills for local farmers and give new life to brownfield
sites restricted from most uses.

The projects have long-term net metering agreements in place

with over 30 agricultural offtakers from local farms and
dairies across the state.

The company said that the net-metering aspect of the portfolio

means that the utility will reduce the offtakers’ power bills
by the amount of clean energy the projects supply to the grid.
On average, each solar project is expected to save local
farmers approximately $500,000 on energy costs over the
lifecycle of the projects.

Norwich expects the portfolio will generate approximately $7.5

million in local wages during construction, as well as provide
local landowners with supplemental long-term income via land
lease payments. Additionally, Greenbacker is also actively
assessing the portfolio’s potential for agrivoltaics which
uses project sites for both solar photovoltaic power
production and agricultural activities.

The company said that the three project sites will transform
previous brownfields into sources of cheaper renewable power.
The Andover project is located on part of a reclaimed gravel
pit no longer in operation, and the Thetford Post Mills and
Putney Green Acres projects are located on an abandoned
landfill and former paper sludge disposal site.

Each project will have a clean power–production capacity of

approximately 840 kilowatts (DC), for a total portfolio
capacity of up to 7.6 megawatts (DC). Five of the projects are
slated to reach commercial operation by the end of 2022, with
the other four projects expected to enter operation by the
second quarter of 2023.
Greenbacker’s fleet of sustainable infrastructure projects
comprises more than 2.9 gigawatts of generating capacity. The
company said that since 2016, its real assets have produced
more than 4.9 million megawatt-hours of clean energy, abating
nearly 3.5 million metric tons of carbon, and supporting more
than 5,200 green jobs.

Greenbacker Renewable Energy Company seeks to invest in

projects that sell clean power under long-term contract to
counterparties such as utilities, municipalities and
corporations.

Click here to visit The DI Wire directory page.

Astra Wealth Advisors Joins

LPL from Wells Fargo
Financial Advisors Network
LPL Financial LLC, the nation’s largest independent broker-
dealer, announced that financial advisor Chris Albright of
Astra Wealth Advisors has joined the firm’s broker-dealer, RIA
and custodial platforms.

Albright reported having served approximately $192 million in

advisory, brokerage and retirement assets, and joins LPL from
Wells Fargo Advisors Financial Network.

Albright will partner with current LPL affiliated PS2 advisor

Kimberly Santarsiero, to strengthen his practice and expand
services to clients. Santarsiero will now operate under the
Astra brand.

“Astra Wealth Advisors is taking a well-thought, deliberate

business decision for our clients and our firm to continue
servicing clients in the best, most efficient manner
possible,” said Albright. “With the support of an additional
advisor, an enhanced trading platform, streamlined technology
and additional operational support, we are confident our
transition and acquisition will most definitely enhance our
clients experience with Astra Wealth Advisors.”

Based in Clarks Green, Pennsylvania, Albright has nearly 30

years of experience providing comprehensive investment
planning and wealth management for families, businesses and
institutions.

“We welcome Chris to the LPL community and congratulate him on

the new partnership with Kim,” said Scott Posner, LPL
executive vice president, business development. “It is an
honor that he recognized the value we deliver to advisors for
every dollar we spend on technology.”

LPL supports more than 21,000 financial advisors, 1,100

institution-based investment programs and 500 independent RIA
firms nationwide.

Click here to visit The DI Wire directory page.

Brookfield REIT Reports NAV

Per Share and Recent
Acquisitions
Brookfield Real Estate Income Trust Inc., a publicly
registered non-traded real estate investment trust formerly
known as Oaktree Real Estate Income Trust, has declared a
monthly net asset value per share for its shares of common
stock, as of Sept. 30, 2022.

In addition, during September 2022, Brookfield acquired 31

single-family rental properties, growing their portfolio to a
total of 460 homes with an aggregate purchase price of $121
million as of September 30, 2022. The REIT also holds real
estate-related loans and securities that consist of 74
investments with an aggregate fair value of approximately $306
million.

Class S shares were valued at $13.87 as of Sept. 30, 2022,

compared to $13.86 the previous month.

Class I shares were valued at $13.96 as of Sept. 30, 2022,

compared to $13.95 the previous month.

Class T shares were valued at $13.96 as of Sept. 30, 2022,

compared to $13.95 the previous month.

Class D shares were valued at $13.81 as of Sept. 30, 2022,

compared to $13.77 the previous month.

Shares were originally priced at $10.00 each, plus applicable

upfront selling commissions and dealer manager fees.

Class S shares are available through brokerage and

transactional-based accounts, Class I shares are available to
institutional investors, and Class D are available through
fee-based programs. Class C and Class E shares are sold
through a private offering. The REIT also offers Class T
shares, which are available through brokerage and
transactional-based accounts, but none were sold as of Sept.
30, 2022.

The NAV per share is based on the estimated value of the

company’s assets, less the estimated value of its liabilities
divided by the number of outstanding shares, all as of Sept.
30, 2022.
Investments in real properties increased from $1.83 million in
August to $1.84 billion in September, while investments in
real estate-related loan and securities increased from $255.4
million to $306.3 million. Investments in unconsolidated
entities decreased from $88.6 million to $82.2 million.

Cash and cash equivalents increased from $87.7 million in

August to $96.2 million in September, restricted cash
decreased from $52.5 million to $31.8 million, and other
assets increased from $25.3 million to $26.2 million, month-
over-month.

Debt obligations hovered at around ($1.09 billion) month-over-

month, and other liabilities increased from ($29.8 million) to
(31.4 million). Non-controlling interests in joint ventures
increased slightly from ($22.6 million) to ($22.8 million).

There were nearly 86.5 million shares outstanding in

September, compared to 81.7 million the previous month.

Click here to visit The DI Wire directory page.

Inland Private Refinances

Multifamily OZ Development
and Declares Special
Distribution
Inland Private Capital Corporation, a sponsor of securitized
1031 exchange and opportunity zone investment programs,
announced the refinancing of the multifamily development
indirectly owned by Daytona Multifamily Opportunity Zone LLC.
Financing proceeds from the transaction provided investors in
the fund with a special distribution, representing
approximately 91% of their initial investment.

Since its launch in November 2019, the fund and its joint
venture partners, an affiliate of Integra Land Company and
Tequesta Development Group, LLC, successfully completed
construction and recapitalized Enclave at 3230, a Class A
apartment community located with a qualified opportunity zone
in Daytona, Florida. The property achieved stabilized
occupancy in 2021, which led to a series of distributions of
cash flow from operations beginning in the fourth quarter of
2021, according to Inland.

“We are thrilled to be in a position to monetize the value

creation phase of the development as a result of this
recapitalization event,” commented Keith Lampi, president and
chief executive officer of IPC. “Given forward-looking
dynamics in the capital markets, we believe our execution was
well timed, allowing us to lock in long-term, fixed-rate
financing on a stabilized basis, returning a majority of
investors’ original investment as a result.”

The company said that in addition to receiving a majority of

their original investment principal following the refinance,
investors in the fund will continue to receive regular
distributions, based upon cash flow from operations for the
duration of the investment.

Enclave at 3230, located within walking distance to Daytona

Beach at 3230 South Ridgewood Avenue in South Daytona, is more
than 95 percent leased. The property is comprised of four 4-
story buildings with 256 apartments, across a total of 248,832
square feet. It features a resort-style swimming pool, pet
park and washing station, clubhouse with a business center,
fitness center and indoor basketball court.

Inland Private specializes in offering multiple-owner, tax-

focused, private placement investments as well as qualified
opportunity zone investments throughout the U.S. Since
inception, it has sponsored more than $7.8 billion in real
estate private placements and monetized in excess of $3.5
billion in full-cycle transactions on behalf of its investors.
The firm currently manages a portfolio of more than $11.78
billion across several asset classes spanning 43 states and
has raised in excess of $360 million in capital in qualified
opportunity zone projects.

For more Inland Private Capital news, please visit their

directory page.

Blackstone REIT Reports

Monthly NAV Per Share and
Total Return
Blackstone Real Estate Income Trust, a publicly registered
non-traded REIT sponsored by private equity giant The
Blackstone Group (NYSE: BX), updated the monthly net asset
values for its Class S, Class I, Class D and Class T shares of
common stock, as of Sept. 30, 2022.

Class S shares had an NAV per share of $15.10, compared to

$15.09 previous month. The total return for Class S shares in
June 2022 was 0.4% (not annualized).

Class I shares had an NAV per share of $15.11, compared to

$15.09 previous month. The total return for Class I shares was
0.5%.

Class T shares had an NAV per share of $14.88, compared to

$14.87 previous month. The total return for Class T shares was
0.4%.

Class D shares had an NAV per share of $14.79, compared to

$14.78 previous month. The total return was 0.4%.

[EDITOR’S NOTE: All dollar amounts are rounded to the nearest

cent above.]

Investments in real estate increased from $119.1 billion in

August to $118.4 billion in September, while investments in
real estate debt decreased from $10.1 billion to $9.9 billion.
Investments in unconsolidated entities increased slightly from
$10.4 billion in August to $10.9 billion in September.

Cash and cash equivalents decreased from $2.8 billion to $1.7

billion, restricted cash decreased from $1.8 billion to $1.5
billion, and other assets increased from $4.3 billion to $6.1
billion.

Mortgage notes, term loans and revolving credit facilities

decreased from ($64.8 billion) in August to ($63.1 billion) in
September. Secured financings on investments in real estate
debt remained flat at ($5.1 billion).

Subscriptions received in advance decreased from ($801.6

million) to ($577.0 million), and other liabilities increased
from ($3.4 billion) to ($3.7 billion). The company had nearly
4.7 billion shares outstanding as of Sept. 30, 2022, compared
to nearly 4.6 billion the previous month.

Blackstone Real Estate Income Trust’s initial offering

launched in August 2016 and has raised approximately $60
billion in three public offerings as of June 2022. The current
offering has raised $6.6 billion, and as of Sept. 30, 2022,
its aggregate NAV was $70.4 billion.

Click here to visit The DI Wire directory page.

ExchangeRight Fully
Subscribes $220 Million DST
Portfolio
ExchangeRight, a sponsor of securitized 1031 exchanges and
other real estate offerings, has fully subscribed its largest
offering to date with Net-Leased Portfolio 55 DST, a $220
million offering.

The portfolio features 713,656 square feet of grocery, retail,

banking and pharmacy tenants. The offering launched with a
loan-to-value of 47% and non-recourse interest-only financing
at a fixed rate of 5% over a 10-year term.

The offering contains 34 net-leased properties across 14

states, with a majority of the locations in the Southeast and
Midwest regions. Six Walmart Neighborhood Markets generate 41%
of the portfolio’s net operating income. Dollar General,
Publix, Pick ‘n Save, CVS, U.S. Bank and Schnucks are also
featured in the portfolio.

“With the size of this DST, we were able to provide

significantly more investors with the opportunity to
participate in our historically recession-resilient investment
strategy,” said Warren Thomas, a managing partner at
ExchangeRight. “We are proud to serve investors with stable
income through changing economic climates with offerings like
this one that are designed to help investors meet their
retirement, tax-deferral, and other wealth management needs.”

ExchangeRight and its affiliates’ platform has more than $5.3

billion in assets under management that are diversified across
more than 1,100 properties and over 21 million square feet
throughout 47 states. The company invests in net-leased
properties in the necessity-based retail and healthcare
industries, as well as value-add inline and outparcel retail
spaces shadow-anchored by grocery tenants.

For more ExchangeRight news, please visit their directory

page.

Capital Square Acquires

Multifamily Community in
Alabama for DST Offering
Capital Square, a sponsor of tax-advantaged real estate
investments, acquired FarmHaus Apartments, a 324-unit Class A
multifamily community located in the Huntsville suburb of
Madison, Alabama.

The community was acquired on behalf of CS1031 FarmHaus

Apartments, DST, which seeks to raise $55.9 million in equity
from accredited investors and has a minimum investment
requirement of $50,000.

“Huntsville is the epicenter of the military defense

industry,” said Louis Rogers, founder and co-chief executive
officer of Capital Square. “With more PhDs and engineers per
capita than any other city in the U.S., this tech-centric city
is home to the nation’s second-largest research park, the U.S.
Space & Rocket Center, and Redstone Arsenal that supports the
national defense with large groups from the Department of

Defense, Department of Justice, and NASA.1 Expanding Capital

Square’s multifamily investment footprint in this stable and
growing market just makes sense.”

Located at 1260 Balch Road, the 22-acre property offers open-

concept one-, two-, and three-bedroom units averaging 973
square feet with various finishes, including stainless steel
appliances, standalone kitchen islands with quartz
countertops, in-unit washers and dryers, walk-in closets,
keyless entry access and private patios or balconies.

Community amenities include a resort style pool with large

sundeck and cabanas, hot tub and spa, state-of-the-art fitness
center, business center with a coffee bar, TV and gaming
lounge, communal grilling station, as well as a fenced in dog
park and pet spa.

“FarmHaus Apartments is a Class A multifamily community

located in an affluent part of Greater Huntsville, where
population growth has exceeded 30 percent since 2000 and
continues to expand at a rapid pace,” said Whitson Huffman,
co-chief executive officer. “The local economy is vibrant and
demand for quality rental living continues to far exceed
available supply, making FarmHaus an attractive opportunity
for Capital Square and the investors we serve.”

FarmHaus is adjacent to the Clift Farm master development,

which is home to numerous retail outlets including a 400,000-
square-foot Publix. The property’s location along Highway 72
provides residents easy access to multiple job centers
throughout the Huntsville area, including Redstone Arsenal,
Cummings Research Park and the newly opened Mazda Toyota
Manufacturing facility.

For more Capital Square news, please visit their directory

page.

Facing Headwinds, Hartman

REIT Names New CEO
Hartman Short Term Income Properties XX Inc., a publicly
registered non-traded real estate investment trust, named
Allen R. Hartman as executive chairman and Mark T. Torok,
previously the chief operating officer, to succeed Hartman as
chief executive officer.

Hartman, the company’s founder, has been named executive

chairman of the company and will serve as a strategic advisor
to Torok and the board of directors.

“Mark has proven himself as a strong leader,” said Hartman.

“The company previously benefitted from his insights and
practical problem-solving. I believe he is uniquely poised to
lead the company as we strengthen our portfolio and move
forward to our ambitious goals in the future.”

Torok has more than 30 years of regulatory, compliance,

securities and real estate experience. He served as an
administrative law judge early in his career and has held
several executive positions including director of regulatory
compliance at USAA and chief compliance officer at Argonaut
Insurance Group. He holds a bachelor’s degree in economics and
a juris doctor from Willamette University College of Law, as
well as FINRA 7, 24, and 63 securities licenses.

“This is an important time for Hartman Short Term Income

Properties XX Inc., and I’m honored to lead this company and
this great team,” said Torok. “I look forward to continuing to
work with Al as we focus shareholder value over the long
term.”

Hartman Short Term Income Properties XX is facing significant

headwinds in the midst of the rising interest rate environment
and has suspended investor distributions and share
redemptions.

In a company presentation to stockholders in August, the

company explained that, despite rising occupancy within its
portfolio, it has $259 million in floating rate real estate
debt, the cost of which is rising rapidly, and the REIT has
been unable to refinance the debt as it had expected.

The company also revealed that its board of directors is

“exploring strategies” to maximize stockholder value, which
may include the sale of multiple buildings to reduce its
leverage.

Since 1983, Hartman has been acquiring and managing commercial

real estate investments on behalf of individual investors,
focusing on office, retail, light industrial and warehouse
properties located in Texas. Hartman and its affiliated
entities (including founder, Al Hartman) have sponsored 27
programs and acquired interests in more than 90 real assets
totaling over $805 million.

For more Hartman news, please visit their directory page.

Starwood REIT Updates NAV Per
Share
Starwood Real Estate Income Trust Inc, a publicly registered
non-traded real estate investment trust sponsored by Starwood
Capital Group, has updated its estimated monthly net asset
value per share for its classes of common stock as of Sept.
31, 2022.

Class S shares, which are purchased through brokerage and

transaction-based accounts, have an NAV per share of
approximately $27.81, compared to $27.76 the previous month.

Class T shares, which are typically available through

brokerage and transaction-based accounts, have an NAV per
share of approximately $27.82. The previous month, Class T
shares were valued at $27.77.

Class D shares have a net asset value per share of

approximately $27.37, compared to $27.33 the previous month.
These shares are sold through fee-based programs known as wrap
accounts as well as participating broker-dealers, certain
registered investment advisers, and bank trust departments or
other organizations.

Class I shares, which are sold to endowments, foundations,

pension funds and other institutional investors, have an NAV
per share of $27.47. The previous month, Class I shares had an
NAV per share of $27.63.

Shares were initially priced at $20.00 each plus applicable

selling commissions and fees.

Starwood REIT’s investments in real estate decreased from

$26.4 billion in August to $26.2 billion in September, while
its real estate debt investments decreased from $1.8 billion
to $1.6 billion, month-over-month.

Cash and cash equivalents increased from $361.8 million in

August to $800.6 million in September, restricted cash
decreased from $449.6 million to $402.3 million, and other
assets increased from $1.1 billion to nearly $1.2 billion.

The REIT’s debt obligations decreased from ($14.3 billion) in

August to ($14.2 billion) in September, and secured financings
on investments in real estate debt decreased from ($635.6
million) to ($598.6 million).

Subscriptions received in advance decreased from ($213.1

million) in August to ($154.1 million) in September, and other
liabilities increased from ($403.4 million) to ($406.3
million).

The REIT had 526.6 million shares outstanding as of Sept. 30,

2022, compared to 519.3 million shares the previous month.

Starwood Real Estate Income Trust invests in stabilized real

estate across the United States and Europe. Its initial $5
billion offering launched in December 2017 and raised
approximately $3.9 billion from investors before closing in
June 2021. The first follow-on offering, comprised of $10
billion in shares, launched immediately afterward and raised
approximately $8 billion. The second follow-on offering, which
is currently offering up to $18 billion in shares of common
stock, launched in August 2022 and has raised approximately
$516.6 million in the primary offering to-date. As of Sept.
30, 2022, the REIT’s NAV was approximately $14.6 billion.

Click here to visit The DI Wire directory page.

CIM REIT Increases Fourth
Quarter Distributions by 11%
CIM Real Estate Finance Trust Inc., a publicly registered non-
traded real estate investment trust, announced an 11% increase
in its monthly distribution for October, November and December
2022, from $0.305 to $0.339 per share, resulting in an
increase from $0.915 in the third quarter to $0.1017 per share
for the fourth quarter. Annualized, the new distribution rate
is equal to $0.4068 per share.

This increase of 11%, quarter over quarter, will be reflected

in shareholders’ monthly distribution payments beginning with
the October distribution, which is payable on November 1,
2022.

“[CIM Real Estate Finance Trust] has made significant progress

on its path to becoming one of the largest credit-focused
REITs,” said Richard Ressler, chairman of the board of
directors, president and chief executive officer. “This
greater size enables [the REIT] to access a larger pool of
attractive market opportunities, diversify its portfolio and
raise debt capital more efficiently. It is our goal to
continue increasing our dividend as we also pursue multiple
methods of increasing liquidity for all shareholders,
including a potential future listing of our stock.”

Earlier this month, Comrit Investments 1 LP, a Tel Aviv-based

investment fund, made a filing with the SEC indicating their
intent to launch an unsolicited tender offer to purchase up to
22.4 million shares of CIM for $4.61 per share. The REIT’s
most recent estimated net asset value per share was $7.20, as
of March 31, 2021. Shares of the REIT most recently traded for
$6.20 each on Realto, a secondary trading platform for non-
traded securities.
CIM Real Estate Finance Trust had paid an annual investor
distribution equal to $0.625 per share through 2019 before
cutting the annual distribution to $0.34 per share in 2020.

CIM Real Estate Finance Trust primarily owns and operates a

portfolio of core commercial real estate assets consisting of
net leased properties and a portfolio of commercial mortgage
loans. The REIT launched its offering in January 2012 and
raised more than $3 billion prior to closing in April 2014.

For more CIM news, please visit their directory sponsor page.

Moody National Companies

Sells Two Multifamily DST
Properties in Texas
Moody National Companies, a full-service commercial real
estate company, has announced the sale of Lost Spurs Ranch and
the Village at Bellaire apartment communities for a combined
total of $172 million. The two properties were sold separately
to the same purchaser on behalf of Moody DFW DST and Moody
Village One DST, respectively. Both assets were purchased in
2018.

Lost Spurs Ranch, a 240-unit garden-style multifamily

property, was originally purchased for $24 million in 2018 and
sold for $48 million. Lost Spurs Ranch is located in the
Dallas-Fort Worth Metroplex and was managed by Moody National
Multifamily Management.

The Village at Bellaire had an original acquisition price in

2018 for $96 million and sold for $124 million. The 580-unit
garden-style multifamily property is located inside Houston’s
610 Loop, within close proximity to the Galleria, downtown
Houston and the Texas Medical Center. Village at Bellaire was
managed by Moody National Multifamily Management.

“In the process of allocating and deploying capital into the

multifamily sector, we observed the opportunity to capitalize
and to take advantage of the historically aggressive pricing,”
says Brett Moody, chief executive officer. “We identified
assets in our existing portfolio and moved to the sell side.
Oddly enough, given the recent fluctuations in the capital
markets, we are once again looking for opportunities in
multifamily on the buy side.”

Moody National Companies is a full-service commercial real

estate company that includes mortgage, development,
management, realty, title and insurance divisions. Founded in
1996, Moody National Companies has managed more than $2.2
billion in commercial real estate.

Click here to visit The DI Wire directory page.

Nuveen Global Cities REIT

Updates NAV Per Share
Nuveen Global Cities REIT Inc., a publicly registered non-
traded real estate investment trust, has declared a monthly
net asset value per share for its classes of common stock, as
of Sept. 30, 2022.
Class T shares had an NAV per share of $13.06, compared to
$13.15 per share the previous month.

Class S shares had an NAV per share of $12.92, compared to

$13.01 per share the previous month.

Class D shares had an NAV per share of $13.09, compared to

$13.19 per share the previous month.

Class I shares had an NAV per share of $13.04, compared to

$13.13 per share the previous month.

Class N shares had an NAV per share of $13.53, compared to

$13.63 per share the previous month.

Shares were originally priced at $10.00 each, plus applicable

selling commissions and fees.

The NAV per share is based on the estimated value of the

company’s assets, less the estimated value of its liabilities
divided by the number of outstanding shares, all as of Sept.
30, 2022.

The REIT’s investments in real estate increased from $1.96

billion in August to $2.12 billion in September, while
investments in commercial mortgage loans decreased from $263.9
million to $218.0 million. Investments in international
affiliated funds decreased slightly from $125.4 million to
$123.0 million, month-over-month.

Investments in real estate-related securities decreased from

$107.1 million in August to $93.5 million in September, while
investments in real estate debt increased from $84 million to
$91 million.

Cash and cash equivalents increased from $74.8 million to

$86.8 million, while restricted cash decreased from $68.0
million to $66.5 million, month-over-month. Other assets
decreased from $19.7 million to $11.0 million.
Debt obligations increased from ($367.1 million) to ($460.9
million), and other liabilities increased from ($47.8 million)
to ($56.0 million), month-over-month.

Subscriptions received in advance decreased from ($67.1

million) in August to ($65.4 million) in September, and the
number of outstanding shares increased from nearly 164.8
million to 169.6 million.

Nuveen Global Cities REIT launched its initial offering in

January 2018 and raised $394.4 million in investor equity
before closing in July 2021. Its $5 billion follow-on offering
has raised nearly $1.25 billion, as of mid-August 2022.

Click here to visit The DI Wire directory page.

SEC Reaches $400,000

Settlement with Former
Investment Advisor
The Securities and Exchange Commission obtained a final
judgment against California-based investment adviser Keith
Springer and his firm, Springer Investment Management Inc.
(dba Springer Financial Advisors), whom were charged with
defrauding hundreds of retail clients.

The SEC’s complaint alleged that Springer and SFA engaged in

deceptive practices while soliciting new retail clients,
specifically targeting retirees and near-retirees. Many
clients learned about Springer and SFA through a radio show
hosted by Springer, called “Smart Money with Keith Springer,”
which was broadcast on a local radio station in the Greater
Sacramento area. Springer told clients and prospective
clients that he had been selected to host the show due to his
expertise when the show was directly paid for by SFA.

According to the complaint, SFA distributed advertisements to

appear as paid sponsored content on websites such as
Forbes.com and Money.com. The advertisements were in the form
of articles written by Springer.

According to the filing, Springer and SFA were falsely

claiming that they did not receive any incentives to recommend
particular investments. They also filed false reports with the
commission and failed to maintain an adequate compliance
program and required books and records. As of July 2019, SFA
reported having discretionary assets under management of $207
million across 513 accounts, mostly owned by individual retail
investors. From January 2014 through April 2019, Springer and
SFA received at least $6 million in annuity commissions and
bonus payments from the sale of annuities to its advisory
clients.

Springer is barred from association with any broker, dealer,

investment adviser, municipal securities dealer, municipal
advisor, transfer agent or nationally recognized statistical
rating organization.

Springer and SFA agreed to settlements that included $400,000

in penalties and an associational bar against Springer.

Click here to visit The DI Wire directory page.

Wealth Enhancement Group and

CAIS Enter Partnership
CAIS, a financial product platform for independent wealth
management, partnered with Wealth Enhancement Group, an
independent wealth management firm with more than $57.7
billion in total client assets, to provide a customized
platform solution for the firm’s network of advisors.

The company says the partnership between WEG and CAIS

integrates a customized version of CAIS’ platform into the
firm’s existing network of independent advisors. CAIS will
provide access to an evolving menu of alternative investment
funds and products, as well as educational resources, end-to-
end digitized transaction processing, and third-party
reporting integrations.

“We’re thrilled to partner with a firm that is committed to

meeting the unique needs of the independent wealth management
community,” said Jeff Dekko, chief executive officer at Wealth
Enhancement Group. “CAIS will deliver a centralized platform
solution that offers digitized investment selection,
transaction processing and integrated reporting, creating a
seamless alternative investing experience for our advisors and
their clients.”

Wealth Enhancement Group’s more than 360 advisors will receive

access to a variety of diversified investment products across
asset classes, including private equity, private real estate,
private credit, venture capital, hedge funds and structured
solutions. CAIS will also assist WEG in adding their own
sourced third-party funds to the platform for centralized
monitoring, transacting, and reporting, as well as the launch
of proprietary feeder funds and multi-manager funds.

“With the addition of Wealth Enhancement Group, CAIS remains

dedicated to empowering the nation’s leading RIA aggregators
including Mariner Wealth Advisors, Focus Financial Partners,
and Advisor Group,” said Matt Brown, founder and chief
executive officer at CAIS. “As multiple factors fuel
uncertainty throughout public markets, the need to equip
independent advisors with access to quality alternative
investments has never been greater.”

With 69% of financial professionals citing a lack of

educational resources as a barrier to private markets
investing, WEG will also utilize CAIS IQ, a proprietary
alternative investment education platform.

Founded in 1997, Wealth Enhancement Group is an independent

wealth management firm offering comprehensive and customized
financial planning and investment management services. Now
serving more than 45,500 households, the company has more than
75 offices nationwide and is expanding through organic growth
and acquisition.

CAIS provides a financial product platform offering access to

alternative investment funds, IPOs and follow-ons, and
structured notes. Independent due diligence services are
provided by Mercer.

Click here to visit The DI Wire directory page.

Griffin Capital OZ Fund

Breaks Ground on Colorado
Multifamily Community
Griffin Capital Company LLC and Legacy Partners have announced
the start of construction on a 380-unit multifamily community
located in Aurora, Colorado. The development is one of 12
communities being developed by Griffin Capital Qualified
Opportunity Zone Fund II LP, which will comprise 4,067
apartment units with an estimated total project cost of
approximately $1.2 billion.

The Aurora development is part of a 60-acre master-plan

community with office, retail and multifamily centered around
a renovated light rail station that connects the neighborhood
to destinations throughout Greater Denver. The community will
have direct rail and highway access to Fitzsimons Medical
Center, Denver’s largest medical district, which includes
University of Colorado-affiliated hospitals and research
centers.

The four-story community will offer a mix of studio, one-,

two-, and three-bedroom units and will feature various
amenities, including a resort-style pool, fitness center,
resident lounge and outdoor communal kitchen.

“This community will be uniquely positioned to take advantage

of Aurora’s strong job and population growth driven by its
expanding medical sector,” said Eric Kaplan, president of
Griffin Capital. “It will provide attractive, affordable
rental housing to meet the area’s growing demand and create
additional economic stimulus for the community. This is our
third development with Legacy across our opportunity zone
funds and our second with their team in the Aurora market.”

Griffin Capital has raised more than $1.2 billion to date in

its opportunity zone fund offerings and has fully identified
27 investment opportunities across all portfolios, which
comprise 9,448 apartment units in 20 cities with an estimated
$3.1 billion of total project cost.

Click here to visit The DI Wire directory page.

Montego Minerals Closes
Thirteenth Portfolio for
$11.7 Million
Montego Minerals, an investor in oil and gas royalties and
mineral rights in the Permian Basin, has closed its thirteenth
portfolio, Edgewood Minerals LLC.

The $11.7 million fund was an all-cash investment opportunity

located in the Permian Basin, one of the oldest and most
widely recognized oil and gas producing regions in North
America that covers approximately 86,000 square miles across
New Mexico and Texas.

Edgewood Minerals is comprised of approximately 21,133 gross

acres, seven counties, 26 individual properties and six
operators. Currently, the acreage includes 37 producing wells,
13 active permits with room for more than 120 additional wells
to be drilled, according to Montego.

“With three generations of oil and gas experience, Montego

Minerals is a lighthouse for investors looking to participate
in America’s energy real estate,” said Sean Caldwell, senior
vice president of Capital Markets. “Master petroleum engineer
and founder, Rhett Gist, provides in-house sourcing,
evaluation and underwriting of mineral interest properties
with exceptional speed. This affords our investors access to
high quality and timely options for their capital.”

Montego Minerals acquires mineral and royalty interests for

properties that have existing leases with energy companies
and, in most cases, feature significant production already in
pay status to investors, the company said. The operators
drilling wells on the property pay all drilling and operating
costs. The fund sponsor, Montego Asset Management, collects
royalty payments from the operators and distributes the funds
monthly to investors.

Montego Minerals is a three-generation family office of

petroleum engineers and geologists that has evaluated and
purchased minerals and royalties in the Permian Basin for the
last 50 years.

Click here to visit The DI Wire directory page.

IGRE Adds Industry Veteran

Bill Cerelli to Sales Team
Investment Grade R.E. Income Fund LP, a $100 million
Regulation A+ fund that owns and operates a portfolio of
single-tenant, triple net leased medical, office, industrial
and other properties throughout the United States, announced
that Bill Cerelli has joined the firm as regional vice
president.

Cerelli works with IGRE’s selling group network of broker-

dealers and registered investment advisors.

Cerelli is a financial wholesaler with over 22 years of

experience. Prior to joining IGRE, he was a senior vice
president at ExchangeRight. Earlier in his career, Cerelli
served as a senior regional vice president at Preferred
Capital Securities and as an external wholesaler at AXA
Equitable Distribution. He has reportedly helped raise more
than $2 billion in investor equity throughout the course of
his career.
“IGRE is very happy to welcome Bill to our group,” said
William Levy, founder and senior director. “The recent
pandemic crisis has alerted investors to the security of a
diversified portfolio of income producing, net-leased real
estate whose tenants sell ‘essential-based’ products that are
backed by ‘investment grade’ tenants. This program has
withstood various economic cycles including the COVID 19
pandemic, while still meeting its financial obligations,
including rents and dividends.”

IGRE’s recently acquired a Coterra Energy Facility in New

Mexico for $7 million.

Investment Grade R.E. Income Fund is a public, non-traded

Regulation A+ tier two real estate investment company that
owns and operates a portfolio of medical, office and
industrial net leased properties. The fund was qualified by
the SEC in July 2020.

Click here to visit The DI Wire directory page.

Ares Industrial REIT Updates

Monthly NAV Per Share
Ares Industrial Real Estate Income Trust Inc., a publicly
registered non-traded real estate investment trust managed by
Ares Management Corporation (NYSE: ARES) and formerly known as
Black Creek Industrial REIT IV Inc., has declared a monthly
net asset value per share for its classes of common stock, as
of Sept. 30, 2022.

As of September 2022, the REIT’s Class T, Class D, and Class I

shares were valued at approximately $15.38 per share, compared
to $15.35 per share the previous month. The fund’s aggregate
NAV increased from $4.80 billion in August to $4.87 billion in
September.

Class T shares are available to the general public; Class W

shares are generally available through fee-based programs
known as wrap accounts; and Class I shares are available to
institutional investors. Shares were originally priced at
$10.00 each plus applicable selling commissions and fees.

The NAV per share is based on the estimated value of the

company’s assets, less the estimated value of its liabilities
divided by the number of outstanding shares, all as of Sept.
30, 2022. Altus Group U.S. Inc., a third-party firm, assisted
with the valuation process.

The REIT’s investments in industrial properties increased from

$8.74 billion in August to $8.79 billion in September.
Investments in unconsolidated joint venture partnerships grew
from $21.2 million in August to $21.6 million in September,
and Delaware statutory trust program loans increased from
$118.3 million to $130.8 million, month-over-month.

Cash and cash equivalents increased from $48.8 million in

August to $82.0 million in September, and other assets
increased from $70.5 million to $75.9 million.

Lines of credit, term loan and mortgage notes decreased from

($2.84 billion) to ($2.76 billion), while other liabilities
increased from ($142.8 million) to ($165.0 million).

The REIT had 312.4 million fund interests (shares of common

stock along with partnership units in the fund’s operating
partnership) outstanding in August, compared to 316.3 million
the previous month.

Ares Industrial Real Estate Income Trust launched its initial

public offering in July 2017, and as of June 2022 has raised
$3.3 billion in multiple offerings. The REIT’s follow-on
offering was declared effective in August 2021 and has raised
approximately $1.1 billion, as of July 31, 2022.

The REIT’s real estate portfolio is comprised of 241

industrial buildings totaling approximately 49.8 million
square feet. The portfolio was 98.1 percent occupied (98.6
percent leased) with a weighted-average remaining lease term
of 4.4 years. As of July 31, 2022, the REIT’s leverage ratio
was approximately 33.6 percent.

For more Ares/Black Creek news, please visit their directory

page.

Sponsored: Peachtree Joins

the Alternative Investment
Exchange Platform
Peachtree Hotel Group has selected the Alternative Investment
Exchange’s AIX Platform as the primary electronic platform
provider to streamline the investment processes for its
independent broker-dealer and registered investment advisor
partners.

This enterprise technology allows Peachtree to confirm its

client’s product structures, workflows and technologies. The
AIX platform will facilitate front-end engagement by providing
solutions such as digital subscription documents and moving
those documents through the pipeline to the custodians and
clearing firms.
“At Peachtree, we’re committed to delivering an elevated
experience for our advisors,” explained Jessica Correnti,
director, national accounts at Peachtree. “AIX supports these
objectives by making the investment process straightforward
and seamless. It takes powerful technology to make it this
easy for advisors to add alts to their clients’ investment
portfolios.”

Peachtree is a private equity investment, asset and fund

management firm focusing on opportunistically deploying
capital across its distinct operating and real estate
divisions, including hospitality, commercial real estate
lending, residential development, capital markets and media.
Since its founding in 2008, the company has completed hundreds
of real estate investments valued at more than $7.8 billion in
total market capitalization and currently has $1.9 billion in
equity under management. For more information, visit
www.peachtreegroup.com.

Peachtree Group is a sponsor of The DI Wire, and the article

was published as part of their standard directory sponsorship
package. The views expressed in the article are those of the
author and are not necessarily shared by The DI Wire.

For more Peachtree Group news, please visit their directory

page.