Nothing was mailed to me all of January, so I returned to acacia asking about my holding deposit fee, and the office associate stated I'd receive it no later than 30 days. The office manager said I'd receive it in the mail. This was never brought to my attention until that moment.

I returned to acacia park to pick up my holding fee on Dec 27th and was told I had 7 days to pick it up. On Dec 24th I was told unfortunately I did not get approved for the apartment and that I can pick up my holding fee money order. The company closed its offering in May 2015 after raising a total of $776 million in investor equity and owns seven properties with an investment cost of $774 million, as of the fourth quarter of 2018.Ĭlick here to visit The DI Wire directory page.I applied for a 1 bed at acacia park on Dec 18th with a holding deposit fee of $300 and two applications fees of $50 each. AR Capital and its affiliates were involved in a series of scandals that eventually led to the closing of all AR Capital-sponsored investment programs to new investors.Īmerican Realty Capital New York City REIT invests in properties located in the five boroughs of New York City, with a focus on Manhattan. Last March, the REIT suspended cash distributions in order to “enhance its ability to execute on acquisitions and conduct repositioning and leasing efforts related to its properties.”Īccording to Summit Investment Research, prior to the suspension, the REIT had a 10 percent distribution coverage, and the 6 percent distribution rate was overdistributed by $4.03 per share.ĪR Global is the successor business to AR Capital LLC, New York City REIT’s former sponsor.

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