We did not have sex with that Pension Board!
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Cole Credit Property Trust III is touting its recent $170 million acquisition, which involves a sale-leaseback transaction with for-profit higher education purveyor Apollo Management Inc. The irony here is compelling given that non-traded REITs are being investigated by FINRA for unscrupulous sales tactics employed by financial advisors whereby the true risks associated with these investments are not adequately disclosed to the retail investor. Likewise Congress is investigating the for-profit college industry, which charges tuition up to 5 times the rate of their non-profit competitors, uses taxpayer guaranteed loans to pay for the diplomas, with the ultimate result being that students find their expensive education of little value in the job marketplace. Kind of like how non-traded REIT investors find that their $10 share isn't quite worth what they thought it was . (FYI...the US Government expects that only 25-35 percent of all student loans to for-profit students will ever be repaid). Perhaps these disillusioned students should trade war stories with their equally disillusioned retail investor counterparts.