My family has owned several David Lerner's Apple REITs over the last ten years, starting with Apple 6. All of the Apple REITs are considered illiquid because they're not traded on the open market which means you're dependent upon David Lerner to cash out.
If memory serves me correctly David Lerner has been selling these REITs for close to 18 years and none has ever lost money. Each of the Apple REITs is invested in Hilton and Marriott hotels (and their subsidiarys, ie. Hampton Inn, Courtyard, etc) with the exception of Apple 9, which also has about 5 percent in natural gas wells in Texas. Although past history is not supposed to count for much, but 18 years is not a bad track record for any investment vehicle. Of course times change, and the downside with any real estate investment is the possibility that the underlying properties may lose value. That was never a serious issue until 2008. I've attended a few investment seminars with financial planners and not one of them thought highly of David Lerner's REITs but you have to wonder about their motivation, or lack of motivation (commissions) in their opinions.
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