Hartman vREIT XXI Inc., a non-traded real estate investment trust sponsored by Hartman Income REIT Management Inc., announced that the independent directors of the board of directors appointed Allen R. Hartman as interim chief financial officer following the resignation in March of former CFO Louis T. Fox III. Hartman also serves as the company’s executive chairman and chief executive officer.
This news comes after a filing with the SEC by Silver Star Properties REIT, a publicly registered non-traded real estate investment trust formerly known as Hartman Short Term Income Properties XX Inc., said the company is “currently in discussions” with Allen Hartman and Hartman vREIT XXI, Inc. regarding the complete separation of the company from Hartman vREIT XXI Inc. On March 10, Silver Star reported that its executive committee was investigating “issues related to certain violation of fiduciary and other duties to the company by Mr. Hartman.”
As The DI Wire previously reported, Hartman vREIT XXI announced in February 2023 that the company has indefinitely suspended investor distributions. Hartman vREIT XXI warned that there is “substantial doubt about the company’s ability to continue as a going concern” in November 2022. On March 31, 2023, the company filed a notice with the SEC that it was unable to file its annual report for 2022 by the required filing deadline with little explanation.
Hartman vREIT XXI invests in “value-oriented” commercial properties, including office, retail, industrial and warehouse properties. The REIT broke escrow on Dec. 1, 2016, and raised nearly $91.6 million in investor equity since inception, as of Sept. 30, 2022.
Click here to visit The DI Wire directory page.