Real Estate Investing
First National Realty Partners LLCComplaints
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Complaint Details
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Initial Complaint
02/01/2024
- Complaint Type:
- Customer Service Issues
- Status:
- Resolved
I am the accounts payable person and I have tried to speak with property accountant by phone for months because of confusion over payments. There has been no response other than by email 2 months ago and that was unsatisfactory. Now I am looking at a huge bill when I have been on auto pay and I am clueless how to resolve the issue.Business response
02/12/2024
We are writing in response to the complaint filed by ********************* on 2/1/2024.
Before responding, the Property Manager and our Vice President of Operations visited the tenant on Friday 2/9/2024 to directly address the issues she has been facing with contacting our Property Accounting team regarding rent payments.
When the tenant started a new lease on 12/1/23 for their existing space at one of our properties, she did not realize that the automatic payments she had set up for the previous lease did not carry over. She was under the impression that the rent had been being paid, until she received a past due notice from our Property Accounting team. When attempting to reach out for assistance, she was unsatisfied with the responsiveness from our team. She received slow email response, and her calls were not returned in a timely manner.
We apologize for the confusion ***** has experienced regarding the status of her rent payments. Since the complaint was filed, we have assisted ***** with getting set up correctly through our payment portal to resolve her past due balances. Should she have any other questions regarding billing, payments, etc., the Property Manager has offered to serve as a direct contact for any future issues.
At FNRP, our tenants satisfaction is important to us. We aim to deliver a world-class experience to all of our tenants which includes prompt and transparent communication. We appreciate ***** sharing her concerns with us and allowing us to address her issues directly. Our *************** Officer as well as the rest of our Property Accounting team are all aware of the complaint and are working to enhance their communication with our tenants moving forward.Customer response
02/15/2024
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
Regards,
*********************Initial Complaint
09/14/2023
- Complaint Type:
- Product Issues
- Status:
- Answered
First National Realty Partners ********************************************************************* ************ I have invested in 2 deals with FNRP. Their advertised 12-18% return is a total lie. The first year I received a ****% return on 400K for a total of $ ********* This distribution even included a waiver of fees of $1037.73. The second 2 quarters I received **** % for a total of $ ******* These guys have no clue what they are doing. I had signed up for a 3rd investment at a very early stage for another 400K thru a **** exchange. All commitments were made and they pulled out of the deal. Cost me 200 K is taxes because I could not complete the **** exchange. They talk a good talk BUT DOT NOT DELIVER. They don't answer the phone when they know they are stuck. They don't provide tax documents on time, which causes significant headaches. They don't provide proof of cost mitigation studies unless you threaten to **** I am a seasoned investor and I got duped in their flowery talk. They have a revolving door of people. 2 months down the road and no one know you and what they promised. They cannot find their own documents. When all else fails, they will hang up on you and not answer calls any more. Do you self a favor. Burn your money. You will get a bigger satisfaction then investing with FNRPBusiness response
09/24/2023
We write in response to a complaint filed by *************** dated September 14,2023.
As a preliminary matter, we have been in communication with ************** both before and after the filing of his complaint. We have spoken with him twice since he filed the complaint, most recently on September 21, 2023. The parties have come to an agreement on how to resolve **************** complaint and are working towards finalizing that resolution in the coming days.
Nevertheless,and to preserve our rights, First National Realty Partners (FNRP) responds as follows:
First,we do not wish to address certain of **************** statements concerning FNRP,which in and of themselves do not meet the criteria of acceptance (e.g.,These guys have no clue what they are doing; They talk a good game but do not deliver; They dont answer the phone when they know they are stuck, "I am a seasoned investor and I got duped in their flowery talk" and When all else fails, they will hang up on you and not answer your calls anymore).
On the merits: ************** has invested in two specific FNRP projects commonly known as ********************* and ****************************. Unlike most FNRP investors that invest in a pooled fund, **************** investments were done as part of a **** tax free exchange, which is a real estate investing tool that allows investors to defer capital gains when they sell certain real estate by reinvesting their proceeds from the sale within certain time limits in real estate of like-kind and equal or greater value.
While **************** complaint states that FNRP advertises 12 18% returns, this is both a general statement and one that is inaccurate as it relates to **************** specific investments. FNRP never advertised 12-18% returns on the deals that ************** invested in. With respect to **************** investment in *********************,FNRP marketed projected returns during the life of the investment between 6.8% and 8.6%, with an average return of 7.7% and at the time of sale of the investment, a 12% return. Similarly, with respect to **************** investment in ****************************, FNRP marketed projected returns during the life of the investment between 6.0% and 9.6%, with an average return of 7.4% and at the time of sale of the investment, a ****% return. We therefore dispute *************** statement about FNRPs returns and any implication that they were somehow misleading or false. We do not promise returns or guarantee any specific level of cash distributions. To that end, FNRPs marketing materials contain extensive disclaimers, highlighting (a) the risk and speculative nature of investing in commercial real estate and (b) that FNRPs projected returns are based upon models and a variety of assumptions that *** or *** not be realized. All of these marketing materials and disclaimers were provided to ************** in advance of his investment.
FNRP is a co-investor in both ******* and *********. Therefore, our interests are aligned with that of **************. However, scenarios beyond our control, such as interest rate hikes, market volatility, tenant vacancies,capital expenditures, and even unexpected external events can impact a propertys performance, and this is not anything unusual. Many real estate investments have been affected by such market changes.
With respect to **************** statement that he signed up for a third investment at an early stage, we believe the investment referred to here was in a project known as ****************. After conducting due diligence on that property, FNRP determined it was not in the best interest of its investors to move forward with purchasing that property. It is our understanding that ************** was going to use **** funds for that investment. As with all **** exchanges, ************** had the opportunity to identify up to three properties which he could have reinvested in, which allows investors to have different options available for reinvestment. We do not know if ************** identified any other properties, but he certainly had the option to do so and could have invested in any of those other properties when FNRP determined it was not moving forward with ****************.
Finally, ************** mentions the delay in certain tax documents. With respect to **************, there was no delay. FNRP works diligently to provide all of its investors with year-end tax documents in a timely manner. **************** tax documentation was made available to him on March 31, 2023, and according to our records, he retrieved this information on April 5, 2023, which would be enough time to prepare the related Schedule Es for **************** tax returns.
We value our relationship with **************, as we do with all of our investors, and we strive for a high level of transparency and communication with our investors. Despite the foregoing, we look forward to working with ************** to positively and amicably resolve his concerns.
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Contact Information
151 Bodman Pl Ste 201
Red Bank, NJ 07701-1064
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Get a QuoteCustomer Complaints Summary
2 total complaints in the last 3 years.
1 complaints closed in the last 12 months.
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