Paul S.
Level 6: Top VoiceReviews by Paul S.
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Solid Performance and Unique Market Positioning
We have been invested with Spectra since right around the time of their inception. I was impressed with the leadership team and their foresight on a growing need in the market - special situation lending. From the onset, leadership took an institutional approach to reporting and fund administration. Returns were in the high-teens for the first few years. Year three has seen their default rate pick-up a bit, but is still within the perimeters of their pro forma projections. Because they originate first position, lower leverage loans, there is imbedded liquidation value in the assets that are on their books. While the steady income we were used to may be a bit more volatile moving forward, the overall long-term returns should be very good. They have maintained their lending discipline, choosing to mute returns with cash drag at times, versus just deploying into subpar loans. A few partial redemptions - been pretty quickly honored. Overall, happy with performance and the team.
Impressive Track Record
I had multiple conversations with Paul Bennett, and a few other AAA team members, before deciding to invest in their latest fund. Their track record was very impressive, having been deeply entrenched in the self storage space for over 30 years. Getting to know their team, I felt very comfortable in their competence and ability to mitigate key development risks. It's early in my investment experience with AAA, but they are worth a look for anyone interested in finding top notch operators in the self storage space.
Say What They Mean, Mean What They Say
I recently invested with Andy and his team in 2025. Thus far, I've been impressed with the execution of the business plan and communication with Investors. Distributions are like clockwork. The NOI is looking to be on track with pro forma and there should be a nice return of capital coming at an upcoming refinance. While it's early in the lifecycle of the deal I'm in, and the relationship is quite new, I'm happy with how things are going. This is one of the few LP deals I've invested where I actually walked the property and was able to be there for the physical inspection. Very thorough. I plan to keep future Enjoy deals on my radar for consideration.
This is What You Want In a Sponsor
I invested in Multifamily Fund V. Most of these assets were acquired near the peak of the market in 2022. Subsequently, distributions were paused for some time. During that time, Brian and the leadership team have been very detailed and transparent about what's going on with the portfolio. The professionalism and real talk is second to none. They were able to avoid a capital call and just turned distributions back on. If my expectations were't met, it's only because the investment didn't produce a home run. However, if you go into an every syndication with that expectation, you will most certainly learn disappointment. What Praxis showed me was the gold standard in how to deal with tough situations and anxious investors during a difficult time in the market cycle....A+.