Legacy Developers

I invested with Legacy Developers in a single self-storage development project located in Ohio. The primary reasons for this investment were the asset class, the specific location, and the promise of immediate distributions from day one. This syndication was originally promoted by Cornell Capital Holdings, but they have since completely ceased communication and disappeared from the reporting channel. The project has experienced substantial delays at every phase, including entitlements, permitting, construction, and the current lease-up period. While construction is now complete and lease-up is in progress, the financial management of the project is unclear. I don't know how the sponsor funded cost overruns. It appears they paid two years of regular distributions by essentially returning a portion of the limited partners' own invested capital, then all distributions stopped. Reporting from Legacy Developers has been irregular, very short, and lacks transparency, with no formal financial information shared with investors. Given the current status and lack of financial clarity, I am expecting a substantial loss of capital with no clear exit strategy in sight. I would certainly not invest with Legacy Developers again.