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Hartman XXI Breaks Escrow, Declares Initial Distribution Rate, and Purchases First Property

Hartman vREIT XXI Inc., a publicly registered non-traded real estate investment trust, satisfied its minimum offering requirement of $1 million to break escrow. The escrow break occurred on December 1st, and the initial public offering investors have been admitted as shareholders effective as of that date.

The REIT’s board declared an initial annualized distribution rate of 7.5 percent to common shareholders of record, which is comprised of a 5.5 percent cash distribution and a 2 percent stock distribution, based upon a $10 per share purchase price. The initial distribution will be paid to common shareholders of record as of December 31, 2016 on or about January 20, 2017.

Additionally, Hartman vREIT XXI, in a joint venture with Hartman Short Term Income Properties XX, purchased Village Pointe Shopping Center in San Antonio, Texas on November 14th for nearly $7.1 million.

“Breaking escrow, completing our first asset investment, and establishing a well-thought out initial distribution for our investors marks a tremendous beginning to the distribution of what we believe will be another high-quality investment vehicle by Hartman,” said Rick J. Vitale, executive vice president of product distribution and development. “We look forward to working with the much-appreciated broker-dealer community and their field force in the distribution of this value-add investment program.”

Hartman vREIT XXI was declared effective on June 24, 2016. The company is offering 25 million shares of its common stock at $10.00 per share and up to 2 million shares of its common stock under its distribution reinvestment plan at $9.50 per share. The Texas-centric investment program seeks to acquire properties in the Dallas/Ft. Worth, Houston, and San Antonio markets.

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