"Underperformance on returns & communication"

I'm an investor in one of the car wash funds. The projections going in were quickly adjusted down after close, communication was adjusted from monthly to quarterly, and distributions were changed from monthly, to quarterly, to then none at all. They've done a pretty good job with the detail of the reporting, but it's hard to understand how the deal started underperforming so quickly. If there was an exit, I would take it, but I think I'm locked in for the duration of the hold, at least another 5 years.

"Lost all of our capital"

Initially, had good results investing with them in a multifamily deal (Carrington at Brier Creek in North Carolina). Then, we elected to roll over our equity through a 1031 exchange through a TIC with another group to purchase class A multifamily in Katy, TX in late 2020. Despite decent operational performance, the capital stack that they put together has blown up due to the use of short-term, floating rate debt with interest caps. Looking back, with the benefit of hindsight, it was all very predictable, but everyone was drunk on cheap money during the pandemic. Now in 2025, they tried a capital call with very unfavorable terms for non-participants, essentially moving non-participants to the back of the line and promoting old-money contributions for participants ahead of other LP's in the same share class. We did not participate for a number of reasons. I did not appreciate the strong-arming they tried to pull with the capital call, but also didn't want to throw good money after bad. We've lost a lot of capital in deals like this and need to preserve what we have left. They are doing a forced sale now and we are told that we will not receive any of our capital back. Earlier communications indicated that if the asset were sold today, there was 18% left. Going to zero was not in line with expectations. Groups like these are a dime a dozen. I don't see how they add value. They're merely asset gatherers who rode the wave in multifamily appreciation, collecting fees and promotes along the way. Their judgement on macroeconomics and risk is no better than mine. I should have listened to doubts I had about valuations, but I trusted their judgement. One of the founders said and I quote (paraphrasing): "I love low cap rates because they give us more leverage" (due to the multiplier affect on NOI). Well, how has that worked out? It turns out paying peak valuations for RE and layering on short-term debt is risky. The way the call and the forced sale calls into question their integrity. I would not trust them with my hard-earned capital again, even if I could forgive them for their poor judgement and lack of respect for risk.