Sell Non-Traded
REIT Shares

A sale may be possible, depending on the specific REIT, share class, transfer restrictions, purchaser eligibility, and buyer interest. Non-traded REIT shares are not listed on a national securities exchange, so selling them differs from placing a normal exchange-traded stock order.

Our guide to selling a non-traded REIT explains potential liquidity routes and the factors to review before proceeding.

Selected holdings may be considered for purchase by Baron De Biltmore, LLC, an affiliated buying entity. AIL supports the review and transaction coordination process. AIL is not a broker-dealer or investment adviser, and a review does not guarantee an offer.

An issuer repurchase is a separate transaction in which the REIT buys shares under its own program terms.

Possibly. A suspended issuer redemption program does not necessarily prohibit a private transfer. A sale still requires an eligible purchaser, compliance with applicable transfer restrictions, and any required approvals. Some holdings may have no currently available sale option.

Review our overview of non-traded REITs with suspended redemptions and limited liquidity for selected investment-specific examples. Confirm current issuer information before relying on a program’s reported status.

An issuer repurchase follows the REIT’s own program terms, which may include eligibility requirements, pricing dates, deductions, and acceptance limits. A tender offer may come from the issuer or a third party and follows the terms in its offer documents.

A negotiated private sale involves a separate purchaser and agreed terms, subject to transfer requirements. Do not assume that the issuer’s repurchase price or deductions apply to that sale. Compare the purchaser, accepted quantity, net proceeds, timing, and completion conditions for each available option.

Not necessarily. An offer reflects the purchaser’s assessment of the REIT’s financial condition, properties or other assets, debt, distributions, risks, position size, and transfer requirements. It may be below statement value, reported NAV, or original cost and is not an independent appraisal.

Our guide to NAV, capital accounts, tax basis, and sale price explains why valuation references and transaction prices can differ. Partnership capital-account concepts should not automatically be applied to REIT shares.

Requirements vary by REIT, share class, account registration, and transaction type. The governing documents and transfer procedures may require issuer review, purchaser eligibility checks, specific forms, or other approvals.

The transfer agent may also need ownership verification and a Medallion Signature Guarantee. A signed purchase agreement does not by itself complete the transfer or satisfy all issuer and custodian requirements.

Proposed purchase terms identify the purchase price and applicable fees or deductions so you can assess expected net proceeds. Issuer, transfer agent, custodian, or other third-party charges may also apply, depending on the REIT and account.

Review how each charge is allocated and how distributions received before closing affect the agreed purchase price. Issuer repurchase deductions should be evaluated separately from the terms of a private sale.

Start with the full REIT name, share class if known, approximate share balance, and account or ownership type. Account documents and sensitive personal information are not needed for an initial discussion. You can contact AIL with basic REIT holding details.

If further review is warranted, requested records may include a recent statement, issuer communications, ownership documents, and details of any pending repurchase or transfer instructions. Confirm the submission method before sending documents.

Yes. These positions can be submitted for review, but ownership registration, signing authority, documentation, and applicable transfer requirements must be confirmed. Estate and trust holdings may require additional representative records.

IRA-owned shares may require custodian involvement in the transfer and payment process. Inheritance or account ownership alone does not guarantee an issuer repurchase or private sale.

Review timing depends on the REIT and available information. If an offer is accepted, completion also depends on documentation, signatures, any required approvals, and transfer agent or custodian processing. Review and transfer are separate stages, and there is no guaranteed completion date.

Visit How It Works for an overview of the review and potential transaction process.

You can still request an initial review. Our Non-Traded REIT Directory covers selected programs rather than every holding AIL may consider.

Directory inclusion is for research purposes. It does not establish purchaser availability, transfer eligibility, or an available purchase price.

No. An inquiry or Confidential Investment Review does not commit you to sell. You and your advisors can consider the purchaser, proposed price, applicable fees or deductions, transfer requirements, and payment terms before deciding whether to enter into a purchase agreement.

A review does not guarantee an offer, another buyer, or a completed transaction.