Many of us will not be surprised to hear, but I found out that SUN1031 has not been doing any more business. If you search their name and look at their "website" it no longer has any information.
I assume this could change in the future.
Interestingly enough, it seems some of their last holdings were sold(?) to members of the title company Sun1031 used, Alpha Title in Alpharetta GA.
The new company name for these holdings is "Sun South".
Pretty cozy, huh?
Thus, this could have been a maneuver by SUN1031 to get out (protect) of these assets due to some owners still looking to sue SUN 1031.
According to the AZ secretary of state, Sun 1031 still exists with Shaun Coleman as the Registered Agent. So even if they closed their office, the legal entity still exists as of today.
Most of us has lost all or a great deal from SUN1031 "investments".
Wish all of you the best this year.
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Wow... very sorry to here all of these horror stories. I to was duped by sun 1031... but as an employee not an investor. I left Sun after only a few short months due to the way they ran there business. At the time there was a heated debate going on with regards to the question of whether all TIC properties should be treated as a security or if by operating within what was then called "the grey area" they could be considered and treated as real estate. There were good arguments presented to support both sides of the issue. However, it became clear to me that master leases and sponsors maintaing large ownership stakes made it dificult if not impossible for these investments to be treated as anything other than a security. I also felt that the principles at Sun were not forthright with their employees and purposely held back pertinent information from all parties involved in the marketing and sales of the properies, making it near impossible for anyone to get a clear picture of the leasing and finance agreements in place . The real estate agents selling the properties at the time I worked there, we all working under the assumptions that the information provided to them was accurate and complete... until they learned enough to start asking questions... which ultimately resulted in their leaving or being let go. I am just glad I got out of there before I unkowingly mislead anyone into investing into these poorly presented investments. For those of you who had the opportunity to meet the principals... all I can say to you is that they were equally good at fooling their agents as they were you when presenting their company and properties.
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