Disappointed Investor – Illiquid and Poor-Performing Syndication

I invested $100,000 in Volta on Pine and $100,000 in Oasis with Gelt (now Gelt Venture Partners) back in 2021. The pitch was attractive: “safe” large-scale real estate projects with a 7% preferred return, improved NOI through repositioning, and a big payout at exit (7–10 years). The reality 4 years later: Average return has been under 2.9% cash-on-cash per year. Distributions stopped more than a year ago, with the latest update confirming no further payments until a future sale. I inquired about selling my shares at even a 10% discount, but was told it was impossible. In other words, this “safe” real estate investment has been illiquid, underperforming, and opaque. I get no rental income, no clarity on capital appreciation, and no way out. Meanwhile, properties I bought directly during the same period gave me 5% annual cash-on-cash returns, ~10% appreciation, and liquidity if I wanted to sell. “Go Bigger with Gelt” has so far meant wasting years without passive income, tied up in a structure where investors carry all the risk and have zero flexibility. Rising interest rates are often cited as the excuse, but ultimately, to me, this is simply bad business execution. If you’re looking for steady, transparent, or flexible real estate income, in my experience, Gelt has not delivered.