Syndications with BAM, Ashcroft, and/or Praxis

[Joseph S.]

I'm considering making my first investment in syndications and am considering BAM, Ashcroft, and/or Praxis. Most of the reviews of these folks are quite dated, so I was wondering if people could offer more current perspectives or experiences they have had with them. In particular I'm considering BAM's Westgate property in Bloomington, IN and Ashcroft's Fund III that has properties in Sarasota, FL, Ft. Lauderdale, FL, and Chapel Hill, NC. I'm still getting access to Praxis' opportunities.

I'm less interested in current income and more interested in growth and building wealth. All perspectives appreciated.

[Matt A.]

Hey @Joseph S., Ive replied to similar posts a few times int he past and am a current investor with two of your three mentioned (although I didnt invest with the third, I do have some experiences with them as well).
A couple others have pointed out some differences, I appreciate those insights but would also look at the structure and reporting. My wife and I no longer actively operate our own portfolio and took the LP route... to that point, give liquidity a consideration as well. I use a mix of qualified and nonqualified monies, map out what liquidity looks like and what life events might drive that need. If you are in a closed-end fund and relying on "pref", "Class A" or other distribution type you may be in for a rude awakening with some operators (again, the devil is in the details, aka the OM/PPM). What is YOUR exit timeframe and strategy (not the funds)? From what I know, all the three operators (currently) are closed ended funds.... you are along for the full ride (just like me), so your going to be there awhile till they close it down. I also invest in some evergreen funds... this allows ME to exit at my leisure (with some notice), and the underlying assets can be a mix of things... multifamily, development, debt - pick your fund objectives and commit. 
I know Praxis has a smaller debt fund (although I didnt like the returns or overall size), Ive chosen to stick with Brian's closed end Fund III. BAM has some interesting things on the roadmap that really have my interest (speak directly with them), but for now I have a stake in Fund II, I also do a larger amount with DLP Capital - but rarely hear them mentioned on BP.... take a look!

I mentioned reporting - this is where you are seeing how the sausage is made (or no, and just get to see the finished product). I would als for quarterly & EoY reports from the past, know what your monthly/quarterly reports look like (in advance), adn what platform is it delivered from. Nothing is a 'standard' here.... its all private equity, so know who your going to get married to! (hint, your better darn well like them.... its going to be a few years till you go different directions). Lastly, listen to whats NOT being said, and from whom. There are a lot of people pushing their own funds, and thats okay if this is where you like to invest. My buy-box just happens to filter out a LOT of noise and doesn't leave too many operators to work with, hence were seeking 1) experience, 2) size, adn 3) AUM or the ability to weather bad times.

Best to you navigating this... guess that why its "accredited investors only"!