FBI investigating United Development Funding
Agents from the Dallas office of the FBI conducted “law enforcement activity” at the offices of United Development Funding, a real estate company that operates traded and non-traded real estate investment trusts that primarily invest in loans for land to develop single-family housing, said Allison Mahan, spokeswoman for the FBI’s Dallas bureau.
Ms. Mahan said she could not comment further.
Two of United Development Funding’s REITs are United Development Fund III and United Development Fund IV. The $186.1 billion California State Teachers’ Retirement System, West Sacramento; $178.3 billion New York State Common Fund, Albany; $125 billion Texas Teacher Retirement System, Austin; and $75 billion Ohio State Teachers’ Retirement System, Columbus, are investors in United Development Fund IV. Ricardo Duran, CalSTRS spokesman declined to comment. Officials at the other pension funds could not be reached by press time.Go Back
Blue Vault's services are without question great resources for the review of the nontraded products offered.