REITs at David Lerner Associates


Apple REITs are a series of real estate investment trusts underwritten by David Lerner Associates with the goal of providing income and possible capital appreciation for our clients.

Since 1993, David Lerner Associates has raised over $7.2 billion in 10 Real Estate Programs. The firm is currently underwriting its eighth Apple REIT with the goal of providing income and possible capital appreciation for clients.

About Apple REIT Companies
Apple Real Estate Investment Trust Companies consist of a group of investment companies committed to providing maximum value for shareholders. Apple REIT Companies focus on the acquisition and ownership of income producing properties, primarily extended stay and select service hotels. 

  • 4th Top Owner and Developer of lodging properties in the US (Printed in Hotel Business magazine published on September 7, 2012. Based on number of rooms at the end of 2011).
  • Currently owns and manages 5 REITs consisting of
  • 288 hotels
  • 35,249 guestrooms
  • 36 states 

David Lerner Associates' History of Underwriting Apple REIT Programs

  • Apple Hospitality Two (2001) consisted of 64 Marriott Residence Inns and Homewood Suites in the United States. Our clients invested $425 million in the program. 
  • Apple Hospitality Five (2003) consisted of 28 upscale, extended-stay and select-service hotels in the United States. Our clients invested $500 million in the program. 
  • Apple REIT Six (2004) consisted of 68 extended-stay, full service and select-service hotels in 18 states. Our clients invested $1billion in the program. 
  • Apple REIT Seven consists of 51 hotels in 18 states. Our clients invested $1 billion in the program. Apple REIT Seven is no longer open to new investors. There is no public market for Apple REIT Seven. 
  • Apple REIT Eight consists of 51 hotels in 19 states. Our clients invested $1 billion in the program. Apple REIT Eight is no longer open to new investors. There is no public market for Apple REIT Eight. 
  • Apple REIT Nine consists of 86 hotels in 27 states. Our clients invested $2 billion in the program. Apple REIT Nine is no longer open to new investors. There is no public market for Apple REIT Nine.

Learn more about REITs in our classroom >>

Apple REIT Companies website >>


PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. Offering by prospectus only.

Since the REITs we offer lack public markets (i.e. are illiquid), investors should be prepared to hold the investment for an indefinite period of time, although certain REITs (i.e. Apple REIT Six, Apple REIT Seven, Apple REIT Eight, and Apple REIT Nine) may offer the possibility of limited, interim liquidity, however, an investor's ability to redeem their shares is limited and is subject to the terms of the Unit Redemption Program. In addition, there are conflicts or potential conflicts of interest with the issuer's chairman/president because he has duties as an officer and director to companies with which the issuer contracts or with which the issuer may compete for properties. Properties may, at the issuer's Board of Directors discretion, be leveraged and thereby subject to a greater risk of default. There could be significant adverse consequences of the issuer's failure to qualify as a REIT, including its inability to make distributions to shareholders. Real Estate Investment Trusts (REITs) are subject to the normal risks associated with the ownership of real estate, including possible decline in value, environmental problems and changes in interest rates.