Don't buy them ! I will tell you why.

Private REITS have no transparency, no market and no liquidity.  You don't know the valuation.  What you have is what the broker tells you which most of time is not quite correct.  The brokers' goal is to sell you the product, not interested in whether this product is good for you or not.  They will take in huge fees for selling you that.  In the rising intereat rate environment, it is very challenging for real estate development companies to make a lot of money since the cost of money is going up.  I will never touch that baby.