Jamestown Invest 1 Review 2026: NAV $11.39, No Payouts, Sale Plan

Can you still buy Jamestown Invest 1? No, and that changes what a review is for

People who search “jamestown invest” find a sponsor site, news from 2020 and old listings. There is nothing to buy. The 1-SA says the offering “was terminated by the Company effective July 12, 2022,” and supplement No. 35 repeats that the Manager stopped accepting new investments on that date. The public offering ran from November 27, 2019 and raised $5,716,110 of the $50,000,000 offered (11.4%, our arithmetic), on top of $5,501,000 from a private placement: $11,217,110 in total and 1,102,299 shares issued. The June 2026 semiannual report words the total as “$11,217,110 in capital (in addition to the $5,501,000 in a private placement),” which reads as if the private money were extra; the supplements and the arithmetic say it is included, so we use $11,217,110.

So the useful question is the one a shareholder has: what is my stake worth, will it pay, and how do I get out? The sections below answer it from the fund’s own filings (EDGAR CIK 1751158). The issuer is still filing: its latest documents, a Form 253G2 and a Form 1-U, are dated October 9, 2026. For Regulation A funds that are still open, see our Regulation A real estate offerings page and our reviews of Ark7 and Roots.

What the fund owns

The fund holds one asset. On March 12, 2020 it bought a 51% controlling interest in JT Invest 1 Dairies, LLC from its sponsor, Jamestown, L.P., for $7,279,065. On August 18, 2021 the sponsor sold the other 49% to JT Altera Dairies, L.P., a joint venture between a Jamestown subsidiary and Altera Southern Dairies PA, LLC. Jamestown, L.P. also keeps a sponsor co-investment of 200,000 shares in the fund.

Source: Form 253G2 supplement No. 35 (0001751158-26-000034), supplement No. 31 (0001751158-26-000006) and Form 1-SA (0001751158-26-000031).

NAV per share, quarter by quarter since 2020

The NAV is set by an internal valuation process and approved by the Manager’s Investment Committee each quarter. It rose from $10.00 to a peak of $13.87 in mid-2022, fell to $10.78 by September 2024 and has recovered to $11.39. The table is built from each of the 25 supplements.

Source: Forms 253G2 for each quarter, accessions in the downloadable CSV.

Three things stand out. First, the 2024 reset: from $12.14 to $10.80 in the first quarter of 2024, a fall of $1.34 or 11.0% (our arithmetic), when the asset valuation fell only 6.8%, from $51.3 million to $47.8 million. That is leverage at work: a 1% move in the building’s value moves the NAV by roughly twice as much. Second, the asset value has stayed between $48.0 and $49.8 million since June 2024, and in the last three supplements the debt valuation is credited with the NAV gains. The October supplement names “a decrease in the debt valuation partially offset by a decrease in the real estate valuation”: the loan’s fair value fell about $124,000 in line with amortization and the swap gained about $25,000. Third, the building’s value is 4.6% below its September 2022 high of $52.1 million (our arithmetic), while the NAV is 17.9% below its peak, because debt does not shrink with the value.

As a rough check on the reported NAV (our arithmetic, not a reconciliation), 51% of the June 30, 2026 equity in the asset ($49.8 million less $25.2 million of debt) is about $12.5 million; subtract the $786,687 accrued participation allocation for the Manager and you get about $11.8 million before cash and other items, against a reported NAV of $11,922,288.

What your purchase price means

Shares were sold at the then-current NAV, so the price depends on when a shareholder bought. The 1-SA lists the prices paid in the final public sales: 7,305 shares at $10.71, 37,780 at $12.36 and 12,125 at $13.84 in 2022, plus the earlier $10.00 to $10.35 tranches.

Our arithmetic from the NAV in supplement No. 35 and the prices in the 1-SA notes. Price only; payouts are in the next section and are not added here.

Payouts: what was declared, quarter by quarter

Distributions were declared every quarter from March 2021 to December 2023, then stopped while the Manager built cash for the March 2025 loan maturity, resumed for two quarters in 2025 and have almost disappeared in 2026.

Source: Forms 253G2 and 1-U for each quarter-end, Forms 1-SA.

The payouts of 2025 had a stated source. The January 14, 2026 supplement says: “the distributions and redemptions made in 2025 were facilitated by cash flow reserves accumulated in anticipation of the loan refinancing completed in Q1 2025. At this point, these reserves have now been distributed.” It then warned that the new interest rate of 6.09% and monthly amortization “significantly reduced net available cash flow.” The building was performing: the same supplement said it was 100% leased.

At the 2023 rate of $0.60 a share, the fund paid 6.0% a year on a $10.00 share (our arithmetic); the $0.019 of 2026 is, in the Manager’s words, an “annualized gross distribution yield of 0.76%” on the same base.

Why there is so little cash: the first half of 2026

In the six months to June 30, 2026 the consolidated statements show revenue of $2,299,604 (up from $1,837,914), net operating income of $1,516,005 and net income of $258,304, but a loss of $1,330 attributable to the fund after the other owner’s share. The cash tells the story.

Source: Form 1-SA, September 28, 2026 (0001751158-26-000031), cash-flow statement and note on the mortgage loan.

Two facts matter for a shareholder. The loan principal paid in the half ($248,298) was double the $124,149 of the first half of 2025, and the same $248,298 is scheduled for the second half of 2026. And the joint venture’s other 49% owner received $291,550 in the half, 14.8 times the $19,646 paid to the fund’s shareholders (our arithmetic).

Related-party fees also sit on the income statement: a $72,600 asset management fee (1.25% of NAV a year), a $34,847 fund administration fee (0.60% of NAV a year) and $53,953 of property management fees, $161,400 together (our arithmetic) for the half, against $20,000 declared to shareholders. These fees pay for managing the asset; they are not a hidden charge, but they come before the shareholder in the cash order. The Manager also holds a performance participation: 20% of the amount by which NAV plus distributions exceeds the $10.00 initial price. It was accrued at $786,687 on June 30, 2026 ($0.75 a share, our arithmetic), carried as a liability on the balance sheet, and is payable in full at a liquidity event.

The redemption queue

Redemptions follow a plan the Manager may “amend, suspend, or terminate” at any time. Shares held longer than five years redeem at 100% of NAV, four to five years at 99%, three to four at 98% and 90 days to three years at 97%, before the participation allocation. Because the offering closed on July 12, 2022, every public share has now been held more than four years.

Source: Forms 253G2 supplements No. 28, 30, 31, 33, 34 and 35.

The queue fell by 26,463.75 shares, or 51.7% (our arithmetic), between January and October 2026, in quarters when the fund redeemed nothing. The filings do not say why. Withdrawn requests would explain it, but that is our guess, not something the Manager states. At the 2025 pace of $99,100 of redemptions a year, clearing $280,589 would take about 2.8 years (our arithmetic), and the 2025 payments came from reserves that, by the Manager’s own account, have been distributed. Over the fund’s life, the Manager approved redemptions of about 50,593 shares for $591,208, 5.3% of the money raised (our arithmetic). The 1-SA breaks that into $59,644 in 2021, $27,234 in 2022, $405,230 in 2023, nothing in 2024 and $99,100 in 2025.

The sale: how the Manager’s message changed

The change happened between July 10 and September 28, 2026, and no filing in between gives a reason. The loan’s stated maturity is March 12, 2027, under five months away; a sale in a “6-12 months” window would close after that date (our reading), so the lender relationship matters whichever way it goes. The June 2026 1-SA says the fund “intends to extend or refinance its mortgage loan payable upon maturity.” The $24,947,957 of principal due in 2027 is about half the building’s value.

What would a sale do to the NAV? The sensitivity below is arithmetic, not a forecast: it moves only the property price at 100% of the asset, keeps the $25.1 million loan, takes the fund’s 51% and keeps 80% of each dollar after the Manager’s 20% participation, divided by 1,051,639 shares. It ignores sale costs, any swap termination amount, prepayment items, taxes and cash at the fund, all of which would change the result.

Each $1 million of price is worth about $0.39 a share on this math ($1 million x 51% x 80% / 1,051,639 shares). The 2024 reset (valuation down 6.8%, NAV down 11.0%) shows the same leverage in the other direction.

What a reader can do with this

• If you hold the shares: write down your purchase price and date, then compare it with the $11.39 NAV and the redemption tier in the text above. Your price decides whether a sale at the current valuation is a gain or a loss for you.
• If you have a redemption request in the queue: it is paid pro rata when the Manager decides to process redemptions, and the Manager has said it will evaluate requests quarterly. Ask the Manager whether your request is still active, since the queue shrank without any redemptions.
• Watch these filings: the Form 253G2 and Form 1-U around December 30, 2026 (the fourth-quarter payout decision), the next NAV in January 2027, any 1-U on a sale agreement or a loan extension, and the loan maturity on March 12, 2027.
• If a sale closes at a loss: the tax treatment depends on your own situation; see our pages on tax-loss harvesting for crowdfunding investments and on the worthless-stock deduction for failed non-traded vehicles.
• Context: other vehicles with gated exits are in our redemption suspension tracker and in Real Estate Crowdfunding Liquidity 2026; for office exposure in listed form see office REIT dividends, occupancy and debt.

FAQ

Related reading: Regulation A real estate offerings, redemption suspension tracker, Ark7 review. We earn nothing if you buy or sell anything mentioned here; Jamestown Invest is closed to new investors and has no affiliate program.

This is analysis of public documents, not investment, legal or tax advice. Sources: Jamestown Invest 1, LLC, Form 253G2 supplement No. 35 (accession 0001751158-26-000034, October 9, 2026) and the quarterly NAV and payout supplements listed in the downloadable CSV (supplements No. 1 to No. 34), Form 1-SA for the six months ended June 30, 2026 (0001751158-26-000031, September 28, 2026) and Form 1-SA for the six months ended June 30, 2025 (0001751158-25-000029), all from SEC EDGAR CIK 1751158, read October 21, 2026. Compiled by CrowdfundedWealth.