Landa Forecloses Again, and This Time the Filing Does Not Say What Investors Get

Landa App 3 LLC told the SEC on September 16 that another of its houses has been taken by a lender, and that the investors who owned it will have their units canceled. The property at 6696 Mableton Parkway SE in Mableton, Georgia was sold at a foreclosure sale on September 1, 2026, the filing says, after a bridge loan secured by the series reached maturity and the series could not repay it. The Manager has approved dissolving the series. What the filing does not say is what the house sold for, who the lender was, or whether the investors will receive anything at all.

What the filing says

The current report, signed by chief operations officer Sammiya Mujtaba, carries the disclosure in two items. Item 9 reports that the property 'was subject to a foreclosure sale' on 09/01/2026 and that, as a result, 'the Series no longer holds title to, or any equity interest in, the Property.' It explains that 'foreclosure proceedings were initiated following the maturity of a bridge loan secured by the above-referenced Series, as the Series were unable to repay the loan in full upon maturity,' and that the Manager 'undertook commercially reasonable efforts to market and sell the properties to facilitate timely sales and avoid foreclosure.'

Item 1 then reports the consequence: 'the sole asset of the Series was foreclosed. The Series no longer has any active operations or assets. Accordingly, the Manager has approved the dissolution of this Series in accordance with the Series' Operating Agreement. Upon dissolution, all outstanding membership interest units of the Series will be canceled.' The filing adds that the dissolution does not affect any other series of Landa App 3.

What is missing, measured against Landa's own last filing

Three months earlier, on June 26, 2026, the same issuer filed a dissolution report for 996 Greenwood Avenue NE in Atlanta. That filing disclosed the sale price of $252,444.16, the cash available for distribution of $828.28, the offering price of $24.20 per share, $1.27 of lifetime dividends and a final distribution of $1.39 per share. An investor could read it and calculate a loss of roughly 94 percent.

The Mableton filing carries none of those figures. It does not name the bridge lender, state the loan amount or its maturity date, give the foreclosure sale price, identify the purchaser, or disclose any distribution. It also drops a clause that Landa's earlier dissolution reports carried, that the dissolution 'will be effective upon the final distribution of the sale proceeds to its investors,' and replaces it with units being canceled on dissolution. AltStreet is not reporting that investors received nothing, because the filing does not say that. The finding is the silence itself, in what is now the only channel through which Landa investors learn anything.

The pattern this belongs to

This is not the first Landa property to be foreclosed, and it is a long way from it. AltStreet's review of the platform records at least 44 individual series reported foreclosed, sold at a loss or dissolved since January 2025, across roughly two dozen filings. Seventeen houses were reported sold at foreclosure on a single day in July 2025. Several dissolutions since have returned $0.00 per share, including 1741 Park Lane in Griffin, two houses in Jonesboro in December 2025 and 7349 Exeter Court in Riverdale. Where anything has come back it has been small: $1.20 a share at 773 Villa Way, $3.04 at 303 Kellys Walk, $3.36 at 8691 Ashley Way against a $5.94 offering.

Mableton is the third Landa App 3 property to lose title, after 996 Greenwood and the contested seizure of three Brooklyn buildings by lenders in late 2025. App 3 registered six series; two are now gone and three are in dispute. Across all four Landa issuers, no Form 1-Z exit report has ever been filed, so every issuer remains nominally a reporting company while its properties are sold out from under it.

Why it matters

Landa's investors have had no app since April 2025, no dividends since late 2024 and no audited annual report since fiscal 2022 at the two largest issuers. The current reports were the last thing still arriving. A dissolution notice that omits the price, the lender and the distribution takes the informational content out of that channel too, while satisfying the obligation to file.

The going-concern question is no longer a matter of inference. Landa's auditors said it plainly, in filings AltStreet has now read directly: Marcum LLP's reports for fiscal 2022 and 2021 were unqualified 'except to indicate that there was substantial doubt about Landa App LLC and each Series' ability to continue as a going concern,' and Morison Cogen LLP's reports for fiscal 2023 and 2022 'expressed substantial doubt about the Company's ability to continue as a going concern due to the Company's lack of liquidity, nominal cash and losses from operations since inception.' Both statements appear in auditor-change current reports from 2024. What no filing since has provided is a later opinion, because no later audit exists.

What has not been verified

The bridge lender is not named in the filing and AltStreet has not identified it from the Georgia county records, which were not searched. No sale price, purchaser or deficiency is stated, and no distribution figure is disclosed, so nothing here establishes what the investors in this series will receive; the absence of a stated figure is not the same as a stated zero. The foreclosure sale date appears as 09/01/2026 in the filing's table, and the body text says only 'On September 1st' without a year. The count of affected series is AltStreet's own tally from the Form 1-U record and is stated as a floor. This report is drawn entirely from Landa's own filings with the SEC and from AltStreet's record of the platform. AltStreet did not seek comment from Landa before publishing, and will add the company's response to this page if one is provided.