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Multifamily
Lake Road Apartments
Killeen, TX
Completed Equity
100% funded
...
Lake Road Apartments
Killeen, TX
All Investments > Lake Road Apartments
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Overview
Lake Road Apartments
Value-add acquisition of a multifamily asset with locally-experienced sponsorship and management.
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Videos
Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 6/2020
Minimum Investment 30000
Estimated Hold Period 3 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1976-1983
# of Units 222
Current Occupancy 55%
Parking Ratio 1.45 spaces per unit
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
Deal Highlights
Investment Highlights
The Real Estate Company is purchasing the Property for $20,270 per unit which compares favorably to recent transactions in the market.
The Real Estate Company has budgeted $3,289 per unit for interior renovations and an additional $2,703 for exterior and common area improvements.
The Property will be managed by Wehner Multifamily, a locally experienced property management firm.
The exit strategy is to sell the Property in three years at an expected cap rate of 8.0%
The Real Estate Company is purchasing the Property for $20,270 per unit which compares favorably to recent transactions in the market.
The Real Estate Company has budgeted $3,289 per unit for interior renovations and an additional $2,703 for exterior and common area improvements.
The Property will be managed by Wehner Multifamily, a locally experienced property management firm.
The exit strategy is to sell the Property in three years at an expected cap rate of 8.0%
Contact Us
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Management
For more information, view the Sponsor's Investment Memorandum.
Productive Capital Associates

Productive Capital Associates ("PCA" or the "Sponsor") was founded in 2014 and acquires and operates large, off-market value-add apartment communities, located in stable or growing US markets, with a primary focus on Texas markets. PCA improves properties and their surrounding communities through vetted operational efficiencies supported by strategic capital expenditures that are led by curated business plans based on the location, demographics, condition, and comps of the target property. PCA’s goal is to drive value and exit relatively quickly so as to maximize return on equity and IRR for its investors, returning the properties to the market as nicer assets, and much better places to live and work. As of January 2022, PCA will have owned and operated nearly 2,000 multifamily units, with a value of over $175 million.

Some of PCA’s investment highlights include the following:
• Achieved 150%+ ROI within ~2 years for multiple commercial real estate projects, spanning multifamily, self-storage, and retail assets
• Tripled income within 12 months for a 220+ unit apartment community in Central Texas, adding millions of dollars of value in year one
• Doubled NOI in 7 months for a 250+ unit apartment community in Central Texas, adding millions of dollars in value in year one
• Repositioned a distressed self-storage facility in Central Texas, more than tripling occupancy, income, and value of the asset within 18 months 
• Repositioned an apartment community in Columbus, OH, achieving 130%+ ROI within two years
• Repositioned a distressed retail strip center in Central Florida, more than doubling the value of the asset within two years
• Currently repositioning a large student housing project in Denver, in addition to multiple large apartment communities in AR and TX, with each asset projecting a deal-level equity multiple of ~2x on a 3-year hold

Sponsor Track Record
City, State Asset Type Purchase Date Units Deal Status Purchase Price Sale Price/Est. Value
Killeen, TX Multifamily 10/24/2017 256 Sold $10,300,000 $15,000,000
Columbus, OH Multifamily 10/12/2017 64 Sold $3,300,000 $4,510,000
Killeen, TX Multifamily 9/17/2018 178 Sold $6,450,000 $11,300,000
Killeen, TX Multifamily 10/30/2019 222 Sold $4,500,000 $12,800,000
North Little Rock, TX Multifamily 7/20/2020 242 Under Renovation $6,150,000 $9,075,000
Killeen, TX Multifamily 8/14/2020 250 Under Renovation $6,500,000 $11,250,000
Killeen, TX Multifamily 8/30/2021 148 Under Renovation $6,145,000 $8,800,000
Denver, CO Student Housing 9/17/2021 120 Under Renovation $40,005,000 $45,000,000
Killeen, TX Multifamily 12/16/2021 266 Under Renovation $41,075,000 $42,000,000
Total     1,746   $124,425 $157,935,000

The management overview and track record detailed above were provided by Productive Capital Associates and have not been verified by RealtyMogul.

Website
Management Team
Management
David Barr
Founding Principal

After buying his first investment property while in high school — a *tiny* condo near Aspen, CO — David was hooked, although it would be years before he would again invest in real estate. 

Why? He'd sold his tiny condo during college for a nice profit and confidently rolled the gains into a red-hot stock market, which eventually crashed, eliminating both his hard-earned real estate gains and principal. It was a difficult lesson; however, he never forgot that real estate made him money and that the stock market took it away.

After spending time in Corporate America, where he had saved enough cash to buy income properties, David began investing in real estate full-time. Beginning with SFR’s, he parlayed cash flow from houses into down payments on more houses, eventually buying and repositioning self-storage, then retail, and now large multifamily (apartment complexes).

David is passionate about improving properties and their surrounding communities and thrives off of the sourcing, underwriting, negotiating, closing, repositioning, and eventually exiting projects, leaving them as much nicer assets, and much better places to live and work.

Named company-wide “Rookie of the Year” for the sales division of a $10+ billion company with over 60,000 employees, David has been recognized for sales, marketing, and finance accolades on a national level, and has led multiple commercial real estate projects to 150%+ ROI within ~2 years, spanning multifamily, self-storage and retail assets. 

David holds a B.A. with High Honors from Emory University and studied Finance, Accounting, and Marketing at the UC Berkeley Haas School of Business via the BASE Program.

Specialties: Commercial Real Estate Investment and Repositioning, Strategic Deal-Structuring, Operations, Management, Finance, Sales, and Negotiation.

Property
For more information, view the Sponsor's Investment Memorandum.

Lake Road Apartments (the "Property") is a class C, garden-style apartment community situated in the Killeen-Temple, TX MSA. Built between 1976 and 1983, the 18 two-story buildings are comprised of one (210 units), and two-bedroom (12 units) floor plans combining to 222 total units. The seller, also the original developer, is in his 70's and historically self-managed the Property. Due to reportedly neglectful management, the Property is currently 55% occupied with in place rents of $488 per unit, significantly below submarket and comparable rates. 

In-place/Stabilized Unit Mix

Unit Type (In-Place) # of Units Unit (Square Feet) In-Place Rent Post-Reno Rent
1 Bed, 1 Bath 210 500 $482 $585
2 Bed, 1 Bath 12 700 $586 $675
Totals/Averages 222 511 $488 $590

 

Comparables
For more information, view the Sponsor's Investment Memorandum.
Lease Comparables
  Western Oaks Twin Creek  The Enclave The Remington  Stonehill Heights at 701 Bay Colony Grandon Manor Century Plaza Total/Averages Subject
Submarket Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood   Killeen/Fort Hood
Occupancy 100% 95% 96% 100% 98% 91% 100% 97% 96%   55%
Units 102 160 112 200 340 208 182 144 254 189 222
Year Built 1969 1984 1972 1985 1986 1985 1978 1976 1972 1979 1976-1983
# of Units (1x1) 30 36 55 96 72 100 122 32 52 66 210
Rent (1x1) $719 $754 $572 $759 $660 $685 $615 $660 $645 $674 $585
SF (1x1) 660 637 591 600 596 600 684 644 525 615 500
Rent/SF (1x1) $1.09 $1.06 $0.97 $1.27 $1.11 $1.14 $0.90 $1.02 $1.23 $1.09 $1.17
# of Units (2x1) 72 104 28 88 112   60 32 56 69 12
Rent (2x1) $869 $785 $665 $889 $726   $750 $750 $740 $772 $675
SF (2x1) 860 850 829 870 830   848 797 735 827 700
Rent/SF (2x1) $1.01 $0.89 $0.80 $1.02 $0.87   $0.88 $0.94 $1.01 $0.93 $0.96
Distance from Subject (mi.) .3 miles 1.6 miles 1.2 miles 1.1 miles 2.8 miles 6.3 miles 1.1 miles 2.4 miles .6 miles 1.0 miles N/A

 

Sale Comparables
  Commanders Palace Indian Creek Apts Ashton Park Century Plaza Total/Averages Subject
Date Jul '17 May '19 Nov '17 Oct '17   Oct '19
Submarket Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood Killeen/Fort Hood   Killeen/Fort Hood
Occupancy 100% 93% N/A 96% 96% 55%
Units 117 60 148 256 145 220
Year Built 1965 1964 1974 1966 1967 1976-1983
Average SF 734 656 730 633 688 511
Purchase Price $3,900,000 $2,400,000 $7,200,000 $10,600,000 $6,025,000 $4,500,000
$/Unit $33,333 $40,000 $48,649 $41,406 $40,847 $20,455
Cap Rate N/A N/A N/A N/A N/A 8.00% (exit cap rate)
Distance from Subject (mi.) 1.6 miles 2.1 miles 4.6 miles .8 miles 2.3 miles N/A

(1) Cap rate data in Texas is largely unavailable.

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Amount
Debt $4,147,000
Equity $2,383,742
Total Sources of Funds $6,530,742
Uses of Funds Amount
Purchase Price $4,500,000
Real Estate Company Acquisition Fee $90,000
Broker Dealer Fee $87,400
Loan Fee $82,940
CapEx Budget $1,330,274
Working Capital $30,000
Interest Reserve $275,000
Tax/Insurance Reserve $85,128
Closing Costs $50,000
Total Uses of Funds $6,530,742

Please note that the Real Estate Company's equity contribution may consist of friends and family equity and equity from funds controlled by the Real Estate Company

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Estimated Proceeds: $4,147,000
  • Estimated Rate (Floating): 30-Day LIBOR + 350 basis points
  • Term: 3 years
  • Interest Only: 3 years
  • Amortization: None
  • Extension Options: One (1) six-month extension (0.50% fee)
  • Exit Fee: 2.0% of loan amount

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender controlled capital reserve account.

Distributions

The Target intends to make distributions to investors (the Company and Real Estate Company, collectively, the "Members") as follows: 

  1. To the Members, pari passu, all excess operating cash flows to an 8.0% IRR;
  2. 70.0% / 30.0% (70.0% to Members / 30.0% to Promote) of excess cash flow to a 12.0% IRR;  
  3. 50.0% / 50.0% (50.0% to Members / 50.0% to Promote) of excess cash flow and appreciation thereafter.  

Note that these distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

The manager of The Company may receive a portion of the promote. Distributions are expected to start in June 2020 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Summary
  Year 1 Year 2 Year 3 Year 4
Effective Gross Revenue $798,082 $1,270,973 $1,594,665 $1,661,570
Total Operating Expenses $831,228 $863,845 $958,162 $977,218
Net Operating Income -$33,146 $407,128 $636,504 $684,352
RealtyMogul 140, LLC Cash Flows
  Year 0 2019 2020 2021 2022
Distributions to RealtyMogul 140, LLC Investors ($2,240,000) $0 $826 $213,851 $3,412,890
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $0 $18 $4,773 $76,181
Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $90,000 Real Estate Company  Capitalized Equity Contribution 2.0% of the Property purchase price
Broker-Dealer Fee $87,400 North Capital (1) Capitalized Equity Contribution Greater of $50,000 or 4.0% of the equity raised by RealtyMogul 140, LLC
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 140, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 140, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Asset Management Fee 1.5% of Effective Gross Income Real Estate Company Distributable Cash  

(1) North Capital Private Securities Corporation (“NCPS”), a registered broker-dealer who will act as placement agent for interests in the Company will be paid a fee as outlined above. NCPS will pay a referral fee to Mogul Securities, LLC (“MS”), an affiliate of the Manager and RealtyMogul, Co., for referring the transaction pursuant to a referral agreement between NCPS and MS.  Certain employees of Realty Mogul, Co., an affiliate of Manager are registered representatives of, and are paid commissions by, NCPS.

(2) Fees may be deferred to reduce impact to investor distributions.

The above presentation is based upon information supplied by the Real Estate Company or others.  Realty Mogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Sources & Uses
Total Capitalization
Sources of Funds Amount
Debt $4,147,000
Equity $2,383,742
Total Sources of Funds $6,530,742
Uses of Funds Amount
Purchase Price $4,500,000
Real Estate Company Acquisition Fee $90,000
Broker Dealer Fee $87,400
Loan Fee $82,940
CapEx Budget $1,330,274
Working Capital $30,000
Interest Reserve $275,000
Tax/Insurance Reserve $85,128
Closing Costs $50,000
Total Uses of Funds $6,530,742

Please note that the Real Estate Company's equity contribution may consist of friends and family equity and equity from funds controlled by the Real Estate Company

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Estimated Proceeds: $4,147,000
  • Estimated Rate (Floating): 30-Day LIBOR + 350 basis points
  • Term: 3 years
  • Interest Only: 3 years
  • Amortization: None
  • Extension Options: One (1) six-month extension (0.50% fee)
  • Exit Fee: 2.0% of loan amount

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender controlled capital reserve account.

Distributions

The Target intends to make distributions to investors (the Company and Real Estate Company, collectively, the "Members") as follows: 

  1. To the Members, pari passu, all excess operating cash flows to an 8.0% IRR;
  2. 70.0% / 30.0% (70.0% to Members / 30.0% to Promote) of excess cash flow to a 12.0% IRR;  
  3. 50.0% / 50.0% (50.0% to Members / 50.0% to Promote) of excess cash flow and appreciation thereafter.  

Note that these distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

The manager of The Company may receive a portion of the promote. Distributions are expected to start in June 2020 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Summary
  Year 1 Year 2 Year 3 Year 4
Effective Gross Revenue $798,082 $1,270,973 $1,594,665 $1,661,570
Total Operating Expenses $831,228 $863,845 $958,162 $977,218
Net Operating Income -$33,146 $407,128 $636,504 $684,352
RealtyMogul 140, LLC Cash Flows
  Year 0 2019 2020 2021 2022
Distributions to RealtyMogul 140, LLC Investors ($2,240,000) $0 $826 $213,851 $3,412,890
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $0 $18 $4,773 $76,181
Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $90,000 Real Estate Company  Capitalized Equity Contribution 2.0% of the Property purchase price
Broker-Dealer Fee $87,400 North Capital (1) Capitalized Equity Contribution Greater of $50,000 or 4.0% of the equity raised by RealtyMogul 140, LLC
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 140, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 140, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Asset Management Fee 1.5% of Effective Gross Income Real Estate Company Distributable Cash  

(1) North Capital Private Securities Corporation (“NCPS”), a registered broker-dealer who will act as placement agent for interests in the Company will be paid a fee as outlined above. NCPS will pay a referral fee to Mogul Securities, LLC (“MS”), an affiliate of the Manager and RealtyMogul, Co., for referring the transaction pursuant to a referral agreement between NCPS and MS.  Certain employees of Realty Mogul, Co., an affiliate of Manager are registered representatives of, and are paid commissions by, NCPS.

(2) Fees may be deferred to reduce impact to investor distributions.

The above presentation is based upon information supplied by the Real Estate Company or others.  Realty Mogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Disclosures
RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Use of Debt

A substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.

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