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Retail
Imperial Plaza
Auburndale, FL
Completed Equity
100% funded
...
Imperial Plaza
Auburndale, FL
All Investments > Imperial Plaza
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Overview
Imperial Plaza
Value-add acquisition of a retail asset in Auburndale, FL, alongside a strong retail-focused Real Estate Company.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 11/2019
Minimum Investment 30000
Estimated Hold Period 10 years
Investment Strategy Core Plus
Investment Type Equity
Year Built 1978
SF 129,807
Current Occupancy 89.3%
Parking Ratio 3.26 per 1,000 SF
Anchor Tenants Winn Dixie, Harbor Freight, O'Reilly Auto Parts
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 acquiring the Property for $9.06 million, which represents a going-in cap rate of 9.88% on expected year one net operating income.
The success of the business plan is not overly dependent upon appreciation. Nearly all investor principal is expected to be returned through cash flow over ten years.
The Real Estate Company is vertically integrated and will handle property management in-house.
The exit strategy is to sell the Property in ten years at an anticipated cap rate of 8.50%.
The Real Estate Company is acquiring the Property for $9.06 million, which represents a going-in cap rate of 9.88% on expected year one net operating income.
The success of the business plan is not overly dependent upon appreciation. Nearly all investor principal is expected to be returned through cash flow over ten years.
The Real Estate Company is vertically integrated and will handle property management in-house.
The exit strategy is to sell the Property in ten years at an anticipated cap rate of 8.50%.
Contact Us
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Management
For more information, view the Sponsor's Investment Memorandum.
Core Equity Partners

Core Equity Partners (the "Real Estate Company") was founded in 2016 with the goal of acquiring e-commerce resistant neighborhood properties. The Real Estate Company invests in opportunistic retail shopping centers with a focus on discount retail and grocery-anchored assets. Target properties typically have a grocery or discount retail anchor element supplemented with service-oriented tenants. The Real Estate Company sources deals all over the country. Core Equity places an emphasis on traffic patterns, household concentration, and store-level performance from anchor tenants. They are focused on adding value to neighborhood shopping centers in secondary and tertiary markets.  Core provides investors a passive real estate investment with steady and predictable cash flows and the highest quality of investor relations. 

Sponsor Track Record
Property City, State Asset Type Acq Date Units or SF Purchase Price Current Value/Sale Price
Imperial Plaza Auburndale, FL Retail 2/1/2020 125,000 $9,050,000 $12,350,000
Gateway Plaza Christiansburg, VA Retail 2/20/2020 170,000 $7,700,000 $10,000,000
Richneck Center Newport News, VA Retail 6/1/2021 64,000 $3,850,000 $7,250,000
Rainelle Plaza Rainelle, WV Retail 6/30/2019 14,000 $850,000 $1,650,000
Marion Square Fairmont, WV Retail 6/30/2019 123,600 $4,150,000 $7,000,000
Family Dollar Galveston, TX Retail 8/1/2018 9,500 $985,000 $1,450,000
Dollar General Gramercy, LA Retail 7/1/2018 12,000 $520,000 $875,000
Eton Square Tulsa, OK Retail 1/20/2020 55,000 $5,300,000 $5,600,000
Manchester Square Columbus, GA Retail 1/1/2021 174,500 $10,200,000 $11,000,000
Fulton Crossing Corinth, MS Retail 10/1/2021 179,905 $7,700,000 $8,000,000
Village Plaza Hot Springs, AR Retail 2/1/2017 55,000 $3,000,000 $3,900,000
Shoppes at Gloucester  Gloucester, VA Retail 8/1/2018 74,863 $5,200,000 $5,750,000
Peckville Center Peckville, PA Retail 6/30/2017 62,506 $5,250,000 $6,300,000
Total   13   1,119,874 $63,755,000 $81,125,000

The above track record information was provided by the Real Estate Company and has not been independently verified by RealtyMogul. 

Website
Management Team
Management
Robert Erlich
Managing Partner

Robert is the co-founder and Managing Principal of Core Equity Partners. He is responsible for investor relations and company growth for the firm.  

Prior to forming Core he served as a director in the New York office of Duff & Phelps as part of the Transaction Opinions practice. He has more than a decade of experience in valuation of real estate and other assets, and played a lead role in the analysis and examination of Lehman Brother's Commercial Real Estate portfolio for its court appointed bankruptcy examiner.  He holds a B.S. in business administration with a concentration in finance from Yeshiva University, where he graduated magna cum laude. 

Over the past few years, Robert has amassed a portfolio of convenience oriented retail and service single tenant net leased ("STNL")  properties, including properties leased to the USPS, Family Dollar, Dollar General, and Advance Auto, among others.  Robert manages approximately 1,000,000 sq. ft. of flex and value add retail space together with family offices and other high net worth individuals. Ar Core, Robert focuses his time identifying and analyzing opportunities, structuring transactions and business development.

Management
Drew Angel, CCIM, CDP
Managing Partner

Drew is the co-founder and Managing Principal of Core Equity Partners, as such he is in charge of the day-to-day operations for the company.

Drew became a real estate professional in 2011 when he specialized in working with private equity groups in managing, leasing, redeveloping, and disposing of foreclosed retail shopping centers. From 2011 to 2013 he worked on multiple high-yielding projects that took shopping center occupancy from below 50% to well over 90%. After which he focused on investment brokerage and development throughout the south.  

In 2017, He founded Core Equity Partners, where he currently serves as Managing Principal.  Core invests in opportunistic retail shopping centers with a focus on discount retail and grocery-anchored assets. In his role, Drew oversees day-to-day management, leasing, financing, and investor relations of the Core portfolio of investments. Between investment sales brokerage and Core Equity transactions, Drew has overseen over $350,000,000 of transaction volume.
 
Drew holds business degrees in financial analysis and economics from the University of Arkansas.  He earned the prestigious CCIM designation at the age of 25, making him one of the youngest designees in the country. Drew is also one of only four Arkansas CDP (Certified Developer) designees with the ICSC.

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

Imperial Plaza (the "Property") is a Class B, 129,807 NRSF neighborhood shopping center situated in the Polk County submarket of the greater Tampa/St Petersburg MSA. Built in 1978, the Property is anchored by Winn-Dixie and complemented primarily by value-oriented service tenants. Winn-Dixie, Harbor Freight, O'Reilly Auto Parts, and Fresenius Medical Care collectively comprise nearly 70% of the Property's income. Winn-Dixie has been a tenant at the Property since 1990 and has executed an eight-year lease extension this year through January 2030. As negotiated, this extension calls for Winn-Dixie to spend a minimum of $1,000,000 on a remodel of its existing space. Additionally, the seller has agreed to reseal and stripe the parking lot, paint the building, and convert parking lighting to LED. The cost of these improvements will be escrowed at closing. The Property sits on the signalized intersection of Havendale Blvd and E Derby Ave, servicing approximately 27,000 vehicles per day.

Tenant SF % of Total SF Rent/SF Lease Start Lease Expiration Lease Type
Winn-Dixie 52,870 40.7% $6.50 10/31/1990 01/14/2030 NNN
Harbor Freight 20,468 15.8% $6.15 6/20/2013 1/15/2024 NNN
O'Reilly Auto Parts 11,457 8.8% $7.83 12/01/2014 12/31/2028 NNN
Fresenius Medical 7,972 6.1% $12.82 6/03/2015 6/30/2025 NNN
Beauty Outlet 5,227 4.0% $10.10 7/01/2017 10/05/2022 NNN
Rent-A-Center 4,500 3.5% $9.35 2/09/1998 9/30/2021 NNN
Subway 2,088 1.6% $18.79 10/01/1985 9/30/2020 NNN
Auburndale Tax Service 2,006 1.5% $10.84 9/23/1998 10/31/2023 NNN
FireBunny Games 1,781 1.4% $13.50 10/01/2019 10/31/2023 NNN
Metro PCS 1,427 1.1% $12.93 10/01/2011 9/30/2022 NNN
Tavoir Laundromat 1,397 1.1% $10.76 5/02/2016 7/31/2021 NNN
Hungry Howie's 1,234 1.0% $14.84 4/01/1990 3/31/2025 NNN
Pro Nails 1,200 0.9% $18.75 3/04/1998 4/30/2021 NNN
Advance America 1,200 0.9% $13.79 10/01/2003 9/30/2020 NNN
Hong King 1,060 0.8% $19.80 5/20/2003 5/16/2023 NNN
Vacant 13,920 10.7% N/A      
Total 129,807 100.0% $7.34      

 

MAJOR TENANTS

Winn Dixie - 52,870 SF

Founded in 1925, Winn-Dixie grocery stores, liquor stores and in-store pharmacies serve communities throughout five southeastern states - Alabama, Florida, Georgia, Louisiana and Mississippi. Winn-Dixie Stores, Inc. is a subsidiary of Southeastern Grocers, which is one of the largest supermarket chains based in the Southeast.

Harbor Freight - 20,468 SF

Harbor Freight Tools USA Inc. operates a chain of tool and equipment retail stores. The company offers auto parts, shop equipment, hand and air tools, power tools, outdoor products, welding equipment, and various related products. Harbor Freight Tools serves customers worldwide.

O'Reilly Auto Parts - 11,457 SF

O'Reilly Auto Parts owns and operates retail auto parts stores. The company provides private-label and generic automotive products for domestic and imported cars, including new and remanufactured automotive replacement parts, maintenance items, and accessories. O'Reilly Auto Enterprises serves customers in the United States.

Fresenius Medical - 7,972 SF

Fresenius Medical Care Holdings Inc. operates as a holding company. The company, through its subsidiaries, provides kidney and renal care services. The company offers hemodialysis and peritoneal dialysis machines, dialyzers, fluid management, and disposables, as well as renal pharmaceuticals. Fresenius Medical Care Holdings serves clients globally.

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

Lease Comps

  FireBunny Games Brenda's Nails Rita Staffing Inc Curves Dan's Fan City Quest Diagnostics Total/Averages Subject
Submarket Polk County Polk County Polk County Polk County Polk County Polk County   Polk County
Tenant Lease Size 1,781 SF 958 SF 1,500 SF 4,300 SF 1,200 SF 1,980 SF 1,953 SF  
Building NRSF 129,807 SF 14,149 SF 18,000 SF 18,177 SF 8,300 SF 137,127 SF 54,289 SF 129,807 SF
Year Built 1978 1983 1988 1985 2003 1957 1982 1978
Rental Rate (NNN) $14.00/SF $12.00/SF $14.00/SF $12.00/SF $12.00/SF $15.00/SF $13.17/SF $12.42/SF*
Date Signed 9/16/2019 3/26/2019 3/26/2019 9/11/2018 10/25/2017 2/1/2017    
Distance from Subject 0.2 miles 3.8 mi 5.3 mi 5.7 mi 7.1 mi 3.7 mi    

*Weighted average of tenants excluding Winn-Dixie, Harbor Freight, and O'Reilly Auto Parts

Sales Comps

  Chain O' Lakes Plaza Eastside Village 117 N 7th St Heart of Florida Shopping Center Eagle Ridge Mall Total/Averages Subject
Sale Date 1/25/2018 11/21/2017 7/16/2019 6/7/2019 8/12/2019    
Submarket Polk County Polk County Polk County Polk County Polk County   Polk County
Building Class B B C C B   B
Building SF 14,600 74,980 10,080 131,501 30,476   129,807
Year Built 1972 1979 /1990 1962 1984 1996 1,979 1978
Purchase Price $1,350,067 $7,000,000 $800,000 $11,000,000 $2,355,000 4,501,013 $9,060,000
$/SF $92/SF $93/SF $79/SF $83/SF $77/SF $85/SF $70/SF
Cap Rate - 9.00% - 8.11% - 8.56% 9.88%
Distance from Subject 5.9 mi 8.2 mi 11.7 mi 11.9 mi 15.2 mi    
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

Total Capitalization

Sources of Funds Amount
Debt $6,300,000
Equity $3,433,246
Total Sources of Funds $9,733,246
Uses of Funds Amount
Purchase Price $9,060,000
Real Estate Company Acquisition Fee $181,200
Broker Dealer Fee $112,000
Loan Fee $63,046
Working Capital $107,778
Tax/Insurance Reserve $42,222
Closing Costs $167,000
Total Uses of Funds $9,733,246

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: $6,300,000
  • Estimated Rate (Fixed): 3.80%
  • Term: 10 years
  • Interest Only: None
  • Amortization: 25 years
  • Extension Options: N/A
  • Prepayment Penalty: Open prepayment

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 9.0% preferred return;
  2. 75.0% / 25.0% (75.0% to Members / 25.0% to Promote) of excess cash flow to a 15.0% IRR;  
  3. 60.0% / 40.0% (60.0% to Members / 40.0% 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 September 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 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Effective Gross Revenue $1,246,489 $1,220,345 $1,256,215 $1,276,335 $1,383,691 $1,385,641 $1,404,452 $1,408,370 $1,416,237 $1,369,902
Total Operating Expenses $351,072 $353,233 $357,592 $361,431 $368,359 $371,625 $375,518 $378,916 $382,485 $384,195
Net Operating Income $895,415 $867,111 $898,622 $914,899 $1,015,333 $1,014,014 $1,028,938 $1,029,454 $1,033,751 $985,708
RealtyMogul 144, LLC Cash Flows
  Year 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Distributions to RealtyMogul 144, LLC Investors ($2,830,000) $233,437 $223,829 $242,910 $292,027 $249,848 $295,050 $348,716 $353,707 $374,843 $179,844 $4,817,158
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $4,124 $3,955 $4,292 $5,159 $4,414 $5,213 $6,161 $6,249 $6,623 $3,177 $85,109
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 $181,200 Real Estate Company  Capitalized Equity Contribution 2.0% of the Property purchase price
Broker-Dealer Fee $112,000 North Capital (1) Capitalized Equity Contribution Greater of $50,000 or 4.0% of the equity raised by RealtyMogul 144, 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 144, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 144, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Asset Management Fee 1.0% of Effective Gross Income Real Estate Company Distributable Cash  
Property Management Fee 3.5% 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 $6,300,000
Equity $3,433,246
Total Sources of Funds $9,733,246
Uses of Funds Amount
Purchase Price $9,060,000
Real Estate Company Acquisition Fee $181,200
Broker Dealer Fee $112,000
Loan Fee $63,046
Working Capital $107,778
Tax/Insurance Reserve $42,222
Closing Costs $167,000
Total Uses of Funds $9,733,246

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: $6,300,000
  • Estimated Rate (Fixed): 3.80%
  • Term: 10 years
  • Interest Only: None
  • Amortization: 25 years
  • Extension Options: N/A
  • Prepayment Penalty: Open prepayment

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 9.0% preferred return;
  2. 75.0% / 25.0% (75.0% to Members / 25.0% to Promote) of excess cash flow to a 15.0% IRR;  
  3. 60.0% / 40.0% (60.0% to Members / 40.0% 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 September 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 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Effective Gross Revenue $1,246,489 $1,220,345 $1,256,215 $1,276,335 $1,383,691 $1,385,641 $1,404,452 $1,408,370 $1,416,237 $1,369,902
Total Operating Expenses $351,072 $353,233 $357,592 $361,431 $368,359 $371,625 $375,518 $378,916 $382,485 $384,195
Net Operating Income $895,415 $867,111 $898,622 $914,899 $1,015,333 $1,014,014 $1,028,938 $1,029,454 $1,033,751 $985,708
RealtyMogul 144, LLC Cash Flows
  Year 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Distributions to RealtyMogul 144, LLC Investors ($2,830,000) $233,437 $223,829 $242,910 $292,027 $249,848 $295,050 $348,716 $353,707 $374,843 $179,844 $4,817,158
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $4,124 $3,955 $4,292 $5,159 $4,414 $5,213 $6,161 $6,249 $6,623 $3,177 $85,109
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 $181,200 Real Estate Company  Capitalized Equity Contribution 2.0% of the Property purchase price
Broker-Dealer Fee $112,000 North Capital (1) Capitalized Equity Contribution Greater of $50,000 or 4.0% of the equity raised by RealtyMogul 144, 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 144, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 144, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Asset Management Fee 1.0% of Effective Gross Income Real Estate Company Distributable Cash  
Property Management Fee 3.5% 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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