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Multifamily
Violet Apartments
Austin, TX
Canceled
...
Violet Apartments
Austin, TX
All Investments > Violet Apartments
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Overview
Violet Apartments
Value-add acquisition of a 160-unit multifamily community in Austin, TX alongside a strong, local Real Estate Company.
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Details
Estimated First Distribution 3/2020
Minimum Investment 25000
Estimated Hold Period 5 years
Investment Type Equity
Year Built 1984 (Renovated in 2015)
# of Units 160
# of Buildings 12
Current Occupancy 98%
Parking Ratio 1.53 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 has attributed a value of $137,500 per unit for the Property today, which represents a going-in cap rate of 6.32% on estimated year one net operating income
The Real Estate Company has budgeted $300,000 ($1,875 per unit) for interior unit renovations and $800,000 for exterior and common area improvements
The exit strategy is to sell the Property in five years at an expected cap rate of 4.75%
The Real Estate Company has attributed a value of $137,500 per unit for the Property today, which represents a going-in cap rate of 6.32% on estimated year one net operating income
The Real Estate Company has budgeted $300,000 ($1,875 per unit) for interior unit renovations and $800,000 for exterior and common area improvements
The exit strategy is to sell the Property in five years at an expected cap rate of 4.75%
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Management
Presidium Group

The Housing Authority of the City of Austin ("HACA") shall enter into a 75-year ground lease with Presidium and AAHC (collectively the "Real Estate Company"). 

Presidium Group was founded in 2002 by Cross Moceri and John Griggs and is a vertically-integrated real estate firm specializing in opportunistic and value-add transactions in Texas. The Real Estate Company has over 12,000 multifamily units under management with a value of $1.6 billion. Cross Moceri has completed over $1.2 billion of real estate investments since 2002. John Griggs has 15 years of experience including the acquisition and integration of over $1 billion of real estate. This transaction would constitute RM's second with Presidium, the first being Serendipity Apartments.

Austin Affordable Housing Corporation ("AAHC") is a nonprofit subsidiary of the Housing Authority of the City of Austin (HACA) created in 2003 to ensure and preserve quality, affordable housing opportunities for low- to moderate-income families in Austin as well as provide financial literacy and homeownership opportunities.

Sponsor Track Record
Presidium Group Track Record - Current Portfolio
Project Name Location Asset Type Date Acquired # of Units Purchase Price Forecasted Exit
Shenandoah Woods Houston, TX Multifamily 2006 232 $5,220,000 $13,920,000
Southern Oaks Houston, TX Multifamily 2006 198 $4,455,000 $11,880,000
Unity Pointe Houston, TX Multifamily 2006 109 $2,452,500 $6,540,000
Ashley Square Houston, TX Multifamily 2006 117 $2,632,500 $7,020,000
Inglewood Village Houston, TX Multifamily 2006 94 $2,115,000 $5,640,000
Oak Lawn Heights Dallas, TX Multifamily 2010 137 $1,860,000 $12,330,000
Hillcroft Apartments Houston, TX Multifamily 2014 381 $14,250,000 $22,678,600
Colonial Woods Houston, TX Multifamily 2014 112 $3,900,000 $6,720,000
Entro at Midtown  Dallas, TX Multifamily 2014 404 $24,400,000 $41,000,000
The Branch at the Medical Center San Antonio, TX Multifamily 2015 426 $24,000,000 $32,670,252
The Verge  Dallas, TX Multifamily 2015 217 $14,115,000 $22,785,000
Violet Austin, TX Multifamily 2015 160 $17,300,000 $22,000,000
The Link  Dallas, TX Multifamily 2015 514 $26,620,000 $46,000,000
Ascent at Lake Worth Ft. Worth, TX Multifamily 2016 265 $17,100,000 $28,561,251
Cottonwood Creek  Dallas, TX Multifamily 2016 270 $21,000,000 $34,099,974
The Linear  Dallas, TX Multifamily 2016 370 $22,500,000 $37,365,620
Spice Creek San Antonio, TX Multifamily 2016 192 $12,100,000 $20,213,363
Brunswick Portfolio Brunswick, ME Multifamily 2017 407 $45,000,000 $56,368,179
Clover on Park Lane Dallas, TX Multifamily 2017 343 $19,500,000 $31,630,525
Vantage at Harlingen Harlingen, TX Multifamily 2017 288 $26,025,000 $29,919,300
Solaris* Austin, TX Multifamily 2017 562 $47,250,000 $52,972,544
Element* Austin, TX Multifamily 2017 286 $31,700,000 $39,760,723
Villas at Tension Park* Dallas, TX Multifamily 2017 442 $23,800,000 $33,407,315
Thread* Dallas, TX Multifamily 2017 606 $35,500,000 $43,372,647
The Vue* Austin, TX Multifamily 2017 156 $17,500,000 $21,473,996
Edison** Austin, TX Multifamily 2017 353 $70,880,914 $98,154,651
JTB** Jacksonville, FL Multifamily 2017 350 $58,258,518 $77,697,264
The Marc College Station, TX Multifamily 2018 478 $21,670,000 $36,758,641
Ballpark - East, West and South Austin, TX Multifamily 2018 810 $124,000,000 $163,514,442
Link* Dallas, TX Multifamily 2018 514 $47,000,000 $57,789,967
Balcones Club* Austin, TX Multifamily 2018 312 $38,350,000 $47,410,334
Lift* Farmers Branch, TX Multifamily 2018 95 $8,300,000 $10,835,694
The Elliott** Pflugerville, TX Multifamily 2018 272 $43,463,395 $51,773,951
Edgestone** Frisco, TX Multifamily 2018 188 $40,360,799 $50,384,013
University Village/Estates* Austin, TX Multifamily 2019 846 $131,500,000 $167,953,411
Revelstoke** Fort Worth, TX Multifamily 2019 408 $61,523,096 $79,695,554
JTA** Jacksonville, FL Multifamily 2019 375 $62,623,341 $79,430,374
Total Portfolio       12,289 $1,170,225,063 $1,601,727,584

* = Recapitalization of Equity and Debt

** = Development Project/Under Construction

Note: The management overview and track record detailed above was provided by the Sponsor and has not been verified by RealtyMogul.com or NCPS.

Website
Management Team
Management
Cross Moceri
Co-CEO

Cross Moceri is a founder and principal of Presidium Group. Mr. Moceri began his real estate investment career by founding Centaurus Investments, LLC in 2002 (the predecessor company to Presidium), focusing on multi-family investments in the Southern United States. Mr. Moceri is primarily responsible for capital formation, acquisitions, financial structuring, and portfolio development. Over the past decade, Mr. Moceri has spearheaded more than $1.2 billion of real estate investments. Mr. Moceri heads the Austin office of Presidium Group.

B.A. University of Notre Dame / J.D. University of Michigan

Management
John Griggs
Co-CEO

John Griggs is a founder and principal of Presidium Group and oversees all financial and operational aspects of Presidium Group’s 10,000 unit portfolio. Mr. Griggs is responsible for optimizing the capitalization of the portfolio and also directs asset and property management, construction and investor relations. Mr. Griggs has overseen the acquisition and successful integration of more than $1 billion of real estate assets and supervises over 250 Presidium employees. In addition to his 14 years of direct real estate experience, Mr. Griggs has passed Level 1 of the Chartered Financial Analyst program. Before launching his real estate career, he was a corporate lawyer at Milbank and Wilson Sonsini. Mr. Griggs heads the Dallas office of Presidium Group.

A.B. Stanford University / J.D. University of Michigan

Property

The Violet Apartments (the "Property") is a 160-unit Class B multifamily apartment community located in Austin, TX, approximately seven miles south of Downtown Austin. The Property offers a swimming pool, fire pit, club room, business center, fitness center, and community laundry facilities. The Property consists of twelve low-rise structures, with 1x1 (108 units), 2x1 (16 units), and 2x2 (36 units) floorplans. The Property is located between I-35 and South Congress Ave, both heavily traveled thoroughfares providing easy access throughout the metro and to Austin's major employment hubs. The Property is a block away from Century South Shopping Center, which has over twenty shops including Big Lots, Gold's Gym, and KFC. The Property is also located within half a mile of several nearby retailers including H-E-B, Walgreens, 7-Eleven, and Jack in the Box.

The Property was built in 1984 and under Presidium's ownership, received $2.5 million in interior and exterior renovations. Renovations began in late 2015 and included full exterior carpentry and paint, new signage, a leasing office and fitness renovation, a pool renovation, dog park construction, backyard construction, carport construction, a landscaping overhaul, and unit interior renovations. Historic average occupancy has remained north of 95% over the years with a steady rent growth average of 3.9% since 2017.

In-place/Stabilized Unit Mix:

Unit Type # of Units % of Total Unit Size (square feet) In-Place Rent Post-Reno Rent
A1 Original - 1x1 1 1% 481 $840 $874
A1 Premium - 1x1 43 27% 481 $892 $928
B1 Original - 1x1 3 2% 575 $982 $1,021
B1 Premium - 1x1 61 38% 575 $971 $1,010
C2 Premium - 2x1 16 10% 847 $1,191 $1,238
D2 Original - 2x2 1 1% 917 $1,225 $1,274
D2 Premium - 2x2 31 19% 917 $1,237 $1,287
E2 Original - 2x2 1 1% 1,100 $1,289 $1,341
E2 Premium - 2x2 3 2% 1,100 $1,370 $1,424
Total/Averages 160 100% 658 $1,034 $1,075
Comparables

Lease Comparables

  Marquis Soco Soco Terrace Cove Arts at Turtle Creek The Reserve Arts at South Austin Total/Averages Subject
Submarket Sweetbriar Sweetbriar Bluff Springs Garrison Park South Manchaca West Congress   South Austin
CoStar Class B B B B B C   B
Units 140 122 304 96 122 140 154 160
Year Built 2014 2004 1986 1985 1985 1984 1993 1984
Occupancy 93.0% 91.8% 97.0% 90.5% 96.7% 95.7% 94.1% 97.7%
# Units (1x1) 92 16 180 47 73 55 77 108
$ (1x1) $1,312 $1,030 $952 $1,120 $1,052 $1,088 $1,092 $976
SF (1x1) 770 570 587 670 591 608 633 537
$/SF (1x1) $1.70 $1.81 $1.62 $1.67 $1.78 $1.79 $1.73 $1.83
# Units (2x1) - 16 24 - - 28 23 16
$ (2x1) - $1,247 $1,159 - - $1,295 $1,234 $1,238
SF (2x1) - 766 750 - - 914 810 847
$/SF (2x1)   $1.63 $1.55     $1.42 $1.53 $1.46
# Units (2x2) 48 74 100 48 49 57 63 36
$ (2x2) $1,556 $1,299 $1,407 $1,350 $1,280 $1,329 $1,370 $1,300
SF (2x2) 1,157 872 928 915 860 894 938 937
$/SF (2x2) $1.34 $1.49 $1.52 $1.48 $1.49 $1.49 $1.47 $1.39
Distance from subject 0.2 mi 0.5 mi 1.0 mi 1.5 mi 2.0 mi 2.4 mi    

Sale Comparables

  Cannon Oaks SoCo at Alpine Terraces at Southpark Meadows Grace Woods Establishment Iron Rock Ranch Cascade Total/Averages Subject
Date 3/29/2018 7/1/2019 9/25/2018 1/19/2018 8/26/2019 12/17/2019 9/13/2019    
Submarket Bluff Springs SoCo Southpark Meadows Parker Lane Dawson Mary Moore Park Travis Heights   South Austin
Costar Class B B B B C B C   B
Units 230 59 244 430 139 300 198   160
SF 229,997 30,450 225,888 315,861 108,050 321,270 146,617   105,260
Year Built 2001 1972 2008 1981 1972 2001 1971 1987 1984
Purchase Price $27,150,000 $8,770,000 $60,240,840 $45,850,000 $21,100,000 $56,000,000 $31,500,000 $35,801,549 $22,000,000
$/Unit $118,043 $148,644 $246,889 $106,628 $151,799 $186,667 $159,091 $159,680 $137,500
$/SF $118 $288 $267 $145 $195 $174 $215 $200 $209
Cap Rate - 4.25% - - 4.74% - 4.55% 4.51% 4.75%
Distance from Subject 1.2 mi 3.1 mi 3.1 mi 3.2 mi 3.3 mi 4.0 mi 4.3 mi    

 

Sale and lease comparable information provided by CoStar, Axiometrics, and the Real Estate Company.

Financials
Sources & Uses

Total Capitalization

Sources of Funds Amount
Debt $15,400,000
RM 149 Investor Equity $8,698,446
Total Sources of Funds $24,098,446
Uses of Funds Amount
Purchase Price $22,000,000
Real Estate Company Acquisition Fee $200,000
Broker Dealer Fee $260,000
Loan Fee $115,500
CapEx Budget $1,331,000
Closing Costs $110,000
Working Capital $52,154
Taxes & Insurance $29,792
Total Uses of Funds $24,098,446

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: $15,400,000
  • Estimated Interest Rate (Fixed): 3.38%
  • Term: 5 years
  • Interest Only: 5 years
  • Prepayment Penalty: TBD ($1.0% of OLB underwritten)
  • Extension Options: N/A

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 10.0% IRR to the Members;
  2. 85% / 15% (85% to Members / 15% to the Real Estate Company) of excess cash flow to a 15.0% IRR; 
  3. 70% / 30% (70% to Members / 30% to the Real Estate Company) of excess cash flow to a 20.0% IRR; 
  4. 50% / 50% (50% to Members / 50% to the Real Estate Company) 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 July 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
Effective Gross Revenue $2,072,812 $2,162,935 $2,228,027 $2,295,086 $2,363,056
Total Operating Expenses $682,760 $697,077 $710,785 $724,791 $739,061
Net Operating Income $1,390,052 $1,465,858 $1,517,242 $1,570,295 $1,623,994
RealtyMogul 149, LLC Cash Flows
  Year 0 2020 2021 2022 2023 2024 2025
Distributions to RealtyMogul 149, LLC Investors ($2,020,000) $121,497 $179,958 $203,479 $215,939 $215,939 $2,398,857
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $3,007 $4,454 $4,755 $5,037 $5,345 $59,378
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 $200,000 Real Estate Company  Capitalized Equity Contribution 0.9% of the Property purchase price
Disposition Fee 1.0% of Gross Sale Proceeds RM Advisor, LLC Distributable Cash RM Advisor, LLC is the Manager of MogulREIT II and a wholly-owned subsidiary of Realty Mogul, Co.
Broker-Dealer Fee $260,000 North Capital (1) Capitalized Equity Contribution Greater of $50,000 and 4.0% of the equity raised by RealtyMogul 142, LLC
Construction Management Fee 7.0% of Construction Costs Real Estate Company Capitalized Equity Contribution  
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 149, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 149, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Asset Management Fee 2.0% of Effective Gross Income Real Estate Company Distributable Cash  
Property Management Fee 3.0% 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 $15,400,000
RM 149 Investor Equity $8,698,446
Total Sources of Funds $24,098,446
Uses of Funds Amount
Purchase Price $22,000,000
Real Estate Company Acquisition Fee $200,000
Broker Dealer Fee $260,000
Loan Fee $115,500
CapEx Budget $1,331,000
Closing Costs $110,000
Working Capital $52,154
Taxes & Insurance $29,792
Total Uses of Funds $24,098,446

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: $15,400,000
  • Estimated Interest Rate (Fixed): 3.38%
  • Term: 5 years
  • Interest Only: 5 years
  • Prepayment Penalty: TBD ($1.0% of OLB underwritten)
  • Extension Options: N/A

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 10.0% IRR to the Members;
  2. 85% / 15% (85% to Members / 15% to the Real Estate Company) of excess cash flow to a 15.0% IRR; 
  3. 70% / 30% (70% to Members / 30% to the Real Estate Company) of excess cash flow to a 20.0% IRR; 
  4. 50% / 50% (50% to Members / 50% to the Real Estate Company) 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 July 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
Effective Gross Revenue $2,072,812 $2,162,935 $2,228,027 $2,295,086 $2,363,056
Total Operating Expenses $682,760 $697,077 $710,785 $724,791 $739,061
Net Operating Income $1,390,052 $1,465,858 $1,517,242 $1,570,295 $1,623,994
RealtyMogul 149, LLC Cash Flows
  Year 0 2020 2021 2022 2023 2024 2025
Distributions to RealtyMogul 149, LLC Investors ($2,020,000) $121,497 $179,958 $203,479 $215,939 $215,939 $2,398,857
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $3,007 $4,454 $4,755 $5,037 $5,345 $59,378
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 $200,000 Real Estate Company  Capitalized Equity Contribution 0.9% of the Property purchase price
Disposition Fee 1.0% of Gross Sale Proceeds RM Advisor, LLC Distributable Cash RM Advisor, LLC is the Manager of MogulREIT II and a wholly-owned subsidiary of Realty Mogul, Co.
Broker-Dealer Fee $260,000 North Capital (1) Capitalized Equity Contribution Greater of $50,000 and 4.0% of the equity raised by RealtyMogul 142, LLC
Construction Management Fee 7.0% of Construction Costs Real Estate Company Capitalized Equity Contribution  
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 149, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 149, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Asset Management Fee 2.0% of Effective Gross Income Real Estate Company Distributable Cash  
Property Management Fee 3.0% 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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