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Funded
Multifamily
The Michigan Portfolio
Lansing & Grand Blanc, MI
INVESTMENT STRATEGY
Core Plus
INVESTMENT TYPE
Equity
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100% funded
Offered By The GSH Group
15.2%* TARGET IRR 14.2%-16.2%
10.5%* TARGET AVG CASH ON CASH
3.06X* TARGET EQUITY MULTIPLE
Estimated Hold Period 10 Years
Estimated First Distribution 4/2021
Minimum Investment 35000
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Project Summary
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Explore this Project
Overview
Acquisition of a stabilized two-property portfolio, Blvd West in Lansing, Michigan, and The Landings on East Hill in Grand Blanc, Michigan.
Location

Blvd West offers an outstanding infill location in close proximity to MSU Research Park, New McLaren Hospital, and many recreational areas. The Landings on East Hill is located in a best in class multifamily community in a Genesee County suburb, located near largest hospital in the region and a highly rated school district.

New Construction

Both properties are attractive 2000's vintage construction with separate entrances, modern unit layouts, in unit washers and dryers and comprehensive amenity package for residents.

Cash Flow

For Blvd West, rental growth is anticipated from the new hospital, expanding university research park facilities and flight to higher quality suburban multifamily communities. For The Landings on East Hill, there is a significant income growth opportunity when income restricted units can be rented at market rent premiums.

Property At A Glance
Year Built 2002 & 2004
# of Units 144 & 148
Current Occupancy 98.6% & 98.7%
Acquisition Price

$37,800,000

Management
Cumulative Distributions

The GSH Group

The GSH Group (“The Real Estate Company") is a real estate investment company focused on class B/workforce housing across the United States. The leadership team has over 40 years of combined experience and the company has over $1 billion assets under management(1), made up of 8,333 multifamily units(2), inclusive of partner legacy assets.

With demonstrated experience as advisors, managers, and resolving problem loans, The Real Estate Company is attuned to the needs and processing of Special Servicers for the quick disposition of assets. The Real Estate Company employs a tactical strategy for value creation. Value enhancement is approached from multiple angles and scenarios. These include, but are not limited to, organic rental growth due to market inefficiencies, rent premiums generated through unit upgrades, and decreasing expenses through management efficiencies.

The Real Estate Company uses applicable, real-time software to help manage all assets on a minute-by-minute basis. Using real-time data, they can effectively keep all projects on track to ensure the business plan's proper implementation. Additionally, The Real Estate Company is vertically integrated, employing an affiliated general contractor and construction team to ensure projects stay on budget and on time.

(1) Portfolio value includes an assumed value based on current T1/T12 financials and a capitalization rate of 5.00%. This includes certain legacy properties owned and managed by partners.

(2) Units include legacy units owned by the partners as well as units sold.

https://gshrealestate.com/
  • Gideon Pfeffer
    Managing Partner
  • Shmuel Cohen
    Partner
  • Hannan Lis
    Partner
Gideon Pfeffer
Managing Partner

Gideon is responsible for strategic partnership initiatives and ventures, financing and debt opportunities, overseeing investment performance, strategic partner’s performance, and approving decisions on investments and acquisitions. He also oversees daily operations. Prior to GSH, Gideon operated a highly successful aggregation and renovation firm focused on single-family homes in the Midwest and Southeast.

Shmuel Cohen
Partner

Shmuel is responsible for asset management and Israeli Investor relations. An Israeli citizen, Shmuel also owns a separate  portfolio of over 1,300 units in multifamily properties in Michigan and North Carolina. His experience as an owner and operator is an invaluable resource and he is responsible for the continued success of raising private capital in Israel for The GSH Group.

Hannan Lis
Partner

Hannan is responsible for banking, investor relations, and branding. He is an experienced real estate investor, owns several businesses, and is an active member of a prominent family office in Michigan. Hannan is president of WW Group, which holds Weight Watchers franchises for Michigan and Ontario, Canada. The company was formerly the largest franchisee in the Americas.

Track Record

GSH Group Track Record

Property City, State Asset Type Acq Date Units Purchase Price Sale Price
Cadieux Detroit, MI  Multifamily 2012 131 $900,000 $1,900,000
Greenfield Detroit, MI  Multifamily 2016 99 $1,750,000 $2,424,500
Cornerstone Apartments Detroit, MI  Multifamily 2016 476 $8,900,000 $12,025,000
Chapel Oaks Apartments Fort Wayne, IN Multifamily 2017 320 $7,500,000 $10,500,000
Holcomb, Chicago, Collage, & Jefferson Detroit, MI  Multifamily 2012 210 $2,450,000 $3,645,000 (1)
Whittier & Morang Detroit, MI  Multifamily 2012 44 $460,000 Under Management
Chapel Court Detroit, MI  Multifamily 2013 184 $2,090,000 Under Management
Pallister Detroit, MI  Multifamily 2016 187 $7,400,000 Under Management
Marina Bay Gibraltar, MI Multifamily 2016 137 $4,900,000 Under Management
Wakefield Apartments Southfield, MI Multifamily 2017 67 $7,200,000 Under Management
Ridge Pointe Apartments Conover, NC Multifamily 2017 160 $11,000,000 Under Management
Holiday Garden Apartments Mount Clemens, MI Multifamily 2017 64 $2,575,000 Under Management
Eastland Village Harper Woods, MI Multifamily 2017 408 $21,750,000 Under Management
Utica Square Apartments Roseville, MI Multifamily 2018 266 $11,000,000 Under Management
Barwin Place Mount Clemens, MI Multifamily 2018 48 $2,100,000 Under Management
Birch Hill Apartments Westland, MI Multifamily 2018 173 $10,650,000 Under Management
Hoover Square Warren, MI Multifamily 2018 342 $18,950,000 Under Management
Colony Club Bedford, OH Multifamily 2019 588 $35,515,200 Under Management
Louis Apartments Detroit, MI  Multifamily 2019 28 $962,000 Under Management
Pickford Apartments Detroit, MI  Multifamily 2019 35 $1,122,500 Under Management
Stacey Ann Apartments Detroit, MI  Multifamily 2019 49 $1,565,500 Under Management
Polo Club Marshall, MI Multifamily 2019 80 $3,400,000 Under Management
The Loop On Greenfield Oak Park, MI Multifamily 2019 717 $59,700,000 Under Management
Glengarry Park Waterford, MI Multifamily 2020 300 $22,650,000 Under Management
Foote Hills Grand Rapids, MI Multifamily 2020 182 $24,950,000 Under Management
BLVD West Apartments(2) Lansing, MI Multifamily 2021 144 $23,000,000 Under Management
The Landings on East Hill(2) Grand Blanc, MI Multifamily 2021 148 $14,800,000 Under Management
Veridian Castleton(2) Indianapolis, IN Multifamily 2021 398 $44,500,000 Under Management
Laurel Pines(2) Laurel, MD Multifamily 2021 235 $38,250,000 Under Management
The Orion Lake Orion, MI Multifamily 2021 200 $27,375,000 JV-Under Management
The Preserve at Spring Lake(2) Altamonte Springs, FL Multifamily 2021 320 $62,800,000 Under Management
The Meadows at Capitol Heights Capitol Heights, MD Multifamily 2021 272 $49,100,000 Under Management
Sherwood Oaks Riverview, FL Multifamily 2021 199 $35,000,000 JV-Under Management
The Meadows at Canton(2) Canton, MI Multifamily 2021 736 $125,715,000 Under Management
The Meadows at Farmington Hills(2) Farmington Hills, MI Multifamily 2021 424 $81,350,000 Under Management
Total       8,333 $773,580,200  

(1) Holcomb, Chicago, Collage, and Jefferson were a portfolio acquisition totaling 210 units in 2012. Holcomb, which makes up 90 of the 210 total units, was sold for $3,645,000. All of the other properties are still under management.

(2) JV Equity raised through RealtyMogul Platform.

The above bios and track record were provided by GSH Group and have not been independently verified by RealtyMogul.

Business Plan

The Business Plan at both properties is to acquire, manage and continue to optimize cashflow under one management company (MTH Management). The Real Estate Company plans to sell the Portfolio at the end of a ten year hold.

Blvd West

BLVD West is located in a neighborhood that is expected to see stable growth in population and economic development over the next 5 years. At less than a 5 minute drive to the new McLaren Hospital development that is launching in late 2021, the Property will serve as an ideal residence for medical workers who will enjoy an easy commute to their job, which is insulated from the broad employment effects of the pandemic. The increase in demand the hospital will bring is the basis for the Real Estate Company's thesis that 95%+ occupancy and increased rents are sustainable in the long term.

The Landings on East Hill

The Landings on East Hill is located in an affluent suburb of the Flint Metro area. Today, the Property is an income restricted property with income restricted tenants who have favorable rents that will expire in early 2024, allowing for mark to market growth opportunity. The Real Estate Company expects to see this change increase revenue between years three and four. Cash-on-cash returns in year four and beyond will see a significant increase upon the expiration of the income restricted tenants when those units can be brought up to market rents.

Property
Property Details

Blvd West

Blvd West is a 144-unit apartment community built in 2004 located on the south side of Lansing, MI. The Property was largely renovated by the seller in 2019 to freshen up amenities including top of the line fitness equipment, a renovated pool, an off-leash dog park, Amazon package lockers, a hammock garden and an expansive sundeck. The Property is currently 98% occupied and sits on Forest Road, just west of I-496. This neighborhood of Lansing offers easy access to major regional employers and retailers. The Real Estate Company believes that the neighborhood is expected to see growth in population and economic development. Michigan State University is currently working with McLaren Hospital to build a new medical facility, which will open in late 2021 or early 2022, less than a five-minute drive from BLVD West. The Real Estate Company anticipates strong demand, organic rent growth, and expects additional revenue growth and operational efficiencies once the new hospital opens.

The Landings on East Hill

The Landings on East Hill is a 148-unit apartment community with 98% occupancy located in Grand Blanc Township, MI. The Property was largely renovated by the seller in 2019 to freshen up amenities including top of the line fitness equipment, fresh exterior paint, a full sand volleyball court and a cornhole recreation center. Grand Blanc Township is an affluent suburb on the south side of the Flint Metro area, which is also a bedroom community for the Automation Alley - the major employment cluster along I-75 in Northern Oakland County. The Landings on East Hill was originally built in 2005 with MSHDA financing and LIHTC funding. Substantial rental income growth is anticipated in 2024 when rents on MSHDA restricted units can be increased to market rent levels. Market rents in this area do not support the economics of new construction.

To date, both Properties have performed well through the Covid-19 crisis with minimal delinquency.

Comparables

Sales Comparables

  Valley Ranch The Rocks Orion Northstar Orion Mainstreet Orion Main/North portfolio Timber Rige Averages Michigan Portfolio
Sale Date 2/19/2019 5/15/2016 12/12/2017 12/13/2017 Under Contract  Under Contract N/A Under Contract
Year Built 1990 2015 1988 1987 1988 1986 1992 2004& 2002
# of units 384 119 480 360 840 180 393 292
Purchase Price $70,250,000 $20,300,000 $66,857,048 $57,892,952 $187,250,000 $30,900,000 $72,241,666 $37,800,000
$/unit $182,943 $170,588 $139,286 $160,814 $222,917 $171,667 $174,702 $129,452
Cap Rate 5.50% 5.90%         5.70% 5.60%

 

Lease Comparables

Blvd West

  Volaris Woodland Lakes Wiloughby Estates Aspen Lakes Estates Averages BLVD West
Year Built 2020 2004 2018 2004 2011 2004
Rents (1x1) $1,335 $946 $999 $1,045 $1,045 $1,055
SF (1x1) 726 850 798 824 824 789
Average $/SF (1x1) $1.84 $1.12 $1.25 $1.27 $1.27 $1.34
Rents (2x2) $1,466 $962 $1,427 $1,496 $1,496 $1,315
SF (2x2) 1,085 1,110 1,166 1,282 1,282 1,050
Average $/SF (2x2) $1.35 $0.87 $1.23 $1.17 $1.17 $1.25
Rents (3x2) $2,030 N/A $1,988 $1,957 $1,957 $1,480
SF (3x2) 1,423 N/A 1,324 1,652 1,652 1,182
Average $/SF (3x2) $1.43 N/A $1.51 $1.18 $1.18 $1.25

The Landings on East Hill

  Thornridge  Heatherwood  Grand Bend Club Perry Place The Grand Averages The Landings on East Hill
Year Built 2001 1997 1981 1979 2016 1994 2002
Rents (1x1) $725 $854 $818 $799   $799 $1,020
SF (1x1) 651 794 800 676   730 789
Average $/SF (1x1) $1.12 $1.08 $1.02 $1.19   $1.10 $1.29
Rents (2x2) $865 $1,014 $970 $810 $1,849 $1,001 $1,150
SF (2x2) 835 1,030 1,000 876 2,086 1,165 1,050
Average $/SF (2x2) $1.04 $0.98 $0.97 $0.93 $0.89 $0.96 $1.10
Rents (3x2) $1,090 N/A N/A N/A $1,999 $1,544 $1,375
SF (3x2) 1,197 N/A N/A N/A 1,928 1,562 1,182
Average $/SF (3x2) $0.91 N/A N/A N/A $1.0 $0.95 $1.16
Rents (4x3)   N/A N/A N/A $2,199 $2,199 $1,535
SF (4x3)   N/A N/A N/A 2,400 2,400 1,425
Average $/SF (4x3) N/A N/A N/A $0.92 $0.92 $1.08

 

Location

Blvd West

Lansing is the state capital of Michigan and the fifth largest city in the state. The Lansing metropolitan area is home to just under half a million people. Lansing serves as an employment hub for Ingham, Eaton, and Clinton counties. Major employers of this region include State of Michigan, Michigan State University, Sparrow Health Systems, General Motors, Auto-Owners Insurance, and McLaren Health. Lansing provides a variety of rental housing options within different urban settings. Downtown Lansing offers many rental housing options including mid-rise apartment complexes, new vintage lofts, and student housing. In the past five years there has been an increase in new, large scale apartment complexes near the CBD of Lansing.

Blvd West offers garden style apartments in a quieter more suburban environment in Lansing, while still being a short drive from the Michigan State University campus. The property is in an infill location across the street from the University Corporate Research Facility, University Club of Michigan State University, and the future site of a McLaren medical center set to open in 2021. Blvd West is immediately flanked by recreation, including the Fenner Nature Center and the Forest Akers golf course.

The Landings

The market for The Landings on East Hill consist of both Genesee County and northern Oakland County Michigan. Landings is located in Grand Blanc an affluent suburb on the southern edge of Genesee County. This neighborhood is very popular with area professionals who work in all parts of Genesee County (including Flint) and in Northern Oakland County, which is home to executive offices and research facilities for global auto manufacturers and their major suppliers along Automation Alley. General Motors has offices, testing facilities, and manufacturing plants sprinkled throughout the area. This region is also home to a long list of hospital and medical centers. The largest being Hurley Medical Center, McLaren Flint and Ascension Genesys Hospital which is less than a 15-minute drive from the subject property and employs over 3,500 people.

The property is located within Grand Blanc, an affluent suburb along the I-75 corridor on the Southern end of Genesee County. Grand Blanc serves as a bedroom community to the Automation Alley, the major employment cluster along I-75 in north Oakland County. Grand Blanc is an ideal community for professionals that work at the multiple regional hospitals or for the big three global automobile manufacturers (General Motors, Ford, and Chrysler/Fiat). Grand Blanc is an excellent community for professionals with children. This community is known for its low crime rate and its public schools that rank in the top 25% in Michigan for college preparation. Within one mile of the subject property the average age is 39 and the median household income is $73,990. This neighborhood provides a high standard of living and short commute times to major employers in the surrounding areas.

Photos
Financials
Sources & Uses

 

Sources of Funds $ Amount $/Unit
Debt       $29,106,000 $99,678
GP Investor Equity     $1,059,061 $3,626
RM Investor Equity     $3,000,000 $10,273
Other LP Investor Equity   $10,257,635 $71,234
Total Sources of Funds $43,422,696 $184,811
           
Uses of Funds $ Amount $/Unit
Purchase Price $37,800,000 $129,452
Legal Fee & Third Party Consulting $465,000   $1,592
Acquisition Fee $756,000 $2,589
Closing Costs (1) $561,616 $1,923
Tax, Insurance, Covid Reserve $2,140,080   $7,329
Working Capital $700,000   $2,397
Loan Reserve $1,000,000 $3,424
Total Uses of Funds $43,422,696 $184,811

Please note that the GSH Group's equity contribution may consist of friends and family equity and equity from funds controlled by GSH Group. Additionally, the numbers represented above can change prior to closing depending on final loan proceeds, property condition assessments, appraisals, final closing costs, and other lender-mandated expenses.

(1) RM Technologies operates the RealtyMogul platform. RM Technologies charges a fixed, non-percentage-based fee for real estate companies to use the marketplace. An estimate of this fee is included in the Closing Costs and is intended to be capitalized into the transaction at the discretion of the Manager.

Debt Assumptions

The expected terms of the debt financing are as follows:

Blvd West:

  • Total Estimated Proceeds: $17,767,500
  • Estimated Rate (Fixed): 3.50%
  • Amortization: 30 years
  • Term: 15 years
  • Interest Only: 7 years

The Landings on East Hill

  • Total Estimated Proceeds: $11,433,000
  • Estimated Rate (Fixed): 3.50%
  • Amortization: 30 years
  • Term: 15 years
  • Interest Only: 7 years

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.

A substantial portion of the total acquisition for the Property will be paid with borrowed funds. The use of borrowed money to acquire real estate is referred to as leveraging. Leveraging increases the funds available for investment or development purposes, on the one hand, but also increases the risk of loss on the other. If the Company were unable to pay the payments on the borrowed funds (called a "default"), thelender might foreclose, and the Company could lose its investment in its property.

Distributions

GSH Group intends to make distributions from BLVD/Landings Domestic, LLC to RM Investors as follows:

1. 9.5% Preferred Return

2. 65%/35% (65% to RM Investors/35% to Member) thereafter

Note: 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). Distributions are expected to start in April 2021 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of GSH Group, who may decide to delay distributions for any reason, including maintenance or capital reserves.

    Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Effective Gross Revenue   $4,031,243 $4,183,189 $4,314,773 $4,662,304 $4,823,983 $4,968,702 $5,152,470 $5,307,044 $5,466,256 $5,630,243
Total Operating Expenses   $1,674,925 $1,830,563 $1,868,612 $1,913,822 $1,954,151 $1,994,681 $2,037,107 $2,079,395 $2,122,575 $2,166,666
Net Operating Income   $2,356,318 $2,352,626 $2,446,161 $2,748,482 $2,869,832 $2,974,021 $3,115,363 $3,227,649 $3,343,681 $3,463,577

Projected Investor Cash Flows

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Net Cash Flow -$14,316,696 $1,309,383 $1,312,652 $1,348,556 $1,548,926 $1,667,042 $1,768,337 $1,906,004 $1,465,522 $1,578,369 $38,740,883

Investor-Level Cash Flows*

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Net Cash Flow -$13,557,635 $1,239,983 $1,243,124 $1,277,050 $1,467,034 $1,578,984 $1,674,924 $1,805,442 $1,388,466 $1,495,353 $28,303,958

Investor-Level Cash Flows - Hypothetical $50,000 Investment*

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Net Cash Flow -$50,000 $4,573 $4,585 $4,710 $5,410 $5,823 $6,177 $6,658 $5,121 $5,515 $104,384

*Returns should be net of all fees including RealtyMogul's 1.0% annual asset management fee. 

NO ASSURANCE OF RETURN: The Company's pro-forma projections are based on assumptions regarding future events, such as the timing and extent of the recovery of the residential market and the stabilization of the debt markets. While the Manager believes that these assumptions are reasonable and achievable, the likelihood of its occurrence is subject to many factors that are not within the control of the Company or its Manager and that could impair the ability of the Company to meet its projections.

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to GSH Group's materials for details. The following fees and compensation will be paid(1)(2)(3):

One Time Fees:
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee (2%) $756,000 GSH Group LLC Capitalization  
Buyer Broker Fee $700,000 Momentum Realty Seller Proceeds Affiliate to GSH
             
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 3% of EGI MTH Management Cash Flows  
Asset Management Fee 2% of EGI GSH Group LLC Cash Flows  
Administrative Service Fee 1% of amount invested RM Admin (3) Cash Flows  

The above table is a summary and there may be additional fees and expenses associated with this offering. Please refer to the Private Placement Memorandum for further details.

(1) Fees may be deferred to reduce impact to investor distributions

(2) RM Technologies operates the RealtyMogul platform. RM Technologies charges a fixed, non-percentage-based fee for real estate companies to use the marketplace. An estimate of this fee is included in the Closing Costs and is intented to be capitalized into the transaction at the discretion of the Manager.

(3) RM Admin will be providing the following services:(a) responding to inbound investor inquiries regarding how to subscribe to the Project, (b) distribution of all annual tax forms (after receipt of same from Project Sponsor), (c) processing distributions that are payable from RM Investors to Investors, however, RM Admin will not be deemed to have custody of client funds, (d) distribution of all quarterly reports (after receipt of same from Project Sponsor) and (e) summarizing sponsor information on property performance, responding to investor inquiries regarding sponsor performance information as well as the real estate market generally.

Disclaimers/FAQs
Disclaimers

The content on this detail page was provided by the Sponsor or an affiliate thereof. The Sponsor is under no obligation to update this detail page. None of the opinions expressed on this detail page are the opinions of RealtyMogul and they are not endorsed by RealtyMogul. Assumptions and projections included in this detail page are not reflective of the position of RealtyMogul or any other person or entity other than the Sponsor’s investment vehicle (“Investment Entity”) or its affiliates.

The preceding summary of principal terms of the offering is qualified in its entirety by reference to the more complete information about the offering contained in the offering documents, including, without limitation, the Private Placement Memorandum, Operating Agreement, Subscription Agreement and all exhibits and other documents attached thereto or referenced therein (collectively, the "Investment Documents"). This summary is not complete, and each prospective investor should carefully read all of the Investment Documents and any supplements thereto, copies of which are available by clicking the links above or upon request, before deciding whether to make an investment. In the event of an inconsistency between the preceding summary and the Investment Documents, investors should rely on the content of the Investment Documents.

There can be no assurance that the methodology used for calculating targeted IRR is appropriate or adequate. Target IRR is presented solely for the purpose of providing insight into the Investment Entity’s investment objectives, detailing its anticipated risk and reward characteristics and for establishing a benchmark for future evaluation of the Investment Entity’s performance. Targeted IRR is not a predictor, projection or guarantee of future performance. There can be no assurance that the Investment Entity’s targets will be met or that the Investment Entity will be successful in identifying and investing in investment opportunities that would allow the Investment Entity to meet these return parameters. Target returns should not be used as a primary basis for an investor’s decision to invest in the Investment Entity. Please see the applicable Investment Documents for disclosure relating to forward-looking statements.

All forward–looking statements attributable to the Sponsor or persons acting on its behalf apply only as of the date of the offering and are expressly qualified in their entirety by the cautionary statements included elsewhere in this summary and the Investment Documents. Any financial projections are preliminary and subject to change; the Sponsor undertakes no obligation to update or revise these forward–looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Inevitably, some assumptions will not materialize, and unanticipated events and circumstances may affect the ultimate financial results. Projections are inherently subject to substantial and numerous uncertainties and to a wide variety of significant business, economic and competitive risks, and the assumptions underlying the projections may be inaccurate in any material respect. Therefore, the actual results achieved may vary significantly from the forecasts, and the variations may be material.

The interests in the Investment Entity will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) in reliance upon exemptions contained in Rule 506(b) or 506(c) of Regulation D as promulgated under the Securities Act. In addition, the interests will not be registered under any state securities laws in reliance on exemptions from registration. Such 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 investing activities risk the loss of capital. There can be no assurance that investors will not suffer significant losses. No guarantee or representation is made that investment objectives of the Investment Entity will be achieved. You should not subscribe to purchase interests in the Investment Entity unless you can readily bear the consequences of such loss.

Interests in the Investment Entity are listed on the RealtyMogul Platform. RealtyMogul receives fees from the Sponsor or the Investment Entity partially based on the number of investors investing in such Investment Entity through the RealtyMogul Platform. This arrangement could create a conflict of interest between RealtyMogul and investors.

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