FORMALIZED DUE DILIGENCE PROCESS 
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Confidentiality Agreement
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Funded
Estimated Hold Period 10 Years
Estimated First Distribution 4/2021
FUNDED 100%
...
View Our Due Diligence Process
Offered By
The GSH Group
Investment Strategy Core Plus
Investment Type Equity
Minimum Investment 35000
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 Sponsor") 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, GSH is attuned to the needs and processing of Special Servicers for the quick disposition of assets. The Sponsor 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.

GSH 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, GSH 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.

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 Information

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 Information

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.

Cap Stack
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.

The following offering documents 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.
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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