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Multifamily
Serrano North and South
Multiple Locations
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Serrano North and South
Multiple Locations
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Overview
Serrano North and South
Value-add acquisition of a two property portfolio in Spokane, WA.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 10/2021
Minimum Investment 1
Estimated Hold Period 5 Years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1981 & 1984
# of Units 299
Current Occupancy 97.7%
# of Buildings 19
Parking Ratio 1.47 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
Next Wave is under contract to purchase the Property for $115,050 per unit ($135/sf), at an acquisition cap rate of 4.9%.
Next Wave has budgeted $3,434,739 ($11,487 per unit) for interior unit renovations and $1,565,261 for exterior renovations.
The exit strategy is to sell the Property in five years at an expected cap rate of 5.50%.
The 299 unrenovated units are expected to generate an average monthly premium of $150 after renovation, a 15.7% return on cost.
The Nevada Lidgerwood submarket is experiencing an average vacancy of 3.1%, nearly half of the national average (CoStar). Additionally, there are currently only an estimated 30 units expected to be delivered in 2021, continuing to place downward pressure on submarket vacancy.
Once fully implemented, the introduction of RUBS could generate upwards of $200,000 in additional annual revenue.
Next Wave is under contract to purchase the Property for $115,050 per unit ($135/sf), at an acquisition cap rate of 4.9%.
Next Wave has budgeted $3,434,739 ($11,487 per unit) for interior unit renovations and $1,565,261 for exterior renovations.
The exit strategy is to sell the Property in five years at an expected cap rate of 5.50%.
The 299 unrenovated units are expected to generate an average monthly premium of $150 after renovation, a 15.7% return on cost.
The Nevada Lidgerwood submarket is experiencing an average vacancy of 3.1%, nearly half of the national average (CoStar). Additionally, there are currently only an estimated 30 units expected to be delivered in 2021, continuing to place downward pressure on submarket vacancy.
Once fully implemented, the introduction of RUBS could generate upwards of $200,000 in additional annual revenue.
Contact Us
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Management
For more information, view the Sponsor's Investment Memorandum.
Next Wave Investors

Next Wave Investors, LLC (“Next Wave”) is a Southern California-based private equity investment firm with a specialized focus in value-add multifamily investments throughout the Western United States. With more than $400 million in acquisitions to date, Next Wave is exceptionally skilled in identifying well-located, underappreciated properties where they can create value through professional operations and capital improvements. Drawing upon an 18-year track record and hands-on experience in the ownership, operation, and enhancement of multifamily properties, the firm consistently delivers value on behalf of individual and institutional investors throughout the globe.

Sponsor Track Record
Property City State Asset Type Acq Date Units or SF Purchase Price Sale Price
Skyline Terrace Las Vegas NV MultiFamily 7/1/2015 44 $2,625,000 $3,175,000
Skyline Place Las Vegas NV MultiFamily 7/1/2015 87 $4,750,000 $6,075,000
Skyline Parc Las Vegas NV MultiFamily 7/1/2015 193 $7,000,000 $11,000,000
Skyline Villas Las Vegas NV MultiFamily 7/1/2015 94 $3,825,000 $7,385,000
Casa Vista Las Vegas NV MultiFamily 3/1/2016 23 $910,000 $1,200,000
Oakridge Henderson NV MultiFamily 3/1/2016 42 $1,750,000 $2,500,000
Skyline Park Tucson AZ MultiFamily 3/1/2016 60 $1,920,000 $2,600,000
Villa Pacific Tucson AZ MultiFamily 7/1/2016 176 $5,400,000 $7,282,500
Quails Tucson AZ MultiFamily 8/1/2016 288 $9,400,000 $12,200,000
Sycamore Cove Tucson AZ MultiFamily 12/1/2016 67 $1,322,000 $2,400,000
Landing Point Salt Lake City UT MultiFamily 10/24/2017 126 $13,000,000 $17,600,000
Commons on 2nd Salt Lake City UT MultiFamily 10/24/2017 72 $5,800,000 $8,300,000
Bella Vista St. George UT MultiFamily 2/9/2018 148 $13,200,000 $18,200,000
Orange Tree Village Tucson AZ MultiFamily 3/16/2018 110 $10,550,000 $15,850,000
Harlow Las Vegas NV MultiFamily 3/29/2018 98 $17,100,000 $21,500,000
Cypress Springs Las Vegas NV MultiFamily 6/1/2018 144 $15,000,000 $20,000,000
Park Station Midvale UT MultiFamily 7/20/2018 96 $10,750,000 $15,600,000
Bella Vida Las Vegas NV MultiFamily 10/16/2018 72 $12,525,000 $15,000,000
La Estrella Vista Phoenix AZ MultiFamily 5/16/2019 96 $13,175,000 $16,750,000
Aspen Village West Valley City UT MultiFamily 3/18/2019 90 $12,175,000 $18,500,000
Townhomes at Mountain Ridge S. Salt Lake UT MultiFamily 5/23/2019 63 $12,500,000  
Cove on Bruce Clearfield UT MultiFamily 9/21/2018 76 $7,600,000 $15,250,000
Westover Parc Phoenix AZ MultiFamily 9/1/2019 160 $20,000,000 $41,625,000
Tompkins Cove Las Vegas NV MultiFamily 2/4/2020 88 $14,500,000 $18,600,000
Shiloh Park Townhomes Plano TX MultiFamily 11/18/2020 73 $14,850,000  
Park Central Luxury Townhomes Phoenix AZ MultiFamily 12/16/2020 56 $25,500,000  
Spanish Oaks Las Vegas NV MultiFamily 2/12/2021 216 $28,500,000  
River Lofts Tualatin OR MultiFamily 4/23/2021 74 $14,200,000  
Serrano Spokane WA MultiFamily 4/26/2021 300 $34,400,000  
Spyglass Hills Las Vegas  NV MultiFamily 7/1/2021 56 $8,500,000  
Ashley Terrace Vancouver  WA MultiFamily 8/4/2021 118 $23,850,000  
Willow Creek Prescott AZ MultiFamily 12/1/2021 160 $58,000,000  
Park Place Apartments Spokane Valley WA MultiFamily 10/15/2021 65 $8,000,000  
Ivy Apartments Roy UT MultiFamily 12/10/2021 64 $10,100,000  
Total            $442,677,000 $298,592,500

The above bios and track record were provided by Next Wave Investors and have not been independently verified by RealtyMogul.

Website
Management Team
Management
Jordan Fisher
Principal

With nearly two decades of experience acquiring, redeveloping, and managing multifamily properties, Jordan Fisher is a multifamily investment expert. As Principal of Next Wave, Fisher spearheads the company’s investment strategy, and oversees property selection, renovations, and repositionings to ensure strong results.

Prior to joining the executive ranks in commercial real estate, Fisher was founder and CEO of TPG Consulting, LLC, a web development and digital marketing company. Under his leadership, the firm grew from two employees to over 110 with revenues over $21.5 million. TPG was recognized as an INC 500 company as well as one the Los Angeles Business Journal’s 100 fastest-growing private companies. In 2014, after running the company for over seven years, Fisher successfully sold the company to a Beijing-based multi-national Business Services firm.

Prior to founding TPG, Fisher worked at Deloitte Consulting and served as a Captain in the United States Army. A graduate of the U.S. Military Academy at West Point, Fisher earned his MBA from the UCLA Anderson School of Business.

Management
David Sloan
Principal

A seasoned attorney with tremendous hands-on experience in real estate, David Sloan is an expert in multifamily real estate transactions, as well as asset and project management. As Principal for Next Wave, Sloan oversees all of the firm’s acquisitions and investments to ensure accuracy, legality and efficiency.

Earlier in his career, Sloan served as Senior Vice President – General Counsel of Sunstone Hotel Investors, Inc. (“Sunstone”), a publicly traded REIT. In that role, he managed all legal functions, including securities matters and real estate transactions. Prior to joining Sunstone, Sloan was engaged in the private practice of law in San Diego. He holds a B.S. degree from Ball State University and a J.D. degree (cum laude) from Thomas Jefferson School of Law.

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

Serrano North and South (the "Property") is an adjacent two property Class C+, garden style multifamily portfolio located in the Nevada Lidgerwood submarket of Spokane, Washington. 119 Units (Serrano South Apartments) were built in 1981 and 180 units (Serrano North Apartments) were built in 1984 bringing the total unit count to 299. The unit mix is comprised of studio, one-, two-, and three-bedroom floorplans and all units maintain their original 1980’s finishes. All units are equipped with ample closet space, air conditioning, and private patios or balconies. Top floor units enjoy vaulted ceilings and wood burning fireplaces as well. Community amenities include a pool, a playground, BBQ and picnic areas, a community center, five laundry facilities, and central courtyards for tenants to enjoy. Occupancy at the Property is currently 97.7%.

Unit Mix

Unit Type # Units Avg SF/Unit Avg Rent
(In-Place)
Avg Rent
(Stabilized Yr 1)
Studio 1 480 $500 $674
1 Bed x 1 Bath 30 680 $719 $948
2 Bed x 1 Bath A 87 780 $779 $1,009
2 Bed x 1 Bath B 45 845 $821 $1,049
2 Bed x 1 Bath C 46 902 $825 $1,075
2 Bed x 1 Bath D 48 931 $836 $1,140
3 Bed x 1 Bath 1 980 $965 $1,181
3 Bed x 1.5 Bath 41 987 $965 $1,267
         
Total 299 851 $819 $1,075
Comparables
For more information, view the Sponsor's Investment Memorandum.

Lease Comps

  Rosewood Club* Gogo Heights** Rock Creek on Nevada Center Court Apartments Comp Averages Serrano North & South (Subject)
Year Built 1977 1989 1996 1979 1985 1984
Units 155 138 132 153 145 299
Distance to Subject 1.2 Miles 0.2 Miles 0.6 Miles 0.6 Miles 0.7 Miles  
             
$/Unit (1x1) $1,025   $1,100 $770 $991 $939
SF (1x1) 680   750 611 684 674
$/SF (1x1) $1.51   $1.47 $1.26 $1.45 $1.39
             
$/Unit (2x1) $975 $1,350 $1,075 $1,020 $1,117 $1,058
SF (2x1) 780 1,025 1,010 714 878 850
$/SF (2x1) $1.25 $1.32 $1.06 $1.43 $1.27 $1.25
             
$/Unit (3x1.5) $1,550 $1,490     $1,491 $1,265
SF (3x1.5) 1,360 1,250     1,252 987
$/SF (3x1.5) $1.14 $1.19     $1.19 $1.28

*Rosewood Club and Gogo Heights are professionally managed.

**Gogo Heights is the only lease comp that is currently renovating.

Sales Comps

  Northern Heights Willowbrook Apartments Northstar Lodge Total/Averages Subject
Date Nov '19 Dec '19 Dec '19   Mar '21
Submarket West Spokane Opportunity Town and Center   Nevada Lidgerwood
Total SF 191,011 94,062 116,563 133,879 270,788
Units 232 110 114 152 299
Year Built 2018 1991 2008 2006 1981/1984
Average SF 823 855 1,022 900 906
Purchase Price $34,000,000 $15,850,000 $19,683,500 $23,177,833 $35,000,000
$/Unit $146,552 $144,091 $172,662 $154,435 $117,057
Distance from Subject (mi.) 9.7 Miles 8.2 Miles 1.2 Miles 6.4 Miles  
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

 

Sources of Funds $ Amount $/Unit
Debt $32,050,000 $107,191
GP Investor Equity $945,000 $3,161
RM Investor Equity $5,000,000 $16,722
Other LP Investor Equity $3,260,000 $10,903
Total Sources of Funds $41,255,000 $137,977
     
Uses of Funds $ Amount $/Unit
Purchase Price $34,400,000 $115,050
Acquisition Fee $344,000 $1,151
Closing Costs (1) $545,702 $1,825
CapEx, TI, LC $5,000,000 $16,722
Working Capital $25,000 $84
Loan Placement Reserve $496,775 $1,661
Prepaid/Expense Reserve $341,346 $1,142
Rate Cap Cost $102,177 $342
Total Uses of Funds $41,255,000 $137,977

Please note that the NextWave's equity contribution may consist of friends and family equity and equity from funds controlled by NextWave. 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:

  • Total Estimated Proceeds: $32,050,000
  • Estimated Rate (Floating): 3.45% + LIBOR (with a 0.25% LIBOR Floor)
  • Amortization: 30 years
  • Term: 5 years
  • Interest Only: 3 Year + Two 1 Year Extensions

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"), the lender might foreclose, and the Company could lose its investment in its property.

Distributions

Next Wave intends to make distributions from NWI Serrano, LLC to Investors as follows:

1. Pari Passu to 10.0% IRR

2. 67.5%/32.5% (67.5% to Investors/32.5% to The Real Estate Company) to 15% IRR

3. 50%/50% (50.0% to Investors/50.0% to The Real Estate Company) 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 October 2021 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of NextWave, who may decide to delay distributions for any reason, including maintenance or capital reserves. The Real Estate Company will receive a promote as indicated above, and a portion of this promote may be received by RM Admin for administrative services.

Cash Flow Summary

  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $3,123,214 $3,708,208 $3,984,321 $4,316,710 $4,559,801
Total Operating Expenses $1,533,116 $1,618,093 $1,686,514 $1,737,779 $1,787,517
Net Operating Income $1,590,098 $2,090,115 $2,297,808 $2,578,932 $2,772,284

Project-Level Cash Flows

  Year 0 Year 1 Year 2 Year 3 Year 4* Year 5
Net Cash Flow -$9,205,000 $272,386 $763,628 $940,221 $593,121 $19,358,154

*Debt I/O expiration

Investor-Level Cash Flows

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Cash Flow -$8,260,000 $158,197 $602,632 $761,096 $449,630 $14,924,303

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

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Cash Flow -$50,000 $958 $3,648 $4,607 $2,722 $90,341

*Returns are net of all fees including RealtyMogul's 1.0% annual administrative services 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 NextWave'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
Acquisition Fee  1% of Gross Acquisition Price Next Wave Capitalization
Construction Management Fee 7.5% of Total Construction Costs Next Wave Capitalization
Disposition Fee* 1.0% of Gross Sales Price Next Wave Sales Proceeds
           
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Property Management Fee 3.0% of EGI Next Wave Property Cashflow
Asset Management Fee 1.5% of EGI Next Wave Property Cashflow
Administrative Services Fee 1.0% of amount invested RM Admin (3) Distributable Cash

*Disposition Fee – 1% of the gross sales price of the Project, contingent on both (A) return to Investors of initial invested capital and (B) Investors realizing 10% IRR on initial invested capital.

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 intended 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.

Sources & Uses

 

Sources of Funds $ Amount $/Unit
Debt $32,050,000 $107,191
GP Investor Equity $945,000 $3,161
RM Investor Equity $5,000,000 $16,722
Other LP Investor Equity $3,260,000 $10,903
Total Sources of Funds $41,255,000 $137,977
     
Uses of Funds $ Amount $/Unit
Purchase Price $34,400,000 $115,050
Acquisition Fee $344,000 $1,151
Closing Costs (1) $545,702 $1,825
CapEx, TI, LC $5,000,000 $16,722
Working Capital $25,000 $84
Loan Placement Reserve $496,775 $1,661
Prepaid/Expense Reserve $341,346 $1,142
Rate Cap Cost $102,177 $342
Total Uses of Funds $41,255,000 $137,977

Please note that the NextWave's equity contribution may consist of friends and family equity and equity from funds controlled by NextWave. 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:

  • Total Estimated Proceeds: $32,050,000
  • Estimated Rate (Floating): 3.45% + LIBOR (with a 0.25% LIBOR Floor)
  • Amortization: 30 years
  • Term: 5 years
  • Interest Only: 3 Year + Two 1 Year Extensions

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"), the lender might foreclose, and the Company could lose its investment in its property.

Distributions

Next Wave intends to make distributions from NWI Serrano, LLC to Investors as follows:

1. Pari Passu to 10.0% IRR

2. 67.5%/32.5% (67.5% to Investors/32.5% to The Real Estate Company) to 15% IRR

3. 50%/50% (50.0% to Investors/50.0% to The Real Estate Company) 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 October 2021 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of NextWave, who may decide to delay distributions for any reason, including maintenance or capital reserves. The Real Estate Company will receive a promote as indicated above, and a portion of this promote may be received by RM Admin for administrative services.

Cash Flow Summary

  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $3,123,214 $3,708,208 $3,984,321 $4,316,710 $4,559,801
Total Operating Expenses $1,533,116 $1,618,093 $1,686,514 $1,737,779 $1,787,517
Net Operating Income $1,590,098 $2,090,115 $2,297,808 $2,578,932 $2,772,284

Project-Level Cash Flows

  Year 0 Year 1 Year 2 Year 3 Year 4* Year 5
Net Cash Flow -$9,205,000 $272,386 $763,628 $940,221 $593,121 $19,358,154

*Debt I/O expiration

Investor-Level Cash Flows

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Cash Flow -$8,260,000 $158,197 $602,632 $761,096 $449,630 $14,924,303

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

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Cash Flow -$50,000 $958 $3,648 $4,607 $2,722 $90,341

*Returns are net of all fees including RealtyMogul's 1.0% annual administrative services 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 NextWave'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
Acquisition Fee  1% of Gross Acquisition Price Next Wave Capitalization
Construction Management Fee 7.5% of Total Construction Costs Next Wave Capitalization
Disposition Fee* 1.0% of Gross Sales Price Next Wave Sales Proceeds
           
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Property Management Fee 3.0% of EGI Next Wave Property Cashflow
Asset Management Fee 1.5% of EGI Next Wave Property Cashflow
Administrative Services Fee 1.0% of amount invested RM Admin (3) Distributable Cash

*Disposition Fee – 1% of the gross sales price of the Project, contingent on both (A) return to Investors of initial invested capital and (B) Investors realizing 10% IRR on initial invested capital.

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 intended 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.

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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