Risk and Quality Controls
Steps we take to mitigate risk on the Platform

We run extensive background checks, criminal checks, bad actor checks, and reference checks on sponsors. In addition to never allowing a sponsor with a criminal history / any securities related issue to use the platform, we may also turn down sponsors due to poor reference checks even if background and criminal checks come back clear.

Escrow accounts

We require unaffiliated sponsors to use an unaffiliated third-party escrow agent. When an investor makes an investment with unaffiliated sponsors using the RealtyMogul platform, the investor’s money is transferred directly into a third-party escrow account. All closing conditions in connection with a sponsor’s offering need to be met before the third-party escrow agent will approve releasing investor funds to the issuer or general partner. For example, if an issuer or general partner plans to use funds for a real estate acquisition that does not ultimately transact, the third-party escrow agent will not transfer investor funds to the issuer or general partner, and funds will be returned to investors.

Boots on the ground

Our controls include visiting every property (or a subset of properties if it’s a fund) to confirm the real estate is what and where the real estate is supposed to be.

Detailed Checklists

We have robust quality controls with detailed checklists and a review of third-party reports.

Confidentiality Agreement
To access the Sponsor’s private offering documents for this investment, you must first acknowledge and agree to the below.
By clicking the ‘I Agree’ button below:
Target IRR  15.6%-17.6% *
Target Avg. Cash on Cash* 6.4%
Target Equity Multiple* 2.05X
Estimated Hold Period* 5 Years
View our Risk and Quality Controls.
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
Offered By
Next Wave Investors
Investment Strategy Value-Add
Investment Type Equity
Estimated First Distribution 4/2021
Minimum Investment 35000
Value-add acquisition of a two property portfolio in Spokane, WA.

Significant value-add opportunity to bring an underperforming asset to market level performance. On turn, lightly renovated units at the Property are already achieving rents in the range of the pro forma post-renovation rents.


Next Wave Investors specializes in investing in the Pacific Northwest and their principal, Jordan Fisher, personally owns 185 units less than 5 miles from the Property. Their experience managing in this market, combined with efficiencies from nearby properties in their portfolio will allow the Sponsor to seamlessly operate the property.


The Property is currently ~97.7% occupied and, per CoStar, submarket vacancy is 3.1%, nearly half of the national average. Underwritten vacancy is ~6% which provides upside if occupancy is to remain close to current levels. There are currently ~30 units expected to be delivered in 2021 in the submarket. This constricted supply should continue to place downward pressure on submarket vacancy.

Property at a glance
Year Built 1981 & 1984
# of Units 299
Current Occupancy 97.7%
# of Buildings 19
Parking Ratio 1.47 per unit
Acquisition Price $34,400,000
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.
Cumulative Distributions

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.

  • Jordan Fisher
  • David Sloan
Jordan Fisher

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.

David Sloan

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.

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.

The Real Estate Company has budgeted $5.00MM in capital expenditures which will be allocated to both interior and exterior renovations. All units will undergo renovation at $11,487 per unit. The interior renovation plan will introduce stainless-steel appliances, new lighting fixtures, plumbing enhancements, vinyl flooring, new carpets, resurfaced countertops, and new paint. Exterior renovations will include repainting, roofing repairs, a new signage package, and aesthetic upgrades to the pool and landscaping. Post-renovation, the Real Estate Company plans to increase rents by $150 - representing a 15.7% return on cost on interiors. The Property will be sold after a 5-year hold at a 5.50% cap rate.

CapEx Breakdown:

  $ Amount Per Unit/SF
Interior Renovations    
Appliance Package $598,000 $2,000
Flooring and Carpets $648,700 $2,170
Light Fixtures $75,025 $251
Paint $251,950 $843
Resurface Countertops $179,400 $600
Cabinets $238,200 $797
Electrical Plates $30,175 $101
Bathroom Hardware $23,450 $78
Plumbing Fixtures $76,800 $257
Cleaning $39,910 $133
Total Interior Renovation Costs $2,161,610 $7,229
Exterior Renovations    
Exterior Paint $234,400 $784
Landscaping $219,212 $733
Pool Refresh $40,000 $134
Leasing Office Renovation $60,000 $201
Mailbox Replacement $25,000 $84
New Signage & Lights $46,444 $155
Dog Park $30,000 $100
Playground Replacement $40,000 $134
Garage Door Replacements $35,600 $119
Total Exterior Renovation Costs $730,656 $2,444
Deferred Maintenance    
Walkway Decking & Landing Repairs $105,964 $354
Asphalt Repairs $175,000 $585
Roof Preventative Maintenance $50,000 $167
Gutters & Downspouts Replacement $50,000 $167
Water Heater Replacement $63,538 $213
HVAC Replacement $89,700 $300
Total Deferred Maintenance $534,202 $1,787
Contingency (10%) $411,893 $1,378
Miscellaneous*  $821,828 $2,749
Construction Management $339,812 $1,136
Grand Total $5,000,000 $16,722

* Miscellaneous includes: PM Interior Renovation Coordination Charge, Capitalized Renovation Technician (Labor), and On Site Project Supervision Costs in Lieu of General Contractor Fees.

Property Information

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
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

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  
Location Information

Market Overview

Per CoStar, the vacancy rate in the North Spokane Submarket has remained stable over the past year at 4.7%. This is consistent with the long-term average, showing that Covid-19 had virtually no impact on occupancy in this submarket.

Serrano North and South is situated right along US 2, providing seamless connectivity to the I-90, downtown Spokane, and the greater Spokane MSA. The Property is conveniently located less than four miles from Gonzaga University, Washington State University, and downtown Spokane. Additionally, the Property is located less than 10 miles from the Spokane International Airport and 20 miles from Mt. Spokane, an attractive local ski destination. Residents of Serrano North and South enjoy direct access to Franklin Park - a city park boasting large play and sports areas - and the NorthTown Mall. The NorthTown Mall is located one mile from the Property and contains over 100 stores, dining and entertainment options, and a 16-screen Regal Cinema.

After a slow recovery from the Great Recession, Spokane's multifamily market has picked up steam in the last few years and vacancies are below the historical average. The pandemic shook the market but the area is benefitting from in-migration from larger cities throughout the Pacific Northwest and beyond. New construction has been met with high absorption over the past decade as residents from across the country move to the area, and vacancies in Spokane have compressed to below both the historical and national averages. Unlike big cities throughout the Pacific Northwest, Spokane has maintained tight vacancies during the pandemic, as people who can work from home relocate to the area.

Year-over-year rent growth has maintained its strong momentum, and daily rents have held steady compared with other Washington markets since mid-March when the outbreak began. The near-term forecast calls for a slowdown in rent growth, but the level is still expected to be higher than the national average.

Renting at the Property is a 14.4% discount to the average cost of home ownership in the submarket. Additionally, the median income to stabilized rent ratio is 3.52x.

Building stock in the market is primarily developed and held by local families. The Real Estate Company sourced this off-market opportunity by strength of their network as an owner in the submarket.

Cap Stack
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.


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.


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.

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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