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Multifamily
Amber Hill Apartments
San Antonio, TX
Completed Equity
100% funded
...
Amber Hill Apartments
San Antonio, TX
All Investments > Amber Hill Apartments
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Overview
Amber Hill Apartments
Value-add opportunity with proven execution, located five minutes from San Antonio's Medical District and USAA headquarters.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 3/2021
Minimum Investment 35000
Estimated Hold Period 3 Years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1969
Number of Units 244
Parking Ratio 1.44 per unit
Number of Buildings 19
Current Occupancy 92.0%
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
Cooper Street Capital plans to recapitalize the Property for $84,836 per unit, which translates to a 15% discount to recent comparable trades in the submarket.
The Property is situated less than five minutes from San Antonio's Medical Center with easy access to some of the city's major employers, including USAA and several popular entertainment options including the Pearl District and the Alamo Quarry Market.
Cooper Street Capital has budgeted $491,100 ($8,185 per unit) for interior unit renovations and $170,000 for exterior improvements.
The exit strategy is to sell the Property in three years at an expected cap rate of 5.45%.
Cooper Street Capital plans to recapitalize the Property for $84,836 per unit, which translates to a 15% discount to recent comparable trades in the submarket.
The Property is situated less than five minutes from San Antonio's Medical Center with easy access to some of the city's major employers, including USAA and several popular entertainment options including the Pearl District and the Alamo Quarry Market.
Cooper Street Capital has budgeted $491,100 ($8,185 per unit) for interior unit renovations and $170,000 for exterior improvements.
The exit strategy is to sell the Property in three years at an expected cap rate of 5.45%.
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Management
For more information, view the Sponsor's Investment Memorandum.
Cooper Street Capital

Cooper Street Capital (the "Real Estate Company" or "CSC") is a private equity real estate company that applies targeted acquisition strategies and active asset management to provide consistent risk-adjusted returns for investors. By structuring each investment as an individual partnership, Cooper Street Capital allows partners to invest directly. The company is headquartered in Aspen, Colorado and also has an office in San Francisco, California.

CSC’s team is committed to sourcing commercial real estate investment opportunities from across the western United States that have demonstrated strong financial performance in the past or that exhibit the potential for gains in the future. In either case, potential acquisitions must be supported by strong market fundamentals. CSC currently oversees $665 million in assets under management throughout Texas, New Mexico, Colorado, and Oregon.

Sponsor Track Record

Cooper Street Capital currently oversees $426 million in assets under management throughout Texas, New Mexico, Colorado, and Oregon and has sold $289 million in assets since inception.

Currently Under Management:

Property Location Asset Type Date Acquired Units Purchase Price Current Value / Sale Price
Cedar 31 Austin, TX Multifamily Apr-17 14 $2,310,000 $3,100,000
1515 Clermont Denver, CO Multifamily Jul-17 36 $5,500,000 $7,435,000
Gallery Park/Westfal Portland, OR Multifamily Jan-19 93 $18,200,000 $22,730,000
Mueller Rose Austin, TX Multifamily Mar-19 181 $18,825,000 $22,000,000
CSC Spanish Trails Austin, TX Multifamily Mar-19 40 $6,238,000 $6,450,000
CSC Ravens Portfolio Houston, TX Multifamily Apr-19 75 $13,000,000 $14,000,000
Barton Ridge Austin, TX Multifamily May-19 37 $6,025,000 $6,850,000
Pyramid Portfolio Albuquerque, NM Multifamily Jun-19 34 $1,905,000 $2,300,000
Bannister Place Austin, TX Multifamily Jul-19 20 $3,300,000 $3,435,000
The French Quarter Albuquerque, NM Multifamily Jul-19 84 $3,400,000 $4,730,000
The Zeno Apartments Portland, OR Multifamily Aug-19 22 $4,250,000 $5,000,000
305 Flats Austin, TX Multifamily Aug-19 32 $4,200,000 $4,500,000
Cascade Apartments Austin, TX Multifamily Sep-19 198 $31,500,000 $32,000,000
Villas Esperanza Albuquerque, NM Multifamily Sep-19 188 $12,250,000 $12,250,000
Miller Square Austin, TX Multifamily Sep-19 51 $8,640,000 $8,640,000
305 Flats Austin, TX Multifamily Nov-19 32 $4,200,000 $4,200,000
Chestnut Park San Antonio, TX Multifamily Dec-19 145 $12,000,000 $12,000,000
Arbors and Courtyards Albuquerque, NM Multifamily Dec-19 529 $38,000,000 $41,000,000
Barberry Village Portland, OR Multifamily Jan-20 180 $21,500,000 $28,000,000
Longhorns Portfolio Austin, TX Multifamily Mar-20 84 $11,000,000 $11,000,000
Amber Hill San Antonio, TX Multifamily Mar-20 244 $16,750,000 $20,700,000
Blue Vine Apartments San Antonio, TX Multifamily Apr-20 111 $10,050,000 $10,050,000
The Lexington Place Albuquerque, NM Multifamily Aug-20 156 $11,750,000 $11,750,000
River Park Apartments New Braunfels, TX Multifamily Sep-20 100 $7,800,000 $10,000,000
Mesa/Mountain El Paso, TX Multifamily Sep-20 541 $29,000,000 $29,000,000
Vista Grande Albuquerque, NM Multifamily Oct-20 168 $11,000,000 $11,000,000
Mountaindale El Paso, TX Multifamily Nov-20 88 $5,100,000 $5,100,000
Creeks Edge Apartments Austin, TX Multifamily Jan-21 200 $23,000,000 $23,000,000
Netherwood Village Albuquerque, NM Multifamily Jan-21 220 $18,500,000 $18,500,000
Raintree Village El Paso, TX Multifamily Mar-21 275 $15,750,000 $15,750,000
Evergreen Apartments Santa Fe, NM Multifamily Under contract 70 $6,300,000 $6,300,000
Alexis Apartments Las Cruces, NM Multifamily Under contract 170 $13,235,000 $13,235,000
Totals       4,418 $394,478,000 $426,005,000

Previously Owned Assets:

Property Location Asset Type Date Acquired Units Purchase Price Current Value / Sale Price Sale Date
Highland Park Albuquerque, NM Multifamily Feb-13 80 $5,125,000 $6,400,000 Feb-16
MP Netherwood Albuquerque, NM Multifamily Aug-13 220 $13,975,000 $18,500,000 Jan-21
Citadel Apartments Albuquerque, NM Multifamily Mar-14 233 $9,719,000 $14,792,000 Nov-17
I-95 Portfolio Portland, ME Multifamily Jul-14 54 $6,550,000 $9,500,000 Oct-17
Bowdoin Realty Portland, ME Multifamily Dec-14 41 $5,630,000 $9,900,000 Oct-17
94-96 Winter Portland, ME Multifamily Feb-15 10 $900,000 $1,400,000 Oct-17
Bricklight Capital Portland, ME Multifamily Jul-15 45 $4,900,000 $7,100,000 Oct-17
East End Portland, ME Multifamily Sep-15 37 $4,300,000 $5,800,000 Oct-17
Bricklight, II Portland, ME Multifamily Sep-15 24 $2,730,000 $3,250,000 Jul-16
773 Congress Portland, ME Multifamily Sep-15 5 $390,000 $420,000 Aug-16
59 Bramhall Portland, ME Multifamily Aug-15 9 $625,000 $750,000 Jul-16
CSC Bear Creek Albuquerque, NM Multifamily Jun-16 84 $2,820,000 $3,400,000 Jul-19
Bannister Apartments Austin, TX Multifamily May-17 34 $2,485,000 $3,300,000 Jul-19
The Goose Nest Portland, OR Multifamily Aug-17 22 $3,075,000 $4,260,000 Aug-19
Villas De La Luz Austin, TX Multifamily Jan-18 240 $20,500,000 $25,225,000 Jan-19
Courtyards and Arbors Albuquerque, NM Multifamily Feb-18 529 $31,100,000 $38,000,000 Dec-19
English Aire/Lafayette Austin, TX Multifamily Aug-18 397 $38,750,000 $45,000,000 Mar-20
Sage Canyon Albuquerque, NM Multifamily Aug-18 105 $8,790,000 $10,260,000 Jan-20
CSC North Austin Austin, TX Multifamily Jan-19 523 $56,000,000 $62,350,000 Jan-21
Rock Creek Albuquerque, NM Multifamily Jun-19 121 $6,875,000 $8,000,000 Sep-20
Lexington Realty Capital Albuquerque, NM Multifamily Aug-19 156 $7,400,000 $11,750,000 Aug-20
Totals       2,969 $232,639,000 $289,357,000  

The above bios and track record were provided by Cooper Street Capital and have not been independently verified by RealtyMogul.

Website
Management Team
Management
Brandon Cooper
Managing Partner

Brandon Cooper has spearheaded the acquisition of over $450 million worth of real estate assets in the last five years, which includes more than 4,000 multifamily units across the United States. Prior to founding Cooper Street Capital, he was the co-founder of two other real estate investment firms, Maroon Peak Partners and I-95 Ventures. Before his ventures in real estate, Brandon worked for Merrill Lynch and previous to that, The Center for Middle East Peace in Washington, D.C. He graduated Magna Cum Laude from Bates College and was on the cross-country skiing team. 

Management
Matt Cooper
Director of Acquisitions

Prior to joining Cooper Street Capital, Matt Cooper worked with the US Delegation to the World Trade Organization (WTO) in Geneva, Switzerland and the Organisation for Economic Co-operation and Development (OECD) in Paris, France. As an economist, Matt executed several large research projects related to the international trade system and the economics of corporate governance frameworks. Matt holds a Bachelor of Arts in Political Science and French Language from the University of Virginia and a Masters of Science in the International Political Economy from the London School of Economics. 

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

Cooper Street Capital is pleased to present a value-add investment opportunity for the Amber Hill Apartments in one of the fastest-growing US markets, San Antonio, TX. CSC has owned and operated the asset since March 2020 and is recapitalizing the project alongside a refinance of the in-place loan. Since the takeover, CSC has made fast work of its initial investment strategy to push up the asset's income through interior renovations and the implementation of a utility bill back program. By continuing the strategy going forward, CSC believes over a three-year investment horizon that it can capture an additional 7% rental upside and drive up the NOI by nearly $400,000.

In-Place/Stabilized Unit Mix:

Unit Type # of Units Average SF/Unit Avg Rent (In-Place) Avg Rent (Post-Reno) Post-Reno Rent per SF
1x1 Small 55 560 $681 $700 $1.25
1x1 Large 66 672 $696 $800 $1.19
2x1 57 864 $869 $920 $1.06
2x2 40 952 $976 $960 $1.01
2x1.5 10 1,088 $1,104 $1,120 $1.03
3x2 16 1,180 $1,249 $1,420 $1.20
Total/Averages 244 788 $832 $885 $1.14

 

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

Lease Comparables:

  The Connally Diamond Ridge Pearl Park Latitude Barcelo Apartments Averages Subject (Pro Forma)
Year Built 1973 1978 1974 1978 1972   1969
# of Units 152 304 188 268 288   244
Levels 2 3 2 2 2   2
Distance from subject 0.3 mi 0.5 mi 0.6 mi 0.7 mi 3.2 mi    
               
$/Unit (1x1) $940 $764 $972 $725 $745 $829 $755
SF (1x1) 737 616 737 647 663 680 621
$/SF (1x1) $1.28 $1.24 $1.32 $1.12 $1.12 $1.22 $1.21
               
$/Unit (2x1) $950 $984 $924 $909 $915 $936 $920
SF (2x1) 949 864 949 838 866 893 864
$/SF (2x1) $1.00 $1.14 $0.97 $1.08 $1.06 $1.05 $1.06
               
$/Unit (2x2) $975 $1,108 $1,028 $999 $965 $1,015 $960
SF (2x2) 1,036 945 1,076 1,016 1,009 1,016 952
$/SF (2x2) $0.94 $1.17 $0.96 $0.98 $0.96 $1.00 $1.01
               
$/Unit (3x2) $1,240 $1,144 $1,401 $1,359 $1,155 $1,260 $1,420
SF (3x2) 1,267 1,180 1,267 1,418 1,202 1,267 1,180
$/SF (3x2) $0.98 $0.97 $1.11 $0.96 $0.96 $0.99 $1.20


Sales Comparables:

  The Connally Vista del Rey Diamond Ridge Valencia on Four10 Latitude Averages Subject (Going-in)
Date Sold Oct-20 Oct-19 Dec-20 Nov-19 May-20    
Year Built 1973 1978 1978 1982 1978   1969
# of Units 152 453 304 346 268   244
Average Unit Size 1,098 SF 835 SF 825 SF 908 SF 1,010 SF 935 SF 788 SF
Sale Price $15,000,000 $38,333,333 $27,000,000 $31,000,000 $23,659,362 $26,998,539 $20,700,000
$/Unit $98,684 $84,621 $88,816 $89,595 $88,281 $90,000 $84,836
$/SF $87 $113 $191 $102 $103 $119 $86
Building Size 173,035 SF 340,651 SF 141,451 SF 302,825 SF 229,904 SF 237,573 SF 240,926 SF
Distance from subject 0.3 mi 0.4 mi 0.5 mi 0.6 mi 0.7 mi    
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

Total Capitalization

Sources of Funds Amount
Debt $17,300,000
Equity $5,155,267
Total Sources of Funds $22,455,267
Uses of Funds Amount
Purchase Price $20,700,000
Acquisition Fee $207,000
Loan Fee $173,000
CapEx $760,000
Tax Escrow $74,885
Insurance Premium $45,000
Other Closing Costs(1) $495,382
Total Uses of Funds $22,455,267

Please note that Cooper Street Capital's equity contribution may consist of friends and family equity and equity from funds controlled by Cooper Street Capital. 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:

  • Lender: Greystone Servicing Company LLC
  • Base Term: 2 Years
  • Extension: Two six-month extensions available in each instance with payment of a 0.25% fee
  • Loan-to-Value: 83.6%
  • Estimated Proceeds: $17,300,000
  • Interest Type: Floating
  • Spread: LIBOR + 350 bps with LIBOR floor of 0.25%
  • Interest-Only Period: Full-term
  • Prepayment Terms: Loan is open to prepayment, subject to any applicable exit fee, after the sixth month of the loan term
  • Exit Fee: 1.0% exit fee, waived upon Greystone permanent loan refinance

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender-controlled capital reserve account.

Distributions

Cooper Street Capital intends to make distributions from CSC-RM Amber Hill Realty Capital, LLC as follows:

  1. To the Investors, pari passu, all operating cash flows to a 10.0% preferred return;
  2. 70% / 30% (70% to Investors / 30% to Promote) following return of capital.

Cooper Street Capital intends to make distributions to investors after the payment of both company's liabilities (loan payments, operating expenses, and other fees as more specifically set forth in the LLC agreements, in addition to any member loans or returns due on member loan).

Distributions are expected to start in November 2021 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Cooper Street Capital, who may decide to delay distributions for any reason, including maintenance or capital reserves.

CASH FLOW SUMMARY
  Year 1 Year 2 Year 3
Effective Gross Revenue $2,688,683 $2,911,839 $2,980,924
Total Operating Expenses $1,579,220 $1,619,386 $1,655,705
Net Operating Income $1,109,462 $1,292,453 $1,325,220
CSC-RM Amber Hill Realty Capital, LLC​ (ASSUMING A $4.38 MILLION TOTAL INVESTMENT)
  Year 0 Year 1 Year 2 Year 3
Investor-Level Cash Flows ($4,380,000) $362,175 $507,714 $5,781,804
Net Earnings to Investor - Hypothetical $50,000 Investment ($50,000) $4,134 $5,796 $66,002

 

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Cooper Street Capital'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 1.0% of Purchase Price Cooper Street Capital Capitalized Equity Contribution
Construction Management Fee 5.0% of Construction Costs Cooper Street Capital Capitalized Equity Contribution
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Administrative Services Fee 1.0% of Equity Invested* RM Admin(3) Distributable Cash
Property Management Fee 3.0% of EGI CSC Management Distributable Cash

*Only applies to equity raised through the RealtyMogul Platform 

(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 CSC-RM Amber Hill Realty Capital, LLC 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

Total Capitalization

Sources of Funds Amount
Debt $17,300,000
Equity $5,155,267
Total Sources of Funds $22,455,267
Uses of Funds Amount
Purchase Price $20,700,000
Acquisition Fee $207,000
Loan Fee $173,000
CapEx $760,000
Tax Escrow $74,885
Insurance Premium $45,000
Other Closing Costs(1) $495,382
Total Uses of Funds $22,455,267

Please note that Cooper Street Capital's equity contribution may consist of friends and family equity and equity from funds controlled by Cooper Street Capital. 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:

  • Lender: Greystone Servicing Company LLC
  • Base Term: 2 Years
  • Extension: Two six-month extensions available in each instance with payment of a 0.25% fee
  • Loan-to-Value: 83.6%
  • Estimated Proceeds: $17,300,000
  • Interest Type: Floating
  • Spread: LIBOR + 350 bps with LIBOR floor of 0.25%
  • Interest-Only Period: Full-term
  • Prepayment Terms: Loan is open to prepayment, subject to any applicable exit fee, after the sixth month of the loan term
  • Exit Fee: 1.0% exit fee, waived upon Greystone permanent loan refinance

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender-controlled capital reserve account.

Distributions

Cooper Street Capital intends to make distributions from CSC-RM Amber Hill Realty Capital, LLC as follows:

  1. To the Investors, pari passu, all operating cash flows to a 10.0% preferred return;
  2. 70% / 30% (70% to Investors / 30% to Promote) following return of capital.

Cooper Street Capital intends to make distributions to investors after the payment of both company's liabilities (loan payments, operating expenses, and other fees as more specifically set forth in the LLC agreements, in addition to any member loans or returns due on member loan).

Distributions are expected to start in November 2021 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Cooper Street Capital, who may decide to delay distributions for any reason, including maintenance or capital reserves.

CASH FLOW SUMMARY
  Year 1 Year 2 Year 3
Effective Gross Revenue $2,688,683 $2,911,839 $2,980,924
Total Operating Expenses $1,579,220 $1,619,386 $1,655,705
Net Operating Income $1,109,462 $1,292,453 $1,325,220
CSC-RM Amber Hill Realty Capital, LLC​ (ASSUMING A $4.38 MILLION TOTAL INVESTMENT)
  Year 0 Year 1 Year 2 Year 3
Investor-Level Cash Flows ($4,380,000) $362,175 $507,714 $5,781,804
Net Earnings to Investor - Hypothetical $50,000 Investment ($50,000) $4,134 $5,796 $66,002

 

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Cooper Street Capital'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 1.0% of Purchase Price Cooper Street Capital Capitalized Equity Contribution
Construction Management Fee 5.0% of Construction Costs Cooper Street Capital Capitalized Equity Contribution
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Administrative Services Fee 1.0% of Equity Invested* RM Admin(3) Distributable Cash
Property Management Fee 3.0% of EGI CSC Management Distributable Cash

*Only applies to equity raised through the RealtyMogul Platform 

(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 CSC-RM Amber Hill Realty Capital, LLC 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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