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Funded
Multifamily
Lotus Village
Austin, TX
INVESTMENT STRATEGY
Value-Add
INVESTMENT TYPE
Equity
Add to Watchlist
100% funded
Offered By One Real Estate Investment
15.2%* TARGET IRR 14.2%-16.2%
6.0%* TARGET AVG CASH ON CASH
1.73X* TARGET EQUITY MULTIPLE
Estimated Hold Period 4 Years
Estimated First Distribution 11/2021
Minimum Investment 40000
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Explore this Project
Overview
Lotus Village is a 2012-built, 222-unit multifamily community located in Austin, Texas with value-add potential.
Off-Market

OREI reapproached a national brokerage firm following a broadly marketed process, due to the previous buyer's seeming uncertainty of execution. Following 6 months of consistent tracking, and the transaction ultimately falling through, OREI contractually stepped in as the buyer at a lower price, with terms and a track record that ensures the ability to close.

Market

Austin has been named the #1 fastest-growing major metro area for population growth for nine straight years. Austin has also ranked the #1 place to live in the United States, for the third consecutive year in 2019. The Austin area consists of several Fortune 500 companies, including Apple, Facebook, Amazon, Dell, IBM, Oracle, and soon Tesla's new Gigafactory. Through the COVID-19 pandemic era, Austin added over 37,000 new jobs, marking 3.5% growth and making the city the 2nd fastest-growing metro in the United States. The City recently approved the Orange Line, a new metro rail that will be passing just two blocks from the Property and will provide commuters with convenient access to the Tech Ridge and Downtown Austin. The submarket has averaged 4%+ rent growth and 95%+ occupancy over the past 10 years. 

Value-Add

Though built in 2012, OREI has an opportunity to enhance all 222 units at Lotus Village, while also further enhancing amenities and exterior spaces. OREI has the ability to raise the average current rents of $1.33 per square foot to $1.51 per square foot, which results in a $172 premium over in-place rents and assumed stabilized occupancy at 92%.

Property At A Glance
# of Units 222
Year Built 2012
Current Occupancy 94.1%
Parking Ratio 1.9 per unit
# of Buildings 11
Acquisition Price

$38,500,000

Investment Highlights
OREI is under contract to purchase the Property for $173,423 per unit, representing an acquisition cap rate of 4.15%.
The Property will be managed by Allied Orion Group, an experienced management agent in Texas.
The exit strategy to sell the Property after a 4-year hold at a 5.00% cap rate.
The Property is situated within 3 miles of The Domain, dubbed Austin's second downtown; 6 miles of Apple's Austin campus; 8-miles from Downtown Austin; and 12-miles from Tesla's new Gigafactory.
Property amenities include 8 picnic areas with barbeques, a state-of-the-art fitness center, swimming pool with spa, business center, clubhouse, dog park, billiards room, and children's play area.
Management
Cumulative Distributions

One Real Estate Investment

Founded in 2001, One Real Estate Investment (“OREI”) is a privately owned, Miami-based real estate investment and asset management company. OREI is a disciplined investor, manager, and operator focused on acquiring multifamily assets in the Southeast United States and Texas. The firm’s expertise is in executing and managing strategic asset repositioning, amenity upgrade, and operational optimization programs to maximize value for its tenants, investors, and communities in which it invests. The firm’s deals are capitalized by proprietary funds and programmatic relationships with institutional, family office, and ultra-high-net-worth capital partners. OREI has over 5,000 units under management nationally and has acquired and sold over 10,000 value-add multifamily units since its inception. 

https://www.onerealestateinvestment.com/
  • Jeronimo Hirschfeld
    Founder, Chairman, and CEO
  • Jesus Artidiello
    Chief Financial Officer
  • Alexander Rose
    Chief Investment Officer
Jeronimo Hirschfeld
Founder, Chairman, and CEO

Jeronimo Hirschfeld is the Founder, Chairman, and CEO of One Real Estate Investment (OREI). Under his direction, the Company has acquired and manages a portfolio valued at over $800 Million. He is a leading developer and sophisticated investor with seats on the Boards of a number of highly successful real estate-oriented companies. Today, Mr. Hirschfield’s firm is composed of experienced real estate professionals who work full time on the management of company properties, allowing him to continue to successfully seek out new investments and effectively grow One Real Estate Investment’s real estate portfolio.

Jesus Artidiello
Chief Financial Officer

Jesus has over 20 years of executive financial management and controllership experience. Throughout his career, Mr. Artidiello has worked with global accounts, offshore relations, and has significant experience with contract negotiations. His responsibilities at OREI include accounting, fiscal planning, expense tracking, portfolio analysis, and overseeing the bookkeeping department. Jesus is a graduate of Campbell State University in North Carolina where he earned an MBA and a Bachelor of Science degree in accounting.

Alexander Rose
Chief Investment Officer

Alexander (AJ) brings over 15 years of experience in institutional real estate investment management and serves as OREI’s Chief Investment Officer overseeing the Acquisitions Team and the Asset Management Division. AJ is involved in the debt and equity raise for each OREI transaction as well as structuring long-term programmatic capital structures for OREI’s investment platform. Over his career, he has overseen the investment of over $1 billion of equity into commercial real estate assets. AJ has an MBA from the University of Cambridge and a Bachelor of Science degree in business administration, with a concentration in real estate finance, from the University of Southern California.

Track Record

OREI Track Record

Property City, State Asset Type Acq Date Units Purchase Price
The Summit at Landry Way Fort Worth, TX Multifamily 2017 224 $18,000,000
The Summit at 7700 Houston, TX Multifamily 2018 172 $13,500,000
Westbury Crossings Houston, TX Multifamily 2018 240 $17,000,000
Oakwood Apartments Lake Worth, TX Multifamily 2018 160 $29,000,000
Wynwood Square Miami, FL Mixed use development   257 $200,000,000
The Carter @ 4250 Norcross, GA Multifamily 2019 300 $34,962,000
West End at Fayetteville Fayetteville, NC Multifamily 2019 360 $39,800,000
Park Crossing Lilburn, GA Multifamily 2019 280 $31,250,000
Mira Vista Austin, TX Multifamily 2019 200 $23,250,000
Axiom Apartments Charlotte, NC Multifamily 2019 202 $22,844,200
Sunswept Townhomes Houston, TX Multifamily 2020 211 $17,050,000
Element at University Park College Station, TX Multifamily 2020 192 $19,872,000
Ardmore Pointe Fayetteville, NC Multifamily 2020 291 $26,750,000
Tampa, Florida Land Wesley Chapel, FL Land 2020 400 $11,100,000
Whitney Manor New Orleans, LA Multifamily 2020 199 $15,300,000
Westchase New Orleans, LA Multifamily 2020 380 $31,500,000
La Villita Houston, TX Multifamily 2020 308 $21,750,000
Avalon Charlotte, NC Multifamily 2020 240 $32,400,000
Kelston Charlotte, NC Multifamily 2020 310 $36,300,000
Total       4,926 $641,628,200

Realized Track Record (100+ Unit Multifamily Assets)

Property City, State Asset Type Disposition Date Units IRR Yield
Airport Portfolio (2 Assets) Houston, TX Multifamily 7/31/2019 412 20% 7%
Winding Trails Houston, TX Multifamily 1/2/2019 438 17% 5%
Uvalde Portfolio (2 Assets) Houston, TX Multifamily 9/1/2017 882 18% 6%
Crystal Lakes Miami, FL Multifamily 10/1/2015 1,312 24% 7%
Houston Portfolio (5 Assets) Houston, TX Multifamily 7/29/2015 105 30% 4%
Riverwalk II Apartments Homestead, FL Multifamily 8/1/2014 112 17% 4%
Cardsound Apartments Homestead, FL Multifamily 7/1/2014 491 19% 6%
        3,752 21% 6%

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

Business Plan

Upon acquisition, OREI plans to implement an interior renovation program which will result in rental premiums of $172 per unit on average. The following highlight the actionable plans upon the acquisition of Lotus Village:

  • Acquire the Property and immediately implement value-add enhancements to all 222 units in the asset, including but not limited to the following: tile kitchen backsplashes, modern painted cabinet hardware, updated kitchen faucets, and new showerheads in the bathrooms. OREI anticipates a total interior renovation cost of $318,120 ($2,321/unit).
  • Approximately $405,000 will be invested toward exterior improvements. These include renovations to the leasing office and fitness center, pool enhancements, updated landscaping, open-air BBQ and picnic area, upgrades to the dog park, as well as repairs to the gutters and garage doors.

OREI will bring in a strategic partner and best-in-class residential property manager, Allied Orion Group, to maximize operating efficiency. Allied Orion currently manages all of OREI's Texas portfolio (6 assets totaling 1,547 units). Allied Orion is headquartered in Houston, Texas with over 23,000 units under management.

CapEx Breakdown:

Interior Renovations $ Amount Per Unit Number of Units
Paint Cabinets & Hardware $144,300 $650 222
Backsplash $55,500 $250 222
Kitchen Sink & Showerheads $66,600 $300 222
WD Replacement $4,800 $800 6
Flooring Replacement (Various Areas) $18,000 $191 94
Contingency $28,920 $130  
Total Interior Renovation Costs $318,120 $2,321  
       
Exterior Renovations $ Amount Per Unit  
Leasing Office / Signage $15,600 $70  
Signage Enhancement $25,000 $113  
Fitness Center $30,000 $135  
Pool Repair $25,000 $113  
Grill Area / Outdoor Kitchen $10,000 $45  
Dog Park Equipment $5,000 $23  
Dog Park Fence Repair $3,500 $16  
Dog Park Irrigation Repair & Wash Station $1,500 $7  
Dumpster Enclosures (x3) $16,500 $74  
Landscaping & Irrigation Line Repair $50,000 $225  
Garage Repairs $25,000 $113  
Gutter Repairs (On Garages) $26,120 $118  
Corroded Stair Landings $56,490 $254  
Exterior Lighting - Repair of Various Breezeway Lights $10,000 $45  
Window Trim - Repair Corrosion $47,868 $216  
Hardi Siding Repair (Building 8) $4,000 $18  
Termite Warranty $16,419 $74  
Contingency $36,800 $166  
Total Exterior Renovation Costs $404,797 $1,823  
       
Grand Total $722,917 $4,145  

These amounts are subject to change at the discretion of the Real Estate Company.

 

Property
Property Details

One Real Estate Investment ("OREI") has secured under contract an opportunity to acquire and manage Lotus Village (the "Property"), a 222 Unit, Class A Multifamily asset built in 2012. The Property is 94% occupied and situated in rapidly expanding North Austin. Located only 8-miles from downtown Austin and within 6 miles of Apple's Austin Campus, the Property is also situated near several retail centers, schools, and major transit stops, and only 3 miles east of The Domain, dubbed Austin's second downtown.

Unit Mix

Unit Type # of Units Avg SF/Unit Avg Rent (In-Place) Avg Rent (Stabilized) Post-reno rent per SF
1x1 60 700 $998 $1,130 $1.61
1x1 24 749 $997 $1,175 $1.57
2x2 90 1000 $1,285 $1,470 $1.47
2x2 24 1040 $1,327 $1,495 $1.44
3x2 24 1239 $1,582 $1,800 $1.45
Total/Averages 222 922 $1,213 $1,385 $1.51
Comparables

Lease Comparables

  502 North Copper Mill Addison at Kramer Station Walnut Park Altair Tech Ridge Total Averages Subject (Proforma)
Year Built 1985 1984 2015 2018 2019 2004 2012
# of Units 160 320 388 277 230 275 222
Average Rental Rate $1,327 $1,244 $1,682 $1,572 $1,513 $1,468 $1,385
Average Unit Size 814 818 904 977 950 893 922
Average $/SF $1.63 $1.52 $1.86 $1.61 $1.59 $1.64 $1.50
Levels 3 2 3 3 3 3 4
Occupancy 96% 94% 94% 96% 95% 95% 92% proforma
Distance from subject 1.2 mi 1.0 mi 2.7 mi 1.7 mi 3.5 mi 2.0 mi  
               
$/Unit (1x1) $1,164 $1,189 $1,570 $1,315 $1,224 $1,292 $1,143
SF (1x1) 642 759 800 664 633 700 714
$/SF (1x1) $1.81 $1.57 $1.96 $1.98 $1.93 $1.85 $1.60
               
$/Unit (2x2) $1,459 $1,509 $2,150 $1,905 $1,836 $1,772 $1,475
SF (2x2) 925 998 1,136 1,235 1,208 1,100 1,008
$/SF (2x2) $1.58 $1.51 $1.89 $1.54 $1.52 $1.61 $1.46
               
$/Unit (3x2)     $2,570   $2,009 $2,290 $1,800
SF (3x2)     1,387   1,441 1,414 1,239
$/SF (3x2)     $1.85   $1.39 $1.62 $1.45

Sales Comparables

  The Copeland Windsor Burnet Crestview Commons Parmer Place Apartments Altair Tech Ridge Averages Subject
Date Sold 10/15/2019 10/17/2019 10/1/2019 12/1/2020 11/1/2019   6/16/2021
Year Built 2019 2018 2018 2008 2019 2016 2012
# of Units 328 352 353 290 230 311 222
Average Unit Size 748 SF 800 SF 784 SF 1144 SF 860 SF 867 SF 922 SF
Sale Price $72,300,000 $89,300,000 $79,900,000 $44,750,000 $42,500,000 $65,750,000 $38,500,000
$/Unit $220,427 $253,693 $226,346 $154,310 $184,783 $207,912 $173,423
$/SF $245 $317 $207 $132 $189 $218 $188
Building Size 295,102 SF 281,703 SF 385,806 SF 339,956 SF 225,355 SF 305,585 SF 204,787 SF
Distance from subject 2.5 mi 3.0 mi 3.4 mi 3.1 mi 3.5 mi 3.1 mi  
Location

 

Market Overview

With approximately one million residents and population growth of 30% over the last 10 years, Austin is the 11th largest city in the United States, the 4th most populous in Texas, and ranks #2 nationwide in job growth. Over 15 Fortune 500 companies across the Technology (Apple, DELL Technologies, IBM Corp, Oracle Corp, Amazon, Facebook and soon Tesla), Manufacturing (3M, General Motors, NXP Semiconductors), and Financial (VISA, Charles Schwab, Citizens) industries are present in the Austin area. 

The Property abuts to Highway 35 which provides a 9-mile commute (14 minutes) to Downtown Austin, which houses some of the largest employers in the nation such as Oracle, Dell, IBM, and Apple. The Property is ~12 miles from Tesla’s new Austin Gigafactory which is under construction and is expected to add around 5,000 new jobs to the market shortly after it delivers in May 2021. 

Austin will be adding its first major league franchise in 2021 with the inception of Austin FC into Major League Soccer. Additionally, the City has confirmed and approved the Orange Line for the new metro rail that will be passing just two blocks from the Property. The Project is set to complete in 2027 and this planned metro line will provide commuters with convenient access to the Tech Ridge and Downtown Austin.

Submarket Overview

Lotus Village is located in the North Austin submarket with convenient access to the entire Austin MSA via I-35 less than a mile to the east, and both Highway 183 and the Mopac Expressway 2 miles to the west. Additionally, Lotus Village is located 3 miles east of The Domain – the master-planned retail and employment hub comprising over 300 acres which has been dubbed Austin’s second downtown.  The Domain has offices leased to large tech employers such as Amazon, VRBO, and Facebook and is adjacent to over 130 shopping, dining, and entertainment options. The Property lays just 2 miles south of the Tech Ridge Center which is home to major employers such as Dell Technologies, Apple, IBM, and General Motors Innovation Center, among others. Lotus Village will continue to benefit from its location as the immediate area continues to grow, with the Austin FC soccer stadium slated to open just over 2 miles away in Spring of 2021 and Amazon’s 3.8 million square foot distribution center coming online in 2021 roughly 6 miles away.

Per Costar and Axiometrics, North Austin continues to benefit from the increasing demand for The Domain, office, retail, and apartments in the adjacent Northwest Austin Submarket. North Austin was historically limited to older vintage properties with lower rents (average vintage 1995), but investors and developers have begun to cater to the recent influx of wealthy tech professionals in the area. The average cost of homeownership in the North Austin submarket is $1,938 per month, exceeding stabilized rents by an average of $554/mo or 28.6%. Additionally, the median income to stabilized rent ratio is 4.31x. The average 10 and 20-year rent growth in the North Austin submarket are 4.1% and 2.6%, respectively.

Photos
Financials
Sources & Uses

Total Capitalization

Sources of Funds $ Amount $/Unit
Debt $29,600,000 $133,333
Additional Debt Future Funded (CapEx) $600,000 $2,703
GP Investor Equity $1,564,584 $7,048
LP Investor Equity $7,250,001 $32,658
MogulREIT II $2,500,000 $11,261
Total Sources of Funds $41,514,585 $187,003
     
Uses of Funds $ Amount $/Unit
Purchase Price $38,500,000 $173,423
RM Acquisition Fee $385,000 $1,734
OREI Acquisition Fee $481,250 $2,168
Loan Fee $347,300 $1,564
Closing Costs $250,000 $1,126
Future Funded CapEx $600,000 $2,703
Working Capital & Unfunded CapEx $575,000 $2,590
Escrows and Reserves $342,735 $1,544
Other $33,300 $150
Total Uses of Funds $41,514,585 $187,003

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

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: LoanCore
  • Term: 3+1+1
  • Loan-to-Value: 76.9%
  • Estimated Proceeds: $30,200,000
  • Interest Type: Floating
  • Spread Above One-Month LIBOR: 3.10%
  • Interest-Only Period: 3+1+1
  • Amortization: Interest Only
  • Prepayment Terms: Yield maintenance through 18 months, no fees thereafter
  • Loan Extensions: Yes with conditional approvals

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

OREI intends to make distributions from Lotus Village Holdco, LLC as follows:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% IRR;
  2. 75% / 25% (75% to Investors / 25% to Promote) of excess cash flow to a 12.0% IRR;
  3. 65% / 35% (65% to Investors / 35% to Promote) of excess cash flow thereafter.

OREI intends to make distributions to investors after the payment of the 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 OREI, who may decide to delay distributions for any reason, including maintenance or capital reserves.

OREI will receive a promote as indicated above, and a portion of this promote may be received by RM Adviser, LLC.

Cash Flow Summary            
    Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue   $3,359,974 $3,752,821 $3,957,781 $4,172,737 $4,535,026
Operating Expenses   $1,762,477 $1,826,184 $1,865,282 $1,917,642 $1,974,719
NOI Excluding Reserves   $1,597,497 $1,926,637 $2,092,500 $2,255,095 $2,560,307
Replacement Reserves   $55,278 $56,384 $57,511 $58,662 $59,835
NOI Including Reserves   $1,542,219 $1,870,253 $2,034,989 $2,196,433 $2,500,473*
* NOI used for reversion value.            
             
Project-Level Cash Flows            
  Year 0 Year 1 Year 2 Year 3 Year 4  
Net Cash Flow -$11,314,585 $679,899 $703,119 $797,363 $20,191,943  
             
Investor-Level Cash Flows*            
  Year 0 Year 1 Year 2 Year 3 Year 4  
Net Cash Flow -$4,000,000 $200,362 $208,571 $241,889 $6,113,794  
             
Investor-Level Cash Flows - Hypothetical $50,000 Investment*      
  Year 0 Year 1 Year 2 Year 3 Year 4  
Net Cash Flow -$50,000 $2,505 $2,607 $3,024 $76,422  

*Returns are net of all fees including RM Admin's 1.0% 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 OREI's materials for details. The following fees and compensation will be paid(1)(2):

One-Time Fees:
Type of Fee Amount of Fee Received By Paid From
OREI Acquisition Fee 1.25% of Purchase Price OREI Total Capitalization
RM Acquisition Fee 1.0% of Purchase Price RM Adviser, LLC  Total Capitalization
       
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 1.5% of EGI OREI Operating Cash Flows
Administrative Services Fee 1.0% of Equity* RM Admin(2) Cash Flow

*Only applies to equity raised through the RealtyMogul Platform

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

(2) 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 Lotus Village Holdco, 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.

Disclaimers/FAQs
Disclaimers

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

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

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

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

The interests in the Investment Entity will not be registered under the Securities Act of 1933, as amended (the “Securities Act”) in reliance upon exemptions contained in Rule 506(b) or 506(c) of Regulation D as promulgated under the Securities Act. In addition, the interests will not be registered under any state securities laws in reliance on exemptions from registration. Such interests are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption.

All investing activities risk the loss of capital. There can be no assurance that investors will not suffer significant losses. No guarantee or representation is made that investment objectives of the Investment Entity will be achieved. You should not subscribe to purchase interests in the Investment Entity unless you can readily bear the consequences of such loss.

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

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