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Funded
Residential
Single Family Rental - Tucson Pool 2
Tucson, AZ
INVESTMENT STRATEGY
INVESTMENT TYPE
Equity
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100% funded
Offered By Ballast Investments
17.0%* TARGET IRR 16.0%-18.0%
1.60X* TARGET EQUITY MULTIPLE
Estimated Hold Period 3 Years
Estimated First Distribution 11/2024
Minimum Investment 35000
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Explore this project
Overview
The Portfolio comprises 50 single family rental homes in Tucson, AZ, and is part of a broad investment strategy by the Sponsor to aggregate a scaleable volume of high-quality rental homes across the Western U.S.
Market

The city of Tucson offers strong market fundamentals with occupancy levels on multifamily product averaging 96.6% citywide.  Leasing volume in the metro continues to be incredibly robust with the average single family rental listing staying on the market for only ~15 days.  Despite strong leasing activity and 13.8% year-over-year rent growth, Tucson still represents a compelling value proposition with rents 29% below the national average.   

Asset Quality

Single family home rentals offer a unique blend of industry leading price appreciation, the promise of strong rent growth due to an unforgiving construction cost environment, and unusually large cap rate spreads (from purchase to exit), that according to Invitation Homes have typically been upwards of 150 bps. On an individual basis, each of these value drivers offer a compelling opportunity, but combined we expect them to generate outsized returns to investors.

Location

The neighboring city of Phoenix has the highest amount of single family home rentals purchased by public companies of any municipality on the West Coast (13,359 homes) and is second nationwide only to Atlanta (22,785 homes). The same fundamentals that attract public REITs to Phoenix apply to Tucson, and yet there is minimal institutional investment in the marketplace which we believe primes Tucson to receive outsized buyer demand on a go-forward basis.  

Property at a glance
# of Homes 50
Property Type Single Family Rentals
Average Year Built 1998
Current Occupancy 100%
Exit Cap Rate 4.75%
Acquisition Price

$14,953,802

Investment Highlights
Collection of 50 luxury single family homes situated in some of the most highly sought-after pockets of Tucson.
Ballast Investments has an extensive track record with a current portfolio of over 3,000 apartment homes and 150 single family homes valued above $1.9 billion.
Ballast has already secured the acquisition financing reflected in the offering materials and has a signed term sheet from the lender on the portfolio refinance.
Tucson, part of the surging “Inland West” and an attractive destination for retirees, is one of a dozen or so U.S. cities that has seen over a 10% spike in rents this past year.
Management
Cumulative Distributions

Ballast Investments

Ballast Investments ("Ballast" or the "Sponsor") is a privately-held, San Francisco-based, vertically-integrated real estate platform that invests in residential properties across the western United States. Ballast has 173 employees in various roles within the company, including acquisitions, architecture and construction management, finance and accounting, and property management. Ballast employs a value-add strategy focused on buying smaller, undermanaged properties and driving returns through unit renovations/conversions and active leasing. The Company currently owns and operates a real estate portfolio of 140+ multi-family buildings consisting of approximately 2,300+ units, as well as a mid-sized portfolio of single-family homes across western states. Ballast maintains strategic equity and debt partnerships, as well as vendor relationships with local real estate professionals to execute on behalf of clients.  

https://www.ballastinvestments.com/
  • Greg MacDonald
    CEO, Managing Principal
  • Ryan Brewer
    Managing Principal
Greg MacDonald
CEO, Managing Principal

Greg is co-founder and CEO of Ballast Group LLC, a private owner-operator of residential assets in the western United States. Greg focuses on developing corporate strategy and leading the Ballast platform. He also serves on the investment committee and is responsible for maintaining relationships with key Ballast partners. Prior to establishing Ballast, Greg was a Principal at The Carlyle Group where he sourced and executed residential assets across multifamily, senior housing, and manufactured housing. Prior to that, Greg worked in the investment banking division of Merrill Lynch. 

Greg graduated magna cum laude with a BA in Economics from Columbia University and earned his MBA in Finance with Real Estate concentration from The Wharton School of the University of Pennsylvania.

Ryan Brewer
Managing Principal

Ryan is co-founder and managing principal of Ballast Group LLC, a private owner-operator of residential assets in the western United States. Ryan focuses on developing corporate strategy and leading the acquisitions efforts for Ballast. He also serves on the investment committee and is responsible for maintaining relationships with key Ballast partners. Prior to establishing Ballast, Ryan focused on multifamily acquisitions at Veritas Investments. Prior to that, Ryan was on the U.S. real estate team at The Carlyle Group where he focused on asset management across property sectors that included over $6.0bn in value. Ryan began his real estate career on the investments team at McMillin Capital.

Ryan received his BA in Economics from the University of California, Berkeley, and an MBA from London Business School.

Track Record

Ballast Investments Track Record(1)

Property City, State Asset Type Acq Date (Avg) Units or SF Purchase Price Sale Price
Carlyle Portfolio 1 San Francisco, CA Multifamily 4/29/2013 455 $106,200,000 $170,000,000
Carlyle Portfolio 2 San Francisco, CA Multifamily 7/1/2013 123 $34,396,000 $48,000,000
Carlyle Portfolio 3 San Francisco, CA Multifamily 11/21/2013 252 $52,297,000 $71,000,000
Recapped Goldman Portfolio 1 San Francisco, CA Multifamily 6/17/2015 104 $34,254,000 $71,500,000
Recapped Goldman Portfolio 2 San Francisco, CA Multifamily 1/19/2016 124 $45,732,000 $80,500,000
Recapped Goldman Portfolio 3 San Francisco, CA Multifamily 8/4/2016 198 $79,677,000 $107,750,000
Other San Francisco Multifamily San Francisco, CA Multifamily 3/26/2019 2259 $1,117,965,444 -
Berkeley Multifamily Berkeley, CA Multifamily 8/14/2020 258 $127,485,000 -
Single Family Rental Tucson, AZ Single-Family 7/9/2021 50 $41,825,496 -
Total       3,823 $1,639,831,940  

(1) The above biography and track record were provided by the Sponsor and have not been independently verified by RM Technologies, LLC or its affiliates. Past performance is not indicative of future results. Please carefully review the Disclaimers section below.

Business Plan

Thesis:

Nationwide, there are a number of favorable tailwinds propelling the U.S housing market forward.  New home supply formation has been substantially below historical averages since 2009, resulting in a 3.8 million unit shortage versus new housing demand.  Additionally, millennials' heavy debt load and lack of interest in home ownership versus other age cohorts has attracted institutional capital who see an opportunity to provide rental housing.  These macro market conditions should drive outsized rent growth in the single family rental space for the next several years.  Few markets are expected to enjoy more of this good fortune than Tucson, AZ given its retiree allure and cost advantage to its sister city Phoenix.  John Burns Real Estate Consulting projects 12.0% rent growth in Tucson for 2021, leading all 63 markets they track across the country.

Opportunity:

Single Family Rental – Tucson Pool 2 is a portfolio of 50 well-located single family rental homes in Tucson, AZ. The Sponsor's strategy is to turn, lease, and operate this existing pool of homes. This is not the Sponsor's first single family venture in Tucson.  Their first portfolio of 50 homes outperformed rent projections by ~3% and Ballast spent 22% less on capital expenditures readying the homes for rent.  They then grew occupancy from 8% to 98% within 4 weeks, outpacing underwriting by 2 months.

An investment in Single Family Rental – Tucson Pool 2 represents an attractive opportunity to generate a 17.0% IRR and a 60% return on original equity over the proposed 3-year hold period investing in what is largely considered the safest and most financeable real estate asset class.

Budget

Acquisition Cost $ Amount Per Unit Per SF
Purchase Price $14,953,802 $299,076 $212.88
Closing Costs* $531,820 $10,636 $7.57
Total Acquisition Costs $15,485,622 $309,712 $220.45
       
Capital Improvements $ Amount Per Unit Per SF
Capital Reserves $90,000 $1,800 $1.28
Construction Management Fees $57,326 $1,147 $0.82
HVAC $278,061 $5,561 $3.96
Kitchen Improvement $73,636 $1,473 $1.05
Other $28,127 $563 $0.40
Paint $82,045 $1,641 $1.17
Pipes $128,182 $2,564 $1.82
Roof $151,682 $3,034 $2.16
Water Heater $77,212 $1,544 $1.10
Total Capital Improvements $966,272 $19,325 $13.76
       
Financing Costs $ Amount Per Unit Per SF
Financing Fees $429,174 $8,583 $6.11
Total Financing Costs $429,174 $8,583 $6.11
       
Reserves & Offsets $ Amount Per Unit Per SF
Reserves $654,043 $13,081 $9.31
Operating CF Offset ($522,993) ($10,460) ($7.45)
Total Other Costs & Offsets $131,050 $2,621 $1.87
       
Grand Total $17,012,118 $340,542 $242.18

*Includes Closing Costs, Sponsor Acquisition fee, and RealtyMogul Fees

Property
Property Details

Over the last 1.5 months, Ballast has acquired 50 single-family rental homes at price points 12% below the median home sales price in Tucson, across some of the most highly sought after neighborhoods in the region. Household income within 1-mile of their average home exceeds $80,000, which is approximately 44% higher than the average income across the Tucson MSA. The average home in the portfolio is a 23-year old 3-bedroom, 2-bath with stucco exteriors and 1,792 SF of living space situated on a 5,500 SF lot. Over half of our homes have tile roofs, 80% have tile flooring in the common areas, and all have minimal landscaping expense due to drought tolerant plants which positions the portfolio to have minimal capital expenditures over the hold period. 

Market # of Homes Avg SF Avg Rent
(In-Place)
Avg Rent
(Stabilized)
Rent per SF
Tucson, AZ 50 1,792 $1,872 $2,057 $1.15
           
Total/Averages 50 1,792 $1,872 $2,057 $1.15

 

 

Comparables

Lease Comparables

  3696 W Sunglade Dr 9670 E Mount Baldy Way 10899 S Lake Gambusi Dr 640 N Highlands Grove Ln Averages Subject 
Year Built 1994 2000 2004 2009 2001 1998
Home Type 4x3 4x2 4x2 4x3   3x2
Rent Achieved $2,000 $2,000 $2,000 $1,950 $1,988 $1,872
Unit Size 1,859 SF 1,907 SF 1,812 SF 1,877 SF 1,864 SF 1,792 SF
Average $/SF $1.08 $1.05 $1.10 $1.04 $1.07 $1.04

Acquisition Comparables

  2531 W Camino De La Joya 25 S London Station Rd 10438 S Painted Mare Dr 13864 S Camino Acelga Averages Subject
Submarket North East Vail Green Valley / Sahuarita    
Date Sold Jul-21 Jun-21 Jul-21 Jul-21    
Year Built 1988 1993 2011 2017 2002 1998
Home Type 3x2 3x2 3x2 3x2   3x2
Unit Size 1,703 SF 1,844 SF 1,717 SF 1,791 SF 1,764 SF 1,792 SF
Sale Price $305,000 $330,300 $317,000 $295,000 $311,825 $299,076
$/SF $179 $179 $185 $165 $177 $167
Location

Market Overview

Located about two hours southeast of Phoenix, the economy in Tucson is driven by a diverse blend of private and public business sectors including education, aerospace, biotech, defense, information technology, and international trade.

Tucson is the 2nd-most populated city in Arizona, home to just over one million people in the metropolitan area, and has been ranked as one of the top 5 areas in the U.S for the aerospace and defense sector.  

In regards to the residential market, Tucson is experiencing severe housing shortages similar to what is being seen nationwide.  With construction costs tripling on certain building materials, housing development has slowed down drastically over the last 12 months with only 5,007 single family permits filed over the last 12 months which when complete would only add 1.05% to the total housing inventory of Tucson.

Located at the foot of the Catalina Mountains, Tucson is a haven for recreation. With a warm climate and countless outdoor activities, Tucson presents a great alternative to living and working in a big city.

Photos
Financials
Sources & Uses

Total Capitalization

Sources of Funds $ Amount $/Unit
Debt $12,262,118 $245,242
GP Investor Equity $239,996 $4,800
GP Investor F&F(3) $950,005 $19,000
LP Investor Equity $3,560,000 $71,200
Total Sources of Funds $17,012,118 $340,242
     
Uses of Funds $ Amount $/Unit
Purchase Price $14,953,802 $299,076
Acquisition Fee $149,538 $2,991
Capital Improvements $966,272 $19,325
Closing / Legal(1) $382,282 $7,646
Loan Fee(2) $429,174 $8,583
Other $654,043 $13,081
Operating CF Offset ($522,993) ($10,460)
Total Uses of Funds $17,012,118 $340,242

The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.

(1) RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the Platform and for Platform-related services.  Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC. 

(2) Loan fees include 2 debt instruments - the acquisition financing and the permanent financing.  Refinance is taking place early on in the hold period.

(3) Capital raised by friends and family of Ballast Investments' principals and employees. 

Debt Assumptions

The expected terms of the debt financing are as follows:

Acquisition Loan:

  • Lender: LendingOne
  • Term: 1 Year
  • Loan-to-Value: 82.0%
  • Estimated Proceeds: $12,262,118
  • Interest Type:  Fixed
  • Annual Interest Rate: 6.0%
  • Interest-Only Period:  1 Years
  • Amortization: Interest Only

Permanent Loan:

  • Lender: LendingOne
  • Term: 3 Years
  • Estimated Proceeds: $12,262,118
  • Interest Type: Interest Only
  • Annual Interest Rate: 4.45%
  • Interest-Only Period: 3 Years
  • Amortization: Interest Only

There can be no assurance that the Sponsor will secure debt on the rates and terms noted above, or at all.  All of the Sponsor’s estimated 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 risk of loss.  If the Sponsor were unable to pay the payments on the borrowed funds (called a "default"), the lender might foreclose, and the Sponsor could lose its investment in its property.

(1) The homes were acquired using mortgages for each individual property. The Sponsor has engaged a lender to refinance the portfolio into cheaper debt upon stabilization in month 8. 

Distributions

Ballast Investments intends to make distributions from KH Investor 2 LLC as follows:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% return;
  2. 75% / 25% (75% to Investors / 25% to Promote) of excess cash flow to a 12% return;
  3. 65% / 35% (65% to Investors / 35% to Promote) of excess cash flow to a 15% return;
  4. 55% / 45% (55% to Investors / 45% to Promote) of excess cash flow thereafter.

Ballast Investments 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 2024 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Ballast Investments, who may decide to delay distributions for any reason, including maintenance or capital reserves. Ballast Investments will receive a promote as indicated above, and a portion of this promote may be received by RM Admin, LLC for administrative services.

Cash Flow Summary
    Year 1 Year 2 Year 3
Effective Gross Revenue   $1,158,939 $1,249,606 $1,309,902
Total Operating Expenses   ($331,679) ($342,748) ($352,116)
Net Operating Income   $827,260 $906,858 $957,785
             
Project-Level Cash Flows
  Year 0 Year 1 Year 2 Year 3
Net Cash Flow ($4,750,000) $0 $0 $8,714,176
             
Investor-Level Cash Flows(1)
  Year 0 Year 1 Year 2 Year 3
Net Cash Flow ($3,560,000) $0 $0 $5,707,827
             
Investor-Level Cash Flows - Hypothetical $50,000 Investment(1)
  Year 0 Year 1 Year 2 Year 3
Net Cash Flow ($50,000) $0 $0 $80,166

(1) Returns are net of all fees.  Such Fees include fees paid to RM Admin, an affiliate of RealtyMogul, who charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor.  Please see the Fees and Disclaimers sections and Disclaimers sections below for additional information concerning fees paid to RM Admin. 

RM Technologies, LLC and its affiliates does not provide any assurance of returns.  The content on this Page, including Sponsor’s pro forma projections, was provided by the Sponsor or an affiliate thereof.  Although RM Technologies, LLC believes the Sponsor reliably produced this content, RM Technologies, LLC makes no representations or warranties as to the accuracy of such information and accepts no liability therefor.  The assumptions and projections included in the content on this Page, including the Sponsor’s pro forma projections, are not reflective of the position of RM Technologies, LLC or any other person or entity other than the Sponsor or its affiliates.  There can be no assurances that all or any of the Sponsor’s assumptions will be true, that actual performance will bear any relation to these hypothetical illustrations, or that the Sponsor’s investment objectives will be achieved.  For additional information concerning the Sponsor’s assumptions and projections, and the significant risks involved in investing in real estate, please see the Disclaimers section below. 

 

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Ballast Investments' 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 Ballast Deal Capitalization
       
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 1.0% of Equity Ballast Cash Flow
Construction Management Fee 7.0% of CapEx Ballast Deal Capitalization / Cash Flow
Administrative Services Fee 1.0% of Equity* RM Admin(3) Cash Flow

*Only applies to equity raised through the RealtyMogul Platform

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

(2) RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the RM Technologies, LLC’s proprietary Platform and receive Platform-related services.  An estimate of this fee is included in the Closing Costs above and is intended to be capitalized into the transaction at the discretion of the Sponsor.  The Platform fees received by RM Technologies, LLC are disclosed in the relevant operating agreement(s).  RM Technologies LLC’s receipt of Platform fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

(3) RM Admin, an affiliate of RealtyMogul, charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor. RM Admin’s administrative services and fees are disclosed in the relevant operating agreement(s). RM Admin’s receipt of administrative fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

Disclaimers
Disclaimers

The content on this Page was provided by the Sponsor or an affiliate thereof.  Although RM Technologies, LLC believes the Sponsor reliably produced this content, RM Technologies, LLC makes no representations or warranties as to the accuracy of such information and accepts no liability therefor.  No part of the content and information on this Page is intended to be binding on RM Technologies, LLC or its affiliates, or to supersede any of the Sponsor’s offering materials.  None of the opinions expressed on this Page are the opinions of, nor are they endorsed by, RM Technologies, LLC or its affiliates.

The content on this Page, including of the principal terms of the Sponsor’s offering, is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s 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").  The content on this Page 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.  The content on this page should not be used as a primary basis for an investor’s decision to invest.  In the event of an inconsistency between the content on this Page and the Investment Documents, investors should rely on the information contained in the Investment Documents.  The content on this Page and the information in the Investment Documents are subject to last minute changes up to the closing date at the discretion of the Sponsor. 

Assumptions and projections included in the content on this Page are not reflective of the position of RM Technologies, LLC or its affiliates, or any other person or entity other than the Sponsor or its affiliates.  There can be no assurance that the Sponsor’s methodology used for calculating any projections, including Target IRR, Target Annualized Cash-on-Cash Return, and Target Equity Multiple (“Targets”), are appropriate or adequate.  The Sponsor’s Targets are hypothetical, are not based on actual investment results, and are presented solely for the purpose of providing insight into the Sponsor’s investment objectives, detailing its anticipated risk and reward characteristics and for establishing a benchmark for future evaluation of the Sponsor’s performance. The Sponsor’s Targets are not a predictor, projection or guarantee of future performance.  There can be no assurance that the Sponsor’s Targets will be met or that the Sponsor will be successful in meeting these Targets.  Target returns should not be used as a primary basis for an investor’s decision to invest.

This real estate investment is speculative and involves substantial risk.  There can be no assurances that all or any of the assumptions will be true or that actual performance will bear any relation to the hypothetical illustrations herein, and no guarantee or representation is made that investment objectives of the Sponsor will be achieved.  In the event that actual performance is below the Sponsor’s Targets, your investment could be materially and adversely affected, and there can be no assurance that investors will not suffer significant losses.  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.  Please see the Sponsor’s Investment Documents for additional information, including the Sponsor’s discussion concerning risk factors.

Please see the applicable Investment Documents for disclosure relating to forward-looking statements.  All forward-looking statements attributable to the Sponsor or its affiliates apply only as of the date of the offering and are expressly qualified in their entirety by the cautionary statements included elsewhere in 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 offered by the Sponsor 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 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 Private Placements on the RealtyMogul Platform are intended solely for “Accredited Investors,” as that term is defined Rule 501(a) of the Securities Act.  Prospective investors must certify that they are Accredited Investors and provide either certain supporting documents or third party verification, and must acknowledge that they have received and read all investment materials.

RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the RM Technologies LLC’s proprietary Platform and receive Platform-related services.  An estimate of this fee is included in the Closing Costs above and is intended to be capitalized into the transaction at the discretion of the Sponsor.  The Platform fees received by RM Technologies, LLC are disclosed in the relevant operating agreement(s). RM Technologies LLC’s receipt of Platform fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

RM Admin, an affiliate of RealtyMogul, charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor.  RM Admin’s administrative services and fees are disclosed in the relevant operating agreement(s). RM Admin’s receipt of administrative fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

RealtyMogul is not a registered broker-dealer, investment adviser or crowdfunding portal.  Nothing on this Page should not be regarded as investment advice, either on behalf of 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, and we recommend that you consult with a financial advisor, attorney, accountant, and any other professional that can help you to understand and assess the risks associated with any real estate investment.

For additional information on risks and disclosures visit https://www.realtymogul.com/investment-disclosure.

 

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