FORMALIZED DUE DILIGENCE PROCESS 
Sponsors

The team at our affiliated broker-dealer, RM Securities, conducts diligence on of the issuer, including detailed background checks, criminal checks, bad actor checks, and reference checks on sponsors. In addition to screening for any criminal background, we may also turn down sponsors due to poor reference checks, even if the background and criminal checks are satisfactory.

Escrow accounts

We require unaffiliated sponsors to use an unaffiliated third-party escrow agent.* When an investor makes an investment with such 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 contingency 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.

* Unless otherwise disclosed, escrow accounts are not required for some investments that accommodate 1031 investments where the property is already acquired.

Boots on the ground

Our processes typically includes visiting certain properties (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. For certain properties that accommodate 1031 exchange investments, the team will review third-party prepared due diligence reports in lieu of a site visit.

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Confidentiality Agreement
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Funded
Estimated Hold Period 10 Years
Estimated First Distribution 5/2022
FUNDED 100%
...
View Our Due Diligence Process
Offered By
RM Communities
Investment Strategy Value-Add
Investment Type Equity
Minimum Investment 35000
Overview
Bentley Apartments, built in 2020, consists of 138 multifamily units with strong cash flow located in Grove City, OH, a thriving suburb south of Downtown Columbus.
New Construction

Bentley Apartments, delivered in 2020 and stabilized within one year, is positioned to perform immediately as a new, cash-flowing asset with little capital expenditure needed. Equipped with premium finishes and high-quality construction, the Property competes well against the new comparable properties in the submarket.

Cash Flow

The Property was developed within a Community Reinvestment Area and received a 15-year full tax abatement on the improved value of the Property starting in tax year 2021. Due to the tax abatement, the potential to push rents organically, and the favorable interest rate environment, the Property is positioned to have strong cash flow.

Location

Bentley Apartments is in Grove City, OH a thriving suburb south of Downtown Columbus. Through a mix of public-private projects in the Grove City downtown, the area has transformed over the past five years and attracted an influx of young professionals. Additionally, Bentley is located near a plethora of retail, dining, and entertainment options.

Property at a glance
# of Units 138
Class A-
Year Built 2020
Current Occupancy 96%
Property Type Low-rise Garden Style
Acquisition Price $30,200,000
Investment Highlights
RM Communities is acquiring Bentley Apartments for $30.2 million, which represents a going-in cap rate of 5.03% on expected year one net operating income.
Bentley Apartments was completed in 2020 and stabilized in less than a year. The Property’s high-end finishes are competing well against new construction in the submarket.
Market rent growth and multifamily demand in the submarket are strong. There are additional opportunities to push rents organically and through light interior and exterior upgrades. Through an $806,000 capital budget, RM Communities intends to increase rents to an average of $1,393 per unit.
The Property has a 15-year real estate tax abatement, which significantly reduces tax liability and improves cash flow. Additionally, due to the favorable financing environment, the Property is projected to have an average cash-on-cash of 10.2% during the hold period.
The transaction has relatively low leverage as debt accounts for only 65% of the capital stack. As a result, the projected year one interest-only debt service coverage ratio is comfortably 2.04X.
RM Communities will retain Village Green, a nationally recognized property management company. Village Green currently manages 11 assets and over 1,500 units in the Columbus MSA. Village Green's expertise and familiarity with the market provide higher assurance of projected performance.
The exit strategy is to sell the Property in ten years at an anticipated tax-adjusted cap rate of 4.75%.
Management
Cumulative Distributions

RM Communities

RM Communities is an owner/operator of multifamily assets with a proprietary playbook to deliver strong risk-adjusted returns. RM Communities acquired its first investment in May of 2019 and has since grown to nearly 2,000 multifamily units and over $300 million in real estate with a fully dedicated team of acquisitions, underwriting and asset management professionals.

RM Communities is a sister-company to RealtyMogul, one of the leading real estate crowdfunding platforms.  After working with third party operating partners for 10+ years at RealtyMogul, we observed how the best operators stood out – their processes, acquisition targets, execution models, reporting materials and communication styles that informed our strategic objectives for RM Communities. Today, we execute against that playbook as we seek to deliver strong risk-adjusted returns across a variety of multifamily opportunities.

RM Communities 2023 Outlook Webinar

Todd Hanson, Managing Director of RM Communities, discussed the RM Communities portfolio performance and also provided his 2023 strategic outlook. This discussion included his thoughts on multifamily risks and opportunities and how best to navigate the 2023 investment environment. Watch the Webinar

  • Todd Hanson
    Managing Director
  • Derek Jensen
    Director of Acquisitions, West & Florida
  • Daniel Weisberger
    Assistant Vice President of Acquisitions
Todd Hanson
Managing Director

Todd Hanson is the Managing Director for RM Communities across the US and has responsibility for planning and execution of overall strategy and directing the investment and financing activities of the company. He is actively involved in maintaining existing client relationships and developing new capital and partnership opportunities for the company.  Mr. Hanson was previously EVP and Head of Investments at The ConAm Group, a private equity multifamily investment firm.  

Derek Jensen
Director of Acquisitions, West & Florida

Derek Jensen is a Director of Acquisitions for RM Communities, the direct acquisition arm of RealtyMogul, and has responsibility for overseeing direct acquisitions of multifamily opportunities in the western half of the United States. Mr. Jensen has over 20 years of real estate experience, concentrated in the acquisition, management and disposition of over 10,000 multifamily units including market rate, value-add, affordable housing and fractured condominiums. Mr. Jensen has held positions at several private and institutional firms including Pacifica Companies and GFI Partners.

Daniel Weisberger
Assistant Vice President of Acquisitions

Daniel Weisberger is an Assistant Vice President of Acquisitions for RM Communities, responsible for direct acquisitions of multifamily opportunities. Mr. Weisberger has experience in the real estate and financial services industries having transacted and advised on over $15 billion of real estate debt and equity investments. He was previously a Development Analyst at a national multifamily developer and a Senior Associate at PricewaterhouseCoopers in the Real Estate Valuation and Transaction Advisory group. Mr. Weisberger is a licensed Certified Public Accountant.

Track Record

Property Name Location Multifamily Class No. of Units Year Built Purchase Price CapEx Budget Status
Terrace Hill El Paso, TX B 310 1983 $18,700,000 $4,095,000 Full Cycle. 22% deal-level IRR, 18% LP-level IRR*
La Privada El Paso, TX B 240 1982 $11,700,000 $1,867,000 Closed
The Hamptons Virginia Beach, VA B 212 1973 $19,051,000 $3,792,000 Closed
Pohlig Box Factory & Superior Warehouse Richmond, VA A- 93 & 7,700 Retail SF 2004 $15,900,000 $1,348,000 Closed
Lubbock Medical Office Building Lubbock, TX B 20,880 SF 1966 $8,350,000 $0 Closed
Turtle Creek Fenton, MO A- 128 2018 $24,875,000 $596,000 Closed
The Orion Orion Township, MI B+ 200 1995 $27,375,000 $2,308,000 Closed
Kings Landing Creve Coeur, MO A- 152 & 9,229 Retail SF 2005 $40,100,000 $3,885,850 Closed
Minnehaha Meadows Vancouver, WA A 49 2021 $16,450,000 $83,950 Closed
Roosevelt Commons Vancouver, WA A 36 2020 $12,550,000 $78,200 Closed
Bentley Apartments Grove City, OH A- 138 2020 $30,200,000 $650,000 Closed
Sherwood Oaks Riverview, FL B 199 1984 $35,000,000 $1,266,725 Closed
Haverford Place Georgetown, KY A- 160 2001 $31,050,000 $2,836,734 Closed
Edison Apartments Gresham, OR A 64 2020 $19,500,000 $203,390 Closed
Ridgeline View Townhomes Vancouver, WA A 50 2022 $18,100,000 $37,500 Pending
Brookside Apartments Raleigh, NC B 68 1986 $9,400,000 $1,402,680 Pending
Total     2,099   $319,601,000 $23,049,752  

The acquisitions of the Terrace Hill Apartments, La Privada, The Hamptons, and Pohlig Box Factory & Superior Warehouse properties preceded the formation of the RM Communities, LLC.  Consequently, these real estate assets are managed by an affiliate of RM Communities, LLC.  They are included as part of the RM Communities, LLC portfolio because these real estate assets were acquired and are managed under the same executive leadership in Jilliene Helman and according to the same investment strategy employed by RM Communities, LLC.

Note: Totals include Terrace Hill (sold).

*Past performance is not indicative of future performance.

The Business Plan is to acquire Bentley Apartments using long-term fixed agency debt and take advantage of the tax abatement starting in 2021.  Rent comps and strong demand in the submarket indicate there is an average mark-to-market opportunity of $124 per unit. Additionally, RM Communities has identified value-add opportunities that will further increase rent by $75 per unit. The plan is to replace carpet flooring in two thirds of the units (2nd and 3rd floor units) with vinyl flooring, add backsplashes, add cabinet pulls, upgrade lighting, and add ceiling fans. Total interior budget is $3,700 per unit. For exterior and common area upgrades, RM Communities plans to upgrade the dog park with equipment, upgrade the pool area with furniture and a storage shed, install outdoor games, and other miscellaneous upgrades. Total interior CapEx is $510,000 and exterior and common area CapEx is $190,000; total CapEx including construction management fee and contingency is approximately $806,000.

RM Communities plans to finance the Property with a 10-year, fixed-rate Freddie Mac loan with four years of interest only at 70% LTV and 3.50%. Additionally, RM Communities plans to add a supplemental loan at the beginning of year 4 after the property have been fully renovated to capture the value added and return capital to investors. The plan is to exit in 10 years at a 4.75% cap rate.

CapEx Breakdown

Interior Upgrades Cost of Upgrade No. Units Per Unit Total
Backsplashes $500 138 $500 $69,000
Cabinet Pulls $300 138 $300 $41,400
Lighting $300 138 $300 $41,400
Ceiling Fans $300 138 $300 $41,400
Flooring $2,700 92 $1,800 $248,400
General Interior $500 138 $500 $69,000
Total $4,600 - $3,700 $510,600
         
Exterior and Common Area Upgrades and Repairs     Per Unit Total
Rip Rap Shoring Rocks     $217 $30,000
Landscaping & Drainage     $72 $10,000
Pool Furniture & Outdoor Games     $109 $15,000
Storage Shed     $72 $10,000
Dog Park     $181 $25,000
Future CapEx     $725 $100,000
Subtotal     $1,377 $190,000
         
Summary     Per Unit Total
Interior Upgrades     $3,700 $510,600
Exterior & Common Area     $1,377 $190,000
Construction Mgmt. Fee (5%)     $254 $35,030
Contingency  (10%)     $508 $70,060
Total     $5,838 $805,690
Property Information

Bentley Apartments is in Grove City, OH, a growing suburb of the Columbus, OH MSA. The submarket has experienced strong growth over the past decade driven by a diverse employment base and convenient location to Downtown Columbus.

The Property consists of 138 units with a mixture of one, two, and three bedrooms. Built in 2020, Bentley features thoughtfully designed contemporary units, with premium amenities such as a pool, dog park, gym, and clubhouse. Bentley Apartments was developed within a Community Reinvestment Area and received a 15-year full tax abatement, and as a result, the Property has strong cash flow out of the gate.

Unit Mix

Units Type Unit SF Total SF In-Place Rent Stabilized Rent Rent / SF
18 1/1 611 10,998 $994 $1,140 $1.87
54 1/1 L 722 38,988 $1,057 $1,200 $1.66
54 2/2 1,053 56,862 $1,318 $1,575 $1.50
12 3/2 1,298 15,576 $1,560 $1,825 $1.41
138   887 122,424 $1,195 $1,393 $1.57
Comparables

Lease Comparables

1 Bed / 1 Bath
Property SF Stabilized Rent Per SF YOC
Bentley Apartments 611 $1,140 $1.87 2020
Broadway Station 714 $1,064 $1.49 2017
Beulah Place 660 $1,078 $1.63 2021
The Village at Gantz Meadows 708 $1,300 $1.84 2017
Grove City Summit 755 $1,200 $1.59 2015
Comp Average 709 $1,161 $1.64  
1 Bed /1 Bath Large
Property SF Stabilized Rent Per SF YOC
Bentley Apartments 722 $1,200 $1.66 2020
Broadway Station 745 $1,099 $1.48 2017
Beulah Place 743 $1,219 $1.64 2021
The Village at Gantz Meadows 708 $1,300 $1.84 2017
The Crossing at Grove City 863 $1,161 $1.35 2021
Comp Average 765 $1,195 $1.56  
2 Bed / 2 Bath
Property SF Stabilized Rent PER SF YOC
Bentley Apartments 1,053 $1,575 $1.50 2020
Broadway Station 1,040 $1,449 $1.39 2017
Beulah Place 1,128 $1,653 $1.47 2021
The Village at Gantz Meadows 1,120 $1,700 $1.52 2017
Grove City Summit 1,070 $1,520 $1.42 2015
Comp Average 1,090 $1,581 $1.45  
3 Bed / 2 Bath
Property SF Stabilized Rent PER SF YOC
Bentley Apartments 1,298 $1,825 $1.41 2020
Beulah Place (3/2.5) 1,628 $2,720 $1.67 2021
The Crossing at Grove City 1,186 $1,762 $1.49 2021
Grove City Summit (3/2.5) 1,585 $2,220 $1.40 2015
Comp Average 1,466 $2,234 $1.52  

Sales Comparables

Property Name Submarket Property Address City Sale Date Sale Price Number of Units Gross Building SF Price Per Unit Price per SF Year Built Building Class
Bentley Apartments Grove City 3986 Parkmead Dr Grove City, OH TBD $30,200,000 138 120,000 $218,841 $252 2020 A-
600 Goodale Arena District 600 W Goodale St Columbus, OH 10/29/2019 $39,700,000 174 229,876 $228,161 $173 2013 A
Steel House Tri-Village 1211 Chambers Rd Columbus, OH 10/5/2018 $25,350,000 113 96,000 $224,336 $264 2018 A
Harrison Park Apartments Flytown 565 W 1st Ave Columbus, OH 11/3/2016 $20,200,000 108 166,048 $187,037 $122 2013 A
The Normandy Discovery District 315 E Long St Columbus, OH 6/27/2019 $62,000,000 268 227,280 $231,343 $273 2014 A
Tribeca Tri-Village 720 W 3rd St Columbus, OH 12/5/2018 $35,489,051 175 294,664 $202,795 $120 2013 A

 

Location Information

Market Overview: Columbus MSA

Columbus is one of the fastest-growing cities in the nation—more than 15,000 people moved to the Columbus area in the past year—and it is the 16th largest city in the United States. Known for its low cost of living, top-ranked infrastructure, and talented workforce, the region is one of the most dynamic and diverse in the country. With a vibrant blend of arts and culture, exciting collegiate and professional sports, an entrepreneurial spirit, a burgeoning downtown, and a diverse array of welcoming neighborhoods, Columbus is a great place to live, visit, work, raise a family, and do business.

The metro’s economy is sheltered from extreme swings by a heavy concentration of government employment and the several Fortune 500 companies based in the area. Job growth has consistently outpaced the national average; thus, people from across the country are moving here making population growth robust.

Columbus MSA: Employment

The Columbus region has proven to be a strong business environment with an economy driven by a diversified base of employers as well as low startup and operating costs, pro-business tax environment, high public bond ratings, and a strong real estate market. The metro is home to a diverse concentration of Fortune 500 companies and higher-education institutions in the state of Ohio. The Urban Land Institute’s Emerging Trends 2021 report lists Columbus as one of the top markets for “Eds and Meds”, underscoring the area’s stability and growth prospects driven by the highly-ranked health systems in place and the strong university educational infrastructure Columbus has.

The Columbus metro area boasts an unemployment rate of 4.7% as of December 2020, almost half of the State’s average of 8.8%. The unemployment rate is expected to decline further with the addition of new distribution centers, major commercial leases, and the continued construction and expansion of local universities and hospitals.

Submarket Overview: Grove City

Located 10 miles from Downtown Columbus, Grove City, OH is a growing and established suburban community. Grove City has experienced strong growth over the past five years from population, business, and cultural standpoints. Through private and public investment, the area has seen an increase in younger residents looking for a high quality of life.

In 2019 Mount Carmel Health System, Columbus Metro’s 9th largest employer, opened a $361 million state of the art full-service hospital with 250 beds employing over 2,000 staff. A new 30-acre $63.5 development is working through an approval process that will provide over 390,000 SF of medical office space, and 5,000 SF of retail space. This is also accompanied by a 151,000 SF lease agreement by a major Fortune 500 company, only 1.4 miles from the property.

Grove City offers residents activities from hiking at metro parks, attending live performances, enjoying the Plum Run Winery, sipping a craft beer from a local brewery, or enjoying a good book at the new library as part of the multi million-dollar development of the downtown area. Adjacent to the property, a retail center with anchors such as Aldi and Planet Fitness is expected to deliver later in 2021.

Cap Stack
Sources & Uses

Total Capitalization

Sources Amount $/Unit %
Senior Loan $21,140,000 $153,188 65.1%
LP Investor Equity $11,323,472 $82,054 34.9%
Total $32,463,472 $235,243 100.0%
       
Uses Amount $/Unit %
Purchase Price $30,200,000 $218,841 93.0%
Loan Fee $158,550 $1,149 0.5%
Closings, Legal Fees $340,000 $2,464 1.0%
CapEx Budget $805,690 $5,838 2.5%
Acquisition Fee $604,000 $4,377 1.9%
Taxes and Insurance $91,915 $666 0.3%
Working Capital $140,000 $1,014 0.4%
Interest Reserve $123,317 $894 0.4%
Total $32,463,472 $235,243 100.0%
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Loan Type: Agency
  • Total Loan Amount: $21,140,000
  • Loan Term: 10 Years
  • Lender: Freddie Mac
  • Amortization: 30 Years
  • Interest Rate: 3.50%*
  • Interest-Only: 4 Years
  • Initial Loan-to-Value: 70.0%
  • Loan-to-Cost: 68.2%**
  • Extension Options: None

* Fixed Rate

** LTC is based on Purchase Price and CapEx budget

NOTE:  The Sponsor is expecting to add a supplemental loan at the beginning of year 4.

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.

Distributions

RM Communities intends to make distributions from Bentley Investors LLC as follows:

Operating Cash Flow

  1. 8% Preferred Return
  2. 70%/30% (70% to Members/30% to RM Communities) to a 14% IRR
  3. 50%/50% (50% to Members/50% to RM Communities) thereafter

Capital Event

  1. 8% Preferred Return
  2. Return of Capital
  3. 70%/30% (70% to Members/30% to RM Communities) to a 14% IRR
  4. 50%/50% (50% to Members/50% to RM Communities) thereafter

RM Communities 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 April 2022 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of RM Communities, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Cash Flow Summary

  Year 1 Year 2 Year 3 Year 4 Year 5
 Effective Gross Income (EGI)  $2,156,841 $2,362,837 $2,490,693 $2,604,053 $2,699,078
 Expenses  $638,231 $653,848 $674,747 $695,715 $716,650
 Net Operating Income (NOI)  $1,518,610 $1,708,988 $1,815,946 $1,908,339 $1,982,428
 Total Property Cash Flow  $746,357 $933,646 $1,038,686 $6,459,808* $463,394

Projected Investor Cash Flows

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Net Earnings to Investor -Hypothetical $50,000 Investment(1) ($50,000) $3,276 $4,103 $4,461 $28,142* $1,971 $2,187 $2,404 $2,621 $2,841 $66,977

 

* Proceeds include supplemental loan beginning of Year 4.

(1) Returns are net of all fees.

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 RM Communities' materials for details. The following fees and compensation will be paid(1):

One-Time Fees:
Type of Fee Amount of Fee Received By Paid From
Acquisition Fee 2.0% of Purchase Price RM Communities Capitalized Equity Contribution
Construction Management Fee 5.0% of Capital Improvement Budget Village Green, Third Party Property Manager Capitalized Equity Contribution
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 1.5% of Effective Gross Income RM Communities Distributable Cash
Property Management Fee 3.0% of Effective Gross Income & Incentive Fee if NOI Exceeds Budget Village Green, Third Party Property Manager Distributable Cash

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

 

The following offering documents 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.
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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