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Funded
Multifamily
Bentley Apartments
Grove City, OH
INVESTMENT STRATEGY
Value-Add
INVESTMENT TYPE
Equity
Add to Watchlist
100% funded
Offered By RM Communities
14.4%* TARGET IRR 13.4%-15.4%
10.2%* TARGET AVG CASH ON CASH
2.38X* TARGET EQUITY MULTIPLE
Estimated Hold Period 10 Years
Estimated First Distribution 5/2022
Minimum Investment 35000
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Project Summary
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Explore this project
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 the direct acquisition arm of RealtyMogul, which, through its subsidiary, operates an online technology platform which has been utilized by its members to invest in affiliated and unaffiliated real estate companies that have acquired approximately $5.5 billion of real estate assets, including historical investments in over 26,000 apartment units. 

  • Jilliene Helman
    Chief Executive Officer
  • Todd Hanson
    Managing Director
  • Derek Jensen
    Director of Acquisitions, West
  • Zach Karr
    Director of Acquisitions, Mountain Region and Texas
Jilliene Helman
Chief Executive Officer

Jilliene Helman is Chief Executive Officer of RealtyMogul and its wholly owned subsidiaries, RM Manager, RealtyMogul Commercial Capital, RM Adviser, RM Technologies, RM Admin and RM Communities. She has been involved in investments with property values over $5 billion, including over 26,000 apartment and single-family units, and is a pioneer in real estate crowdfunding.

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

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.

Zach Karr
Director of Acquisitions, Mountain Region and Texas

Zach Karr is a Director of Acquisitions for RM Communities, and has responsibility for sourcing and acquiring multifamily assets in the Mountain West region of the United States and Texas. Mr. Karr has nearly a decade's worth of experience in real estate, primarily in the acquisition, financing, development, and investment management of multifamily properties valued at over $2 billion. Mr. Karr has held positions at several private and institutional firms including GCM Grosvenor, Geringer Capital, and Continental Partners.  

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
Total     1,981   $310,801,000 $23,010,849  

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.

Business Plan

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
Property Details

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

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.

Photos
Financials
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.

 

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.

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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