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Funded
Multifamily
Haverford Place
Georgetown, KY
INVESTMENT STRATEGY
Value-Add
INVESTMENT TYPE
Equity
Add to Watchlist
100% funded
Offered By RM Communities
15.4%* TARGET IRR 14.4%-16.4%
11.2%* TARGET AVG CASH ON CASH
2.49X* TARGET EQUITY MULTIPLE
Estimated Hold Period 10 Years
Estimated First Distribution 8/2022
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
Located in Georgetown, Kentucky, and built in 2001, Haverford Place is a class A-, 160-unit property with units that are larger than most of the competitors in the market. The acquisition is being financed with a Freddie Mac loan projected to cover approximately 62.7% of the acquisition cost.
Value-Add

Haverford Place, built in 2001, is primed for a value-add business plan. The submarket has exhibited strong demand for premium finishes. The Property is positioned to capture premiums to current rental rates through higher-end interior upgrades such as granite counters, backsplashes, flooring, upgraded lighting and fixtures, and other interior upgrades.

Desirable Product Type

Haverford Place is comprised of 73% large two- and three-bedroom townhomes, which are desirable in this submarket. The unit sizes at Haverford Place are on average 259 SF larger than other nearby comparable properties. Larger unit sizes are highly sought-after due to the increased prevalence of remote working.

Market

Georgetown, KY has seen significant development through recent investment in the Toyota manufacturing plant and public infrastructure throughout the city. There have been new developments such as shopping centers and dining options. Additionally, the submarket is home to Georgetown College, multiple historical reserves and museums, and state-renowned Scott County Community Park.

Property At A Glance
# of Units 160
Year Built 2001
Average 12 Month Occupancy 96%
Market Lexington, KY
Class A-
Acquisition Price

$31,050,000

Investment Highlights
RM Communities is acquiring Haverford Place for $31.05 million, which represents a going-in cap rate of 4.7% on projected year one net operating income.
Haverford Place, built in 2001, is partially renovated and is primed for a value-add business plan through interior and exterior upgrades. With a $2.95 million capital budget, RM Communities is projecting to increase rents from an average of $1,097 per unit to an average of $1,458 per unit.
The unit sizes at the Property are on average 259 SF larger than other nearby comparable properties. These large unit sizes are highly sought after in today's market.
The submarket’s main employment driver, the Toyota manufacturing plant, recently announced that they are investing $461 million to upgrade the facility. The plant plays a critical role in Toyota’s global electrification strategy and produces America’s best-selling car, the Toyota Camry.
The transaction has relatively low leverage as loan-to-cost is approximately 62.7%. Additionally, the loan has an attractive interest-only period of five years. The projected year one interest-only debt service coverage ratio is comfortably 2.11X.
RM Communities will retain Village Green, a nationally recognized property management company. 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 a projected cap rate of 5.0%.
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 consists of marking rents to market and implementing a value-add program. RM Communities plans to allocate approximately $12,000 per unit to upgrade the interior of all the units to include granite countertops, refreshed cabinet faces, backsplashes, new fixtures, upgraded lighting, new paint, and washers and dryers, among other interior upgrades. Additionally, RM Communities plans to allocate $620,000 for exterior and common area upgrades such as expanding the dog park, upgrading the clubhouse and pool area, adding package lockers, and curing deferred maintenance. RM Communities is projecting to increase rents by an average of $361 per unit over current in-place rents.

RM Communities plans to finance the acquisition of the Property with a 10-year, fixed-rate Freddie Mac Green loan with five years of interest-only at an estimated 69% LTV and 3.24% rate. Pursuant to the Green Up program, RM Communities is committing to an energy-saving and water conservation program through upgrades such as more efficient lighting and water-saving faucets and showerheads. Additionally, RM Communities plans to add a supplemental loan at the beginning of year 4 after the Property has been fully renovated to capture the value added and return capital to investors. The plan is to exit in 10 years at a projected 5.0% cap rate.

CapEx Breakdown

Interior Upgrades Total Per Unit No. Units Cost of Upgrade
Appliances $51,300 $321 19 $2,700
Countertops $560,000 $3,500 160 $3,500
Backsplashes $144,000 $900 160 $900
Cabinets $176,000 $1,100 160 $1,100
Hardware $48,000 $300 160 $300
Lighting $48,000 $300 160 $300
Plumbing Fixtures $48,000 $300 160 $300
Ceiling Fans $5,700 $36 19 $300
Misc. / Materials $160,000 $1,000 160 $1,000
Flooring $51,300 $321 19 $2,700
Bathroom $128,000 $800 160 $800
Paint $128,000 $800 160 $800
Other Flooring $112,800 $705 141 $800
Green Program $128,000 $800 160 $800
Washers / Dryers $160,000 $1,000 160 $1,000
Total Interior Upgrades $1,949,100 $12,182   $17,300
         
Exterior and Common Area Upgrades and Repairs Total Per Unit    
Amenity $40,000 $250    
Roofs $80,000 $500    
HVAC Replacements / Water Heaters $25,000 $156    
Paint / Carpentry $75,000 $469    
Exterior Lighting $10,000 $63    
Landscaping & Drainage $30,000 $188    
Storage Shed $20,000 $125    
Concrete Work $30,000 $188    
Pool Renovation Incl. Furniture $20,000 $125    
Enhance Dog Park $25,000 $156    
Playground $30,000 $188    
Parking Lot Repairs $25,000 $156    
Package Lockers $50,000 $313    
Clubhouse / Business Center $50,000 $313    
Pergola, Benches, and Grills $10,000 $63    
Other $100,000 $625    
Total Exterior Common Area Upgrades and Repairs $620,000 $3,875    
         
Construction Management Fee $128,455 $803    
Contingency (10%) $256,910 $1,606    
         
Total CapEx $2,954,465 $18,465    
Property
Property Details

Haverford Place, built in 2001, is a 160-unit apartment and townhome community. Haverford Place is in a growing suburb of Lexington, KY, and its employment driver is anchored by the largest Toyota manufacturing plant in the world. 

The Property is comprised of one- and two-bedroom apartments and mostly two- and three-bedroom townhomes. Haverford Place has a clubhouse, pool and lounge area, fitness center, dog park, playground, and other amenities. 

Number Type Units Unit SF Total SF In-Place Rent Stabilized Rent Stabilized Rent / SF
1 1/1 32 900 28,800 $916 $1,300 $1.44
2 2/2 12 1,000 12,000 $1,016 $1,365 $1.37
3 2/1.5 Townhome 68 1,268 86,224 $1,088 $1,445 $1.14
4 3/2 Townhome 40 1,369 54,760 $1,274 $1,625 $1.19
5 2/1.5 Townhome Large 8 1,400 11,200 $1,137 $1,510 $1.08
Total/Average   160 1,206 192,984 $1,097 $1,458 $1.21
Comparables

Lease Comparables

1 Bedroom / 1 Bathroom
Property SF Stabilized Rent Per SF YOC
Haverford Place 900 1,300 $1.44 2001
The Mill 698 1,300 $1.86 2012
The MarQ 723 1,009 $1.40 2017
Comp Average 711 1,155 $1.62  
         
2 Bedroom / 2 Bathroom
Property SF Stabilized Rent Per SF YOC
Haverford Place 1,000 1,365 $1.37 2001
The MarQ 1,160 1,212 $1.04 2017
Amerson Orchard 921 1,184 $1.29 2017
The Mill (TH) (2/2) 1,024 1,430 $1.40 2012
The Mill (2/2) 924 1,320 $1.43 2012
Comp Average 1,007 1,287 $1.28  
         
2 Bedroom / 1.5 Bathroom Townhome
Property SF Stabilized Rent Per SF YOC
Haverford Place 1,268 1,445 $1.14 2001
The Mill (TH) (2/2.5) 1,179 1,490 $1.26 2012
The Mill (TH) (2/2) 1,024 1,430 $1.40 2012
Comp Average 1,102 1,460 $1.33  
         
3 Bedroom / 2 Bathroom Townhome
Property SF Stabilized Rent Per SF YOC
Haverford Place 1,369 1,625 $1.19 2001
The MarQ 1,355 1,398 $1.03 2017
Amerson Orchard 1,350 1,597 $1.18 2017
The Mill (3/2) 1,665 1,900 $1.14 2012
Comp Average 1,457 1,632 $1.12  

Sales Comparables

Property Name Submarket Name Property Address City Sale Date Sale Price Number of Units Gross Building SF Price Per Unit Price Per SF Year Built Building Class
Haverford Place North Lexington 101 Haverford Path Georgetown 2/1/2022* $31,050,000* 160 193,664 $194,063 $160 2001 A-
The Preserve Lexington Red Mile 845 Red Mile Rd Lexington 8/23/2021 $36,350,000 181 209,300 $200,829 $174 1997 B
Palomar View Palomar 4121 Reserve Rd Lexington 9/24/2019 $22,500,000 140 92,000 $160,714 $245 2015 A
The Henry at Fritz Farm Southeast Lexington 200 Larue Lexington 3/4/2019 $62,190,000 306 275,000 $203,235 $226 2016 A

*Projected

Location

Market Overview: Lexington MSA

Lexington, KY is a renowned and historic city, known for its distinct culture, deep horse-breeding traditions, and thriving workforce. Lexington remains the second most populous city in the state of Kentucky, with a large portion of its residents attending one of the many universities or colleges in the area. Lexington is home to the University of Kentucky, which enrolls over 30,000 students per year.

Lexington has also been deemed the horse-racing capital of the United States. Home to famous horse breeding parks and racing arenas, over 1.5 million people travel to the area to attend a selection of over 200 events annually.

Lexington’s economy has seen sharp growth throughout the last decade and continues to attract young professionals and private investment. The city is known for its attractive atmosphere, large parks, and dense urban nightlife.  Lexington is home to unique and locally sourced dining experiences, college sports, and rich history of bourbon production. Lexington's stable economy continues to sustain growth for the city, and surrounding Fayette County. 

Submarket Overview: Georgetown (North Lexington)

Located 15 miles from Downtown Lexington, Georgetown, KY is a growing and established suburban community known for being the home of the largest Toyota manufacturing plant in the world. The largest employment sectors in Georgetown are management, education, health diagnostics, and finance. Per CoStar, the median area income is $72k within a 5-mile radius of the property. Additionally, population growth in the 5-mile radius is projected to grow by 1.9% annually over the next five years.

The submarket has also experienced significant public and private investment and has a large construction pipeline waiting to be delivered. Large mixed-use developments, renovations of skilled nursing facilities, and the expansion of the city’s South Sewer treatment facility are a few of the upcoming projects waiting to be finished in the submarket. Georgetown has continued to attract new residents with the recent completion of the Lemon Mill Road Widening Project, and the Expansion of Lanes Run Business park – a comprehensive commercial and residential development spanning a 1-mile radius.  

Photos
Financials
Sources & Uses

Total Capitalization

Sources Amount $/Unit %
Senior Loan $21,336,000 $133,350 60.1%
LP Investor Equity $14,150,320 $88,439 39.9%
Total $35,486,320 $221,789 100.0%
       
Uses Amount $/Unit %
Purchase Price $31,050,000 $194,063 87.5%
Loan Fee $160,020 $1,000 0.5%
Closing, Legal Fees $340,000 $2,125 1.0%
CapEx Budget $2,954,465 $18,465 8.3%
Acquisition Fee $621,000 $3,881 1.7%
Taxes and Insurance $173,227 $1,083 0.5%
Working Capital $130,000 $813 0.4%
Interest & CF Reserve $57,607 $360 0.2%
Total $35,486,320 $221,789 100.0%
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Loan Type: Agency
  • Total Loan Amount: $21,336,000
  • Loan Term:  10 Years
  • Lender: Freddie Mac
  • Amortization: 30 Years
  • Assumed Interest Rate: 3.24%
  • Interest Type: Fixed
  • Interest-Only: 5 Years
  • Initial Loan-to-Purchase: 68.7%
  • Loan-to-Cost: 62.7%*
  • Extension Options: No

*LTC is based on Purchase Price and CapEx Budget

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 Haverford Place Investors, LLC as follows:

Operating Cash Flow:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% preferred return;
  2. 70% / 30% (70% to Investors / 30% to Promote) of excess cash flow to a 15% IRR; 
  3. 50% / 50% (50% to Investors / 50% to Promote) of excess cash flow thereafter. 

Capital Event:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% preferred return;
  2. Return of Capital
  3. 70% / 30% (70% to Investors / 30% to Promote) of excess cash flow to a 15% IRR; 
  4. 50% / 50% (50% to Investors / 50% to Promote) of excess cash flow 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 August 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 Year 6 Year 7 Year 8 Year 9 Year 10
Effective Gross Income    $2,532,735 $2,961,043 $3,211,119 $3,365,337 $3,485,519 $3,590,084 $3,697,787 $3,808,720 $3,922,982 $4,040,671
Expenses    $1,071,980 $1,163,878 $1,197,603 $1,232,586 $1,267,406 $1,302,638 $1,338,872 $1,376,136 $1,414,460 $1,453,874
Net Operating Income    $1,460,755 $1,797,165 $2,013,516 $2,132,750 $2,218,113 $2,287,446 $2,358,914 $2,432,584 $2,508,522 $2,586,797
Total Property Cash Flow    $731,477 $1,061,463 $1,274,063 $9,360,308* $956,915 $603,103 $672,957 $744,962 $819,186 $27,018,398
Net Cash Flow to Investors(1)   $726,977 $1,056,963 $1,269,563 $9,259,442* $795,905 $541,750 $587,411 $632,520 $678,026 $19,744,268
 
Projected Investor Cash Flow
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Investor-Level Cash Flows - Hypothetical $50,000 Investment(1)  ($50,000) $2,569 $3,735 $4,486 $32,718 $2,812 $1,914 $2,076 $2,235 $2,396 $69,766

*Projected proceeds of approximately $8.5 million from supplemental loan beginning in Year 4.

Note: Projected figures are 12-month periods starting in February 2022.

(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
Acquisition Fee 2.0% of Purchase Price RM Communities
Construction Management Fee 5.0% of Capital Improvement Expenditures Village Green, Third Party Property Manager
 
Recurring Fees
Type of Fee Amount of Fee Received By
Asset Management Fee 1.5% of Effective Gross Income (EGI) RM Communities
Property Management Fee 3.0% of EGI and Incentive Fee if NOI Exceeds Budget Village Green, Third Party Property Manager

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

 

Disclaimers/FAQs
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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