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Multifamily
Edison Apartments
Gresham, OR
Funded
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Edison Apartments
Gresham, OR
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Overview
Edison Apartments
Edison Apartments is a stabilized, cash-flowing property built in 2020 and located in Gresham, Oregon, immediately east of Portland. The Property is being acquired using relatively low leverage at 57% LTV. The acquisition financing is full-term interest-only, and the rate has already been locked, eliminating exposure to future interest rate volatility.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 7/2022
Minimum Investment 35000
Estimated Hold Period 10 Years
Investment Strategy Core Plus
Investment Type Equity
# of Units 64
Year Built 2020
Current Occupancy 95%
Market Portland, OR
Class A
Sponsor Documents
The offering documents above 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.
Deal Highlights
Investment Highlights
RM Communities is acquiring the Property for $19.5M, which represents a 4.6% cap rate on expected first year NOI. Cap rate data from Costar for Q1 2022 reveals the average cap rate for a similar quality asset in the submarket was 4.3%.
Edison Apartments has attractive full-term interest-only acquisition financing that is already rate locked. Paired with a relatively low 57% LTV, investors have access to a new construction, low leverage and stabilized cash flowing asset.
RM Communities believes in-place rents are over 15% below market, as the Property has recently completed its initial lease-up phase following construction completion. The business plan is to move rents to market rates within the first year of ownership.
RM Communities will retain property manager FPI Management, a nationally recognized property management company. FPI currently manages two properties for RM Communities in the Portland area, as well as one in El Paso, Texas. Their combined strong regional presence in the Pacific Northwest gives RM Communities confidence in their collaboration achieving the Property’s projected performance.
The projected exit strategy is to sell the Property in 10 years at an anticipated cap rate of 4.5%.
RM Communities is acquiring the Property for $19.5M, which represents a 4.6% cap rate on expected first year NOI. Cap rate data from Costar for Q1 2022 reveals the average cap rate for a similar quality asset in the submarket was 4.3%.
Edison Apartments has attractive full-term interest-only acquisition financing that is already rate locked. Paired with a relatively low 57% LTV, investors have access to a new construction, low leverage and stabilized cash flowing asset.
RM Communities believes in-place rents are over 15% below market, as the Property has recently completed its initial lease-up phase following construction completion. The business plan is to move rents to market rates within the first year of ownership.
RM Communities will retain property manager FPI Management, a nationally recognized property management company. FPI currently manages two properties for RM Communities in the Portland area, as well as one in El Paso, Texas. Their combined strong regional presence in the Pacific Northwest gives RM Communities confidence in their collaboration achieving the Property’s projected performance.
The projected exit strategy is to sell the Property in 10 years at an anticipated cap rate of 4.5%.
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Management
For more information, view the Sponsor's Investment Memorandum.
RM Communities

RM Communities is a sister-company to RealtyMogul, one of the leading online platforms for real estate investing. RM Communities is an owner/operator of multifamily assets with a proprietary playbook to deliver strong risk-adjusted returns. RM Communities has acquired over 2,400 multifamily units and $400 million(1) in real estate with a fully dedicated team of acquisitions, underwriting, and asset management professionals. 

Sponsor Track Record
Property Name Location Class No. of Units Year Built Purchase Price CapEx Budget Acquisition Status
Terrace Hill El Paso, TX B 310 1983 $18,700,000 $4,095,000 Sold
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 & Retail 2004 $15,900,000 $1,348,000 Closed
Lubbock Medical Office Building Lubbock, TX B 20,880 SF 1966 $8,350,000 NNN 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 Closed
Brookside Apartments Raleigh, NC B 68 1986 $9,400,000 $1,402,680 Closed
Hunters Ridge Apartments East Lansing, MI B 170 2004 $34,650,000 $2,056,660 Closed
223 E. Town Apartments Columbus, OH A 84 2017 $19,600,000 $301,566 Closed
Rose Hill Townhomes & Villas Columbus, OH B 132 1992 $19,400,000 $2,853,705 Closed
Total     2,485   $411,951,000 $29,662,960  

References made to the RM Communities portfolio includes four properties that were acquired prior to the formation of RM Communities. Consequently, these assets are included as part of the RM Communities portfolio as a result of being acquired and managed by the same executive leadership and according to the same investment strategy employed by RM Communities. Totals include Terrace Hill (sold) and pending acquisitions.

Management Team
Management
Jilliene Helman
Chief Executive Officer

Jilliene Helman is Chief Executive Officer of RM Communities where she has been involved with every acquisition since inception.  She is also Chief Executive Officer and Founder of RealtyMogul where she is responsible for the company’s strategic direction and operations. In this capacity, she has been involved in investments with property values worth over $7 billion including 197 multifamily transactions encompassing 33,000 multifamily units. Ms. Helman is also Chief Executive Officer of Realty Mogul Commercial Capital, Chief Executive Officer of RM Securities, a FINRA registered broker-dealer (BrokerCheck) and Chief Executive Officer of RM Adviser, an SEC Registered Investment Adviser.  She also sits on the Board of Directors for RealtyMogul Apartment Growth REIT.  Ms. Helman holds a Bachelor’s degrees in International Business and Management Change from Georgetown University.

Management
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.  

Management
Ian Rosa
Director of Investments

Ian Rosa is the Director of Investments for RM Communities and has the responsibility of being involved at all levels of RM Communities, including strategies related to the firm as well as individual deals. Mr. Rosa is actively involved in developing and maintaining relationships with investors and partners. Mr. Rosa previously worked at Highline Real Estate Capital and Rialto Capital Management. Mr. Rosa has an M.B.A. from the University of Miami, a J.D. from DePaul University College of Law and a Bachelor’s degree from Indiana University.

Management
Christian Popoff
VP of Asset Management

Christian Popoff is the Vice President of Asset Management for the RM Communities portfolio. His focus is centered on RMC’s growing collection of investments with an emphasis on maximizing performance, value creation, and acquisitions collaboration. With over 18 years of professional experience in commercial real estate investment management, he has a versatile background in all asset types through various roles as an advisor and owner/lender representative. He holds a B.S. in Finance from the University of Nevada, an MBA from National University, and completed the Light Construction & Development Management certification program at the University of California, Irvine.

Property
For more information, view the Sponsor's Investment Memorandum.

Edison Apartments is a stabilized, 2020-built property comprised of 64 units located in Gresham, immediately east of Portland. Gresham is currently the fourth largest city in Oregon. Benefiting from strong momentum in the regional economy, access to major employers, and proximity to various recreational amenities, Gresham has seen tenants flow into the market as they seek less dense neighborhoods, more space, and greater affordability.

Featuring one- and two-bedroom floor plans, Edison is just a 20-minute drive from downtown Portland. The Property is within a mile of a MAX Light Rail station. There are several nearby community gardens.

Type # of Units Unit SF Total SF In-Place Rent Stabilized Rent Rent / SF
1/1 S - ADA 2 478 956 $1,195 $1,350 $2.82
1/1 L - ADA 2 777 1,554 $1,195 $1,400 $1.80
2/2 S 35 890 31,150 $1,504 $1,810 $2.03
2/2 L 24 957 22,968 $1,624 $1,860 $1.94
2/2 L - ADA 1 957 957 $1,550 $1,860 $1.94
Total/Average 64 900 57,585 $1,531 $1,802 $2.00
Comparables
For more information, view the Sponsor's Investment Memorandum.

Lease Comparables

1 Bedroom / 1 Bathroom S

Property SF Stabilized Rent Per SF YOC
Edison Apartments 478 $1,350 $2.82 2020
The Byway 438 $1,439 $3.29 2020
Lumina 438 $1,439 $3.29 2020
Brookside  584 $1,426 $2.44 2021
Twelve Mile Crossing 600 $1,450 $2.42 2021
Comp Average 547 $1,439 $2.63  

1 Bedroom / 1 Bathroom L

Property SF Stabilized Rent Per SF YOC
Edison Apartments 777 $1,400 $1.80 2020
The Byway 780 $1,520 $1.95 2020
Lumina 672 $1,497 $2.23 1994
Brookside  808 $1,758 $2.18 2021
Columbia Trails 672 $1,554 $2.31 2003
Comp Average 723 $1,545 $2.14  

2 Bedroom / 2 Bathroom S

Property SF Stabilized Rent Per SF YOC
Edison Apartments 890 $1,810 $2.03 2020
The Byway 872 $2,077 $2.38 2020
Lumina 854 $1,973 $2.31 1994
Brookside  845 $1,788 $2.12 2021
Twelve Mile Crossing 898 $1,710 $1.90 2021
Comp Average 867 $1,887 $2.18  

2 Bedroom / 2 Bathroom L

Property SF Stabilized Rent Per SF YOC
Edison Apartments 957 $1,860 $1.94 2020
The Byway 991 $2,214 $2.23 2020
Lumina 1,019 $2,030 $1.99 1994
Columbia Trails 1,038 $2,135 $2.06 2003
3rd Central 1,051 $1,725 $1.64 2009
Comp Average 1,025 $2,026 $1.98  

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
Edison Apartments Mt Hood 1833 SE 6th Street Gresham 4/1/2022 $19,500,000 64 57,585 $304,688 $339 2020 A
Ascot 146 Apartments Gateway 235 SE 146th Avenue Portland 8/12/2021 $8,750,000 45 18,000 $194,444 $486 2019 B
Misty Ridge Apartments Rock Creek 12846 SR 157th Avenue Happy Valley 10/19/2021 $44,000,000 103 120,000 $427,184 $367 2018 A
Mountain Knolls Gresham 3180 NW Division Street Gresham 10/7/2021 $13,200,000 60 59,100 $220,000 $223 1990 B
Minnehaha Meadows Walnut Grove 6000 NE 64th Street Vancouver 9/21/2021 $16,450,000 49 63,112 $335,714 $261 2021 A
Roosevelt Commons Walnut Grove 2812 Falk Road Vancouver 9/21/2021 $12,550,000 36 50,149 $348,611 $250 2020 A
Brookside Apartments Gresham 20711 SE Start Street Gresham 9/1/2021 $31,010,000 104 104,000 $298,173 $298 2021 A
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

Total Capitalization

Sources Amount $/Unit %
Senior Loan $11,190,000 $174,844 54.1%
Investor Equity $9,481,153 $148,143 45.9%
Total $20,671,153 $322,987 100.0%
       
Uses Amount $/Unit %
Purchase Price $19,500,000 $304,688 94.3%
Loan Fee $83,925 $1,311 0.4%
Closing Costs $310,000 $4,844 1.5%
CapEx Budget $194,547 $3,040 0.9%
Acquisition Fee $390,000 $6,094 1.9%
Taxes and Insurance $16,933 $265 0.1%
Working Capital $125,000 $1,953 0.6%
Interest & CF Reserve $50,749 $793 0.2%
Total $20,671,153 $322,987 100.0%

 

Debt Assumptions

The expected terms of the debt financing are as follows:

Senior Debt:

  • Loan Type: Agency
  • Lender: Freddie Mac
  • Total Loan Amount: $11,190,000
  • Loan Term: 10 Years
  • Interest Rate: 3.58%
  • Interest-Only Period: 10 Years
  • Initial Loan-to-Value: 57.4%
  • Loan-to-Cost: 56.8%

Subordinated Debt:

  • Loan Date: Month 36
  • Total Loan Amount: $3,320,000
  • Loan Term: 7 Years
  • Interest-Only Period: 7 Years
  • Interest Rate: 4.25%

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 Edison 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 13% 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 to Members
  3. 70% / 30% (70% to Investors / 30% to Promote) of excess cash flow to a 13% 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 the company's liabilities (loan payments, operating expenses, and other fees as more specifically set forth in the LLC agreements, in addition to any member loans or returns due on member loan).

Distributions are expected to start in July 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(1) Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Effective Gross Income (EGI)    $1,301,507 $1,450,467 $1,508,428 $1,567,077 $1,624,797 $1,681,647 $1,739,996 $1,800,371 $1,862,844 $1,927,487
Expenses    $408,709 $421,252 $434,870 $448,884 $463,258 $478,005 $493,210 $508,901 $525,094 $541,806
Net Operating Income    $892,798 $1,029,215 $1,073,558 $1,118,193 $1,161,539 $1,203,642 $1,246,786 $1,291,470 $1,337,749 $1,385,681
Total Property Cash Flow    $472,674 $606,856 $3,925,371 $552,985 $595,465 $636,715 $678,984 $722,762 $768,104 $17,726,315
                       
Projected Investor Cash Flow
  Year 0 Year 1 Year 2 Year 3(1) Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Investor-Level Cash Flows - Hypothetical $50,000 Investment(2)   ($50,000) $2,469 $3,177 $20,677 $2,839 $2,991 $3,138 $3,279 $3,424 $3,570 $74,574

(1) In year three of the projections, a $3.3M supplemental loan is assumed, resulting in increased cash flow during Year 3.

(2) Projected returns are net of all fees. 

RM Technologies, LLC and its affiliates do 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
 
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 Greater of (i) 3.0% of collected rental income, and (ii) $3,000/mo. FPI, Third Party Property Manager

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

 

Sources & Uses

Total Capitalization

Sources Amount $/Unit %
Senior Loan $11,190,000 $174,844 54.1%
Investor Equity $9,481,153 $148,143 45.9%
Total $20,671,153 $322,987 100.0%
       
Uses Amount $/Unit %
Purchase Price $19,500,000 $304,688 94.3%
Loan Fee $83,925 $1,311 0.4%
Closing Costs $310,000 $4,844 1.5%
CapEx Budget $194,547 $3,040 0.9%
Acquisition Fee $390,000 $6,094 1.9%
Taxes and Insurance $16,933 $265 0.1%
Working Capital $125,000 $1,953 0.6%
Interest & CF Reserve $50,749 $793 0.2%
Total $20,671,153 $322,987 100.0%

 

Debt Assumptions

The expected terms of the debt financing are as follows:

Senior Debt:

  • Loan Type: Agency
  • Lender: Freddie Mac
  • Total Loan Amount: $11,190,000
  • Loan Term: 10 Years
  • Interest Rate: 3.58%
  • Interest-Only Period: 10 Years
  • Initial Loan-to-Value: 57.4%
  • Loan-to-Cost: 56.8%

Subordinated Debt:

  • Loan Date: Month 36
  • Total Loan Amount: $3,320,000
  • Loan Term: 7 Years
  • Interest-Only Period: 7 Years
  • Interest Rate: 4.25%

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 Edison 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 13% 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 to Members
  3. 70% / 30% (70% to Investors / 30% to Promote) of excess cash flow to a 13% 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 the company's liabilities (loan payments, operating expenses, and other fees as more specifically set forth in the LLC agreements, in addition to any member loans or returns due on member loan).

Distributions are expected to start in July 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(1) Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Effective Gross Income (EGI)    $1,301,507 $1,450,467 $1,508,428 $1,567,077 $1,624,797 $1,681,647 $1,739,996 $1,800,371 $1,862,844 $1,927,487
Expenses    $408,709 $421,252 $434,870 $448,884 $463,258 $478,005 $493,210 $508,901 $525,094 $541,806
Net Operating Income    $892,798 $1,029,215 $1,073,558 $1,118,193 $1,161,539 $1,203,642 $1,246,786 $1,291,470 $1,337,749 $1,385,681
Total Property Cash Flow    $472,674 $606,856 $3,925,371 $552,985 $595,465 $636,715 $678,984 $722,762 $768,104 $17,726,315
                       
Projected Investor Cash Flow
  Year 0 Year 1 Year 2 Year 3(1) Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
Investor-Level Cash Flows - Hypothetical $50,000 Investment(2)   ($50,000) $2,469 $3,177 $20,677 $2,839 $2,991 $3,138 $3,279 $3,424 $3,570 $74,574

(1) In year three of the projections, a $3.3M supplemental loan is assumed, resulting in increased cash flow during Year 3.

(2) Projected returns are net of all fees. 

RM Technologies, LLC and its affiliates do 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
 
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 Greater of (i) 3.0% of collected rental income, and (ii) $3,000/mo. FPI, Third Party Property Manager

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

 

Disclosures
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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