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Multifamily
Chesapeake Landing Apartments
Dayton, OH
Funded
100% funded
...
Chesapeake Landing Apartments
Dayton, OH
All Investments > Chesapeake Landing Apartments
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Overview
Chesapeake Landing Apartments
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 9/2016
Estimated Hold Period 7 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1986
Number of Units 256
Current Occupancy 93%
Parking Spaces 516 spaces (2.02/unit)
Amenities Pool, detached garages, tanning bed, volleyball court, fitness center, washer and dryer hookups, balconies/patios, wood burning fireplaces, microwaves, walk-in closets, and a lake on the property.
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
In-Place Cash Flow with Upside Potential
Well Located Near Demand Drivers
Experienced Multi-family Sponsor
In-Place Cash Flow with Upside Potential
Well Located Near Demand Drivers
Experienced Multi-family Sponsor
Contact Us
Questions before investing?
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Management
For more information, view the Sponsor's Investment Memorandum.
Birge & Held Asset Management

Birge & Held is a national apartment real estate, private equity and investment firm located in Carmel, Indiana.  In an effort to take advantage of strategic real estate acquisition opportunities in the distressed real estate marketplace, J. Taggart Birge and Andrew J. Held started what is now Birge & Held in 2008.  Birge & Held has acquired and managed over $400,000,000 in multi-family assets across the country and currently employs over 80 professionals, per the Sponsor.  Through private equity and creative debt structures, Birge & Held continues to grow its portfolio of assets.  For capital investors who seek to identify and pursue apartment real estate opportunities, Birge & Held provides an experienced operating partner.

Sponsor Track Record
Currently Owned Assets
Property Name Location Number of Units Date Acquired Total Cost Basis
Aurum Indianapolis, IN 208 2/12/13 $13,940,593
Beacon Hill Apartments Indianapolis, IN 14 4/1/13 $1,000,000
Clinton Estates Indianapolis, IN 184 7/1/13 $13,553,680
College Court Condominiums Frankfort, IN 48 11/25/13 $1,800,000
Cypress Square Apartments Indianapolis, IN 188 3/27/14 $12,350,000
Eagle Creek Apartments Muncie, IN 67 4/25/14 $5,279,925
Echo Ridge Apartments Muncie, IN 36 4/25/14 $2,376,609
Elston Point Apartments Elkhart, IN 76 10/16/14 $3,550,000
English Village Apartments Elkhart, IN 95 10/16/14 $3,300,000
Greenleaf Hunter's Pond Apartments Indianapolis, IN 208 10/22/14 $8,600,000
Kensington/Chesterfield South Bend, IN 60 11/7/14 $6,000,000
Parc Bordeaux Apartments Bloomington, IN 62 11/7/14 $4,000,000
Pheasant Run Apartments Indianapolis, IN 208 12/9/14 $8,700,000
Railway Manor Bloomington, IN 32 8/31/15 $3,575,000
Regency Park Indianapolis, IN 632 9/18/15 $45,000,000
The Arbors Bloomington, IN 24 10/6/15 $2,732,000
The Oaks of Eagle Creek Apartments Indianapolis, IN 304 12/22/15 $15,322,000
Walnut Springs Apartments Lafayette, IN 62 1/19/16 $3,882,000
Woodwind Apartments Lafayette, IN 44 1/28/16 $2,220,000
The Villager Centerville, OH 276 2/19/16 $22,900,000
Chesapeake Landing Centerville, OH 256 4/28/16 $22,110,000
Beechmill Apartments Indianapolis, IN 256 5/6/16 $19,175,000
Trails at Lakeside Apartments Indianapolis, IN 208 9/8/16 $18,100,000
Lakeshore Apartments Indianapolis, IN 740 9/15/16 $84,900,000
Cross Creek Apartments Indianapolis, IN 208 1/9/17 $14,725,000
Total   4,496   $339,091,808
Sold Assets
Property Name Location Number of Units Date Acquired Total Cost Basis Sale Price
Harborview Condominiums San Diego, CA 81 3/1/09  $20,406,491 $22,000,000
Bear Valley Apartments San Diego, CA 24 11/8/10  $4,200,000 $4,900,000
Walnut Manor Apartments Muncie, IN 120 11/30/11  $2,471,700 $4,850,000
Centro Apartments San Diego, CA 60 12/19/11  $11,213,764 $15,800,000
Palm Valley Apartments Goodyear, AZ 264 4/1/12  $22,925,000 $27,200,000
Fox Brook Apartments Muncie, IN 41 4/2/12  $1,275,000 $1,900,000
Total   590   $62,491,955 $76,650,000
Total Currently Owned and Sold   5,086   $401,583,763 $76,650,000

*Performance information provided by the Sponsor

Website
Management Team
Management
Tag Birge - CEO

Mr. Birge has been involved in commercial development and financing since 1997. He graduated cum laude from Indiana University in 1993 (BA – Political Science). In 1997, he received his JD from the University of Virginia and joined Bose McKinney & Evans, LLP, Indianapolis, Indiana, as an associate, becoming a partner in the real estate group in 2004. His legal practice focused on office and industrial development representing Duke Realty Corporation on numerous transactions around the United States. As an attorney, Mr. Birge was ranked by his peers as one the best real estate attorneys in the State of Indiana. 

In 2004, Mr. Birge withdrew from the partnership of Bose McKinney & Evans and joined Lauth Property Group. While at Lauth Property Group, Mr. Birge developed approximately $200 million worth of office and health care buildings around the country. Initially, Mr. Birge ran the Midwest office and health care development for Lauth Property Group and in 2007 assumed responsibility for all of Lauth’s medical development in the United States. During his tenure at Lauth, they were named a top ten developer of medical office buildings as tracked by Modern Healthcare. 

Since 2008, Mr. Birge has overseen the acquisition, financing and management of BH's $230 million in multifamily assets. Mr. Birge currently serves on the Board of Directors of Bowen Engineering, the Sports Corporation Board, Heart of Gold Charity Board, and the Orchard School Board of Trustees.

Management
Andrew Held - President & COO

Mr. Held has been involved in commercial and residential development and financing since 2003. He graduated from Indiana University in 1999 (BA – History) where he was a student-athlete and received academic All-American honors. In 2002, he received his JD from the Indiana University School of Law and practiced with the law firms of Hackman Hullet & Cracraft and Bose McKinney & Evans. His practice areas focused on commercial and residential real estate development, handling acquisitions, leasing, financing and dispositions for many of the largest commercial development and construction companies in the United States.

In 2007, Mr. Held received his MBA with a finance focus from Butler University. Since 2008, Mr. Held has overseen BH’s acquisition, financing and management of the company’s $230 million in multifamily assets. Mr. Held currently serves as the President of the Penrod Society focused on raising millions of dollars to serve the Indiana cultural and arts community. He was recently named to the Indianapolis Business Journal’s 2013 “Forty Under Forty” Class.

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

Chesapeake Landing is a 256-unit garden style multi-family community that is currently 93% occupied.  The property was built in 1986 and consists of one bedroom/one bathroom, one bedroom/one bathroom with a den, and two bedroom/two bathroom unit types. Units range in size from 455-749 square feet for a one bedroom to 1,000 square feet for a two bedroom, averaging 804 square feet. Community amenities include a pool, detached garages, a tanning bed, a volleyball court, fitness center, washer and dryer hookups, balconies/patios, wood burning fireplaces, microwaves, walk-in closets, and a lake on the property, along with 516 parking spaces.

       Unit Mix
Unit Type Floorplan Name # Units % of Total Unit SF Avg. In-Place Rent Avg. In-Place Rent/ SF
1 Bed / 1 Bath The Junior 40 15.6% 455 $586 $1.29
1 Bed / 1 Bath The One Bedroom 66 25.8% 676 $669 $0.99
1 Bed / 1 Bath The One Bedroom + 6 2.3% 730 $694 $0.95
1 Bed / 1 Bath, Den The Den 36 14.1% 848 $759 $0.90
2 Bed / 2 Bath The Two Bedroom 108 42.2% 1000 $790 $0.79
Total/ Average   256 100.0% 804 $720 $0.94

Comparables
For more information, view the Sponsor's Investment Memorandum.
Rent Comps
        1 Bed / 1 Bath 2 Bed / 1 Bath* 2 Bed / 2 Bath
Property Miles From Subject Year Built Total Units Rents PSF Rents PSF Rents PSF
Arbors of Yankee Vineyards 0.53 1994 140 $720 $0.98 $800 $0.95 $910 $0.90
Ashton Glen 2.32 1997 108 $783 $1.04 $910 $0.87 - -
Harbour Club 2.78 1988 184 $725 $1.01 $775 $0.92 - -
Normandy Club 1.72 1988 176 $820 $1.09 - - $952 $0.95
Spinnaker Cove 0.40 1993 154 $705 $0.96 $775 $0.92 $890 $0.88
Washington Place 0.65 2000 336 $675 $1.16 $879 $0.94 $1,063 $0.93
Average   1993 183 $738 $1.04 $828 $0.92 $954 $0.92
Subject   1986 256 $640 $1.07 $759 $0.90 $790 $0.79
Discount to Comp Set       $98   $69   $164  
Weighted Average Discount to Comp Set/Unit $122            
*At the subject property, these units are 1 Bed/ 1 Bath units that include a den, making them comparable to the 2 Bed / 1 Bath comp units shown above.

Rent Comparable information above was obtained from Axiometrics and the Sponsor

Sales Comps
Name City # Of Units Year Built Sale Date Sale Price Price Per Unit Cap Rate
St Andrews at Little Turtle Westerville, OH 102 1986 Mar-14 $8,165,000 $80,049 7.35%
Governours Square/Toulon Columbus, OH 820 1967 Oct-14 $66,691,100 $81,331 6.68%
Hickory Creek Columbus, OH 372 1988 Oct-14 $27,589,600 $74,166 7.06%
Ashton Glen Centerville, OH 108 1997 Dec-12 $7,500,000 $69,444 6.23%
Mallard Crossing Apartments Loveland, OH 350 1997 Dec-13 $39,800,000 $113,714 5.39%
The Villager Centerville, OH 276 1968 Feb-16 $20,300,000 $73,551 6.94%
Total / Average   338 1987   $28,340,950 $83,849 6.61%
Subject    256 1986   $20,000,000 $78,125 6.91%

Sales Comparable information above was obtained from Real Capital Analytics and the Sponsor

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds  
Senior Loan $15,420,000
Equity $6,690,000
Total Sources of Funds $22,110,000
   
Uses of Funds  
Purchase Price $20,000,000
Reserves/Third Party Reports/Other Fees $1,495,350
Sponsor Acquisition/Guarantor Fee $300,000
Financing Costs $145,650
Working Capital/PCNA Contingency $64,000
North Capital Broker-Dealer Fee $60,000
Due Diligence, Legal, & Closing Costs $45,000
Total Uses of Funds $22,110,000
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: Fannie Mae
  • Principal Balance: $15,420,000
  • Term: 12 Years
  • Rate: 4.46%
  • Amortization: 30 Years
  • Prepayment Penalty: Yield Maintenance

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All 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.

Distributions

BH Chesapeake Indy, LLC will make distributions to Realty Mogul 62, LLC as follows: an 8% cumulative, non-compounding preferred return, followed by a 70/30 split (70% to members, 30% to Sponsor) of excess operating cash flows. Such distributions will not decrease member's capital contribution balance. Upon sale or refinance, available proceeds will be distributed to pay any unpaid accrued preferred return, followed by a return of member's capital contribution balance, followed by a 70/30 split (70% to members, 30% to Sponsor) of excess proceeds.  Realty Mogul 62, LLC will distribute 100% of its share of excess cash flow (after expenses) to the members of Realty Mogul 62, LLC (the RealtyMogul.com investors).  The manager of Realty Mogul 62, LLC will receive a portion (up to 10%) of the Sponsor's promote interest.  Depreciation and tax losses will be allocated based on the promote structure, i.e. 70/30 (70% to members, 30% to Sponsor).

Order of Distributions to Realty Mogul 62, LLC (Operating Income)

  • First, to investors for any accumulated unpaid preferred return
  • Second, a cumulative non-compounded 8% annual preferred return
  • Then, any excess balance will be split 70% to members ​pari passu and 30% to Sponsor

Order of Distributions to Realty Mogul 62, LLC (Sales or Refinance Proceeds)

  • First, to investors for any accumulated unpaid preferred return
  • Second, return of Capital Contribution
  • Then, any excess balance will be split 70% to members ​pari passu and 30% to Sponsor

Distributions are projected to start in September 2016 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Sponsor, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Projections
  Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Effective Gross Revenue $2,624,350 $2,829,650 $3,085,737 $3,178,309 $3,273,659 $3,371,869 $3,473,025
Total Operating Expenses $1,056,054 $1,092,798 $1,176,000 $1,254,849 $1,336,064 $1,419,715 $1,462,307
Net Operating Income $1,491,496 $1,660,052 $1,832,938 $1,846,660 $1,860,795 $1,875,353 $1,933,918
Distributions to Realty Mogul 62, LLC Investors $102,500 $124,191 $181,842 $169,910 $172,128 $174,413 $2,786,094
Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

Type of Fee Amount of Fee Received By Paid From Notes
One-Time Fees:
Acquisition/ Guarantor Fee $300,000 Sponsor Capitalized Equity Contribution The greater of 1.48% of the property purchase price or $300,000
Broker-Dealer Fee The greater of 4.0% or $50,000 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by Realty Mogul 62, LLC
Recurring Fees:
Property Management Fee 4.0% of effective gross revenues, plus $3.00 per unit per month Sponsor Operating Cash Flow 4.0% of effective gross revenues, plus an additional $3.00 per unit per month for the use of the Sponsor's centralized office resources
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 62, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 62, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

Notes:
(1) Certain employees of Realty Mogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., a Delaware corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to Realty Mogul, Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by Realty Mogul, Co., and North Capital and Realty Mogul, Co. are parties to a profit sharing arrangement.

(2) Fees may be deferred to reduce impact to investor distributions

The above presentation is based upon information supplied by the Sponsor or others.  Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 62, LLC, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Sources & Uses
Total Capitalization
Sources of Funds  
Senior Loan $15,420,000
Equity $6,690,000
Total Sources of Funds $22,110,000
   
Uses of Funds  
Purchase Price $20,000,000
Reserves/Third Party Reports/Other Fees $1,495,350
Sponsor Acquisition/Guarantor Fee $300,000
Financing Costs $145,650
Working Capital/PCNA Contingency $64,000
North Capital Broker-Dealer Fee $60,000
Due Diligence, Legal, & Closing Costs $45,000
Total Uses of Funds $22,110,000
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: Fannie Mae
  • Principal Balance: $15,420,000
  • Term: 12 Years
  • Rate: 4.46%
  • Amortization: 30 Years
  • Prepayment Penalty: Yield Maintenance

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All 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.

Distributions

BH Chesapeake Indy, LLC will make distributions to Realty Mogul 62, LLC as follows: an 8% cumulative, non-compounding preferred return, followed by a 70/30 split (70% to members, 30% to Sponsor) of excess operating cash flows. Such distributions will not decrease member's capital contribution balance. Upon sale or refinance, available proceeds will be distributed to pay any unpaid accrued preferred return, followed by a return of member's capital contribution balance, followed by a 70/30 split (70% to members, 30% to Sponsor) of excess proceeds.  Realty Mogul 62, LLC will distribute 100% of its share of excess cash flow (after expenses) to the members of Realty Mogul 62, LLC (the RealtyMogul.com investors).  The manager of Realty Mogul 62, LLC will receive a portion (up to 10%) of the Sponsor's promote interest.  Depreciation and tax losses will be allocated based on the promote structure, i.e. 70/30 (70% to members, 30% to Sponsor).

Order of Distributions to Realty Mogul 62, LLC (Operating Income)

  • First, to investors for any accumulated unpaid preferred return
  • Second, a cumulative non-compounded 8% annual preferred return
  • Then, any excess balance will be split 70% to members ​pari passu and 30% to Sponsor

Order of Distributions to Realty Mogul 62, LLC (Sales or Refinance Proceeds)

  • First, to investors for any accumulated unpaid preferred return
  • Second, return of Capital Contribution
  • Then, any excess balance will be split 70% to members ​pari passu and 30% to Sponsor

Distributions are projected to start in September 2016 and are projected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Sponsor, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Projections
  Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
Effective Gross Revenue $2,624,350 $2,829,650 $3,085,737 $3,178,309 $3,273,659 $3,371,869 $3,473,025
Total Operating Expenses $1,056,054 $1,092,798 $1,176,000 $1,254,849 $1,336,064 $1,419,715 $1,462,307
Net Operating Income $1,491,496 $1,660,052 $1,832,938 $1,846,660 $1,860,795 $1,875,353 $1,933,918
Distributions to Realty Mogul 62, LLC Investors $102,500 $124,191 $181,842 $169,910 $172,128 $174,413 $2,786,094
Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

Type of Fee Amount of Fee Received By Paid From Notes
One-Time Fees:
Acquisition/ Guarantor Fee $300,000 Sponsor Capitalized Equity Contribution The greater of 1.48% of the property purchase price or $300,000
Broker-Dealer Fee The greater of 4.0% or $50,000 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by Realty Mogul 62, LLC
Recurring Fees:
Property Management Fee 4.0% of effective gross revenues, plus $3.00 per unit per month Sponsor Operating Cash Flow 4.0% of effective gross revenues, plus an additional $3.00 per unit per month for the use of the Sponsor's centralized office resources
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 62, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 62, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

Notes:
(1) Certain employees of Realty Mogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., a Delaware corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to Realty Mogul, Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by Realty Mogul, Co., and North Capital and Realty Mogul, Co. are parties to a profit sharing arrangement.

(2) Fees may be deferred to reduce impact to investor distributions

The above presentation is based upon information supplied by the Sponsor or others.  Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 62, LLC, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

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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