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Funded
Multifamily
The Huntley Apartments
Beaverton, OR
INVESTMENT STRATEGY
Value-Add
INVESTMENT TYPE
Equity
Add to Watchlist
100% funded
Offered By Next Wave Investors
16.4%* TARGET IRR 15.4%-17.4%
5.6%* TARGET AVG CASH ON CASH
1.5X* TARGET EQUITY MULTIPLE
Estimated Hold Period 3 Years
Estimated First Distribution 9/2022
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
The Huntley Apartments is a 62-unit, garden-style multifamily community located near downtown Beaverton, a robust growing submarket of Portland, OR. The Property is being acquired with a fixed interest rate, eliminating exposure to future interest rate volatility.
Risk Adjusted Returns

The Project has a moderate leverage with a fixed-rate loan yet still has enough upside through enhanced management, as well as strategic renovations and property enhancements to provide investors with a strong return.

Severe Supply Constraint

Portland has substantially inhibited developers in recent years. Per research from JLL, from 2015 to 2019 an average of 27 permits were issued annually totaling 3,230 multifamily units in Multnomah County. In 2021, only two building permits were issued for a total of 352 units. Considering the City of Portland’s implementation of Inclusionary Housing in 2017 and the Urban Growth Boundary, the MSA is one of the more challenging markets to develop in across the country.

Location

The asset has a great location conveniently located near high-end retail as well as job centers and transportation. These transportation corridors have extensive retail and lifestyle services and easy access to Portland and the surrounding metro areas. Nestled between Beaverton Town Square and Cedar Hills Crossing, The Huntley is just minutes from lifestyle centers with numerous stores and service offerings, including restaurants, retail, boutiques, and first-run movie theaters. In addition, TriMet’s Beaverton Transit Center is just steps from The Huntley, connecting the metro area’s regional bus service, nationally recognized MAX light rail system, and WES Commuter Rail. With 90 stations and 60 miles of track, the MAX light rail connects cities and neighborhoods through Portland’s metro area, including Beaverton. Just minutes away from these national retailers: Fred Meyer, Trader Joe’s, BestBuy, Target, and Home Depot.

Property At A Glance
# of Units 62
# of Buildings 5
Year Built / Partial Renovation 1972 / 2019
Parking Ratio 1.21
Exit Cap Rate 5.00%
Acquisition Price

$18,000,000

Investment Highlights
Acquire a 62-unit, value-add apartment property for $18.0M, which represents a 4.55% cap rate on expected first-year NOI.
Opportunity to enhance the common areas and cure deferred maintenance to dramatically improve the curb appeal of the asset in a growing submarket of Portland.
The Property is adjacent to the TriMet Beaverton Transit Center, providing tenants with direct access to the greater metro area.
Next Wave Investors believes in-place rents are 17% below market and after renovations and installations of air conditioning units, the Sponsor plans to move rents to market rates.
Attractive returns using moderate leverage with a fixed-rate loan provide an excellent risk-adjusted return.
Management
Cumulative Distributions

Next Wave Investors

Next Wave Investors, LLC (“Next Wave”) is a Southern California-based private equity investment firm with a specialized focus in value-add multifamily investments throughout the Western United States. With more than $400 million in acquisitions to date, Next Wave is exceptionally skilled in identifying well-located, underappreciated properties where they can create value through professional operations and capital improvements. Drawing upon an 18-year track record and hands-on experience in the ownership, operation, and enhancement of multifamily properties, the firm consistently delivers value on behalf of individual and institutional investors throughout the globe.

https://nextwaveinvestors.com/
  • Jordan Fisher
    Principal
  • David Sloan
    Principal
Jordan Fisher
Principal

With nearly two decades of experience acquiring, redeveloping, and managing multifamily properties, Jordan Fisher is a multifamily investment expert. As Principal of Next Wave, Fisher spearheads the company’s investment strategy, and oversees property selection, renovations, and repositionings to ensure strong results.

Prior to joining the executive ranks in commercial real estate, Fisher was founder and CEO of TPG Consulting, LLC, a web development and digital marketing company. Under his leadership, the firm grew from two employees to over 110 with revenues over $21.5 million. TPG was recognized as an INC 500 company as well as one the Los Angeles Business Journal’s 100 fastest-growing private companies. In 2014, after running the company for over seven years, Fisher successfully sold the company to a Beijing-based multi-national Business Services firm.

Prior to founding TPG, Fisher worked at Deloitte Consulting and served as a Captain in the United States Army. A graduate of the U.S. Military Academy at West Point, Fisher earned his MBA from the UCLA Anderson School of Business.

David Sloan
Principal

A seasoned attorney with tremendous hands-on experience in real estate, David Sloan is an expert in multifamily real estate transactions, as well as asset and project management. As Principal for Next Wave, Sloan oversees all of the firm’s acquisitions and investments to ensure accuracy, legality and efficiency.

Earlier in his career, Sloan served as Senior Vice President – General Counsel of Sunstone Hotel Investors, Inc. (“Sunstone”), a publicly traded REIT. In that role, he managed all legal functions, including securities matters and real estate transactions. Prior to joining Sunstone, Sloan was engaged in the private practice of law in San Diego. He holds a B.S. degree from Ball State University and a J.D. degree (cum laude) from Thomas Jefferson School of Law.

Track Record

Property City State Asset Type Acq Date Units or SF Purchase Price Sale Price
Skyline Terrace Las Vegas NV MultiFamily 7/1/2015 44 $2,625,000 $3,175,000
Skyline Place Las Vegas NV MultiFamily 7/1/2015 87 $4,750,000 $6,075,000
Skyline Parc Las Vegas NV MultiFamily 7/1/2015 193 $7,000,000 $11,000,000
Skyline Villas Las Vegas NV MultiFamily 7/1/2015 94 $3,825,000 $7,385,000
Casa Vista Las Vegas NV MultiFamily 3/1/2016 23 $910,000 $1,200,000
Oakridge Henderson NV MultiFamily 3/1/2016 42 $1,750,000 $2,500,000
Skyline Park Tucson AZ MultiFamily 3/1/2016 60 $1,920,000 $2,600,000
Villa Pacific Tucson AZ MultiFamily 7/1/2016 176 $5,400,000 $7,282,500
Quails Tucson AZ MultiFamily 8/1/2016 288 $9,400,000 $12,200,000
Sycamore Cove Tucson AZ MultiFamily 12/1/2016 67 $1,322,000 $2,400,000
Landing Point Salt Lake City UT MultiFamily 10/24/2017 126 $13,000,000 $17,600,000
Commons on 2nd Salt Lake City UT MultiFamily 10/24/2017 72 $5,800,000 $8,300,000
Bella Vista St. George UT MultiFamily 2/9/2018 148 $13,200,000 $18,200,000
Orange Tree Village Tucson AZ MultiFamily 3/16/2018 110 $10,550,000 $15,850,000
Harlow Las Vegas NV MultiFamily 3/29/2018 98 $17,100,000 $21,500,000
Cypress Springs Las Vegas NV MultiFamily 6/1/2018 144 $15,000,000 $20,000,000
Park Station Midvale UT MultiFamily 7/20/2018 96 $10,750,000 $15,600,000
Bella Vida Las Vegas NV MultiFamily 10/16/2018 72 $12,525,000 $15,000,000
La Estrella Vista Phoenix AZ MultiFamily 5/16/2019 96 $13,175,000 $16,750,000
Aspen Village West Valley City UT MultiFamily 3/18/2019 90 $12,175,000 $18,500,000
Townhomes at Mountain Ridge S. Salt Lake UT MultiFamily 5/23/2019 63 $12,500,000  
Cove on Bruce Clearfield UT MultiFamily 9/21/2018 76 $7,600,000 $15,250,000
Westover Parc Phoenix AZ MultiFamily 9/1/2019 160 $20,000,000 $41,625,000
Tompkins Cove Las Vegas NV MultiFamily 2/4/2020 88 $14,500,000 $18,600,000
Shiloh Park Townhomes Plano TX MultiFamily 11/18/2020 73 $14,850,000  
Park Central Luxury Townhomes Phoenix AZ MultiFamily 12/16/2020 56 $25,500,000  
Spanish Oaks Las Vegas NV MultiFamily 2/12/2021 216 $28,500,000  
River Lofts Tualatin OR MultiFamily 4/23/2021 74 $14,200,000  
Serrano Spokane WA MultiFamily 4/26/2021 300 $34,400,000  
Spyglass Hills Las Vegas  NV MultiFamily 7/1/2021 56 $8,500,000  
Ashley Terrace Vancouver  WA MultiFamily 8/4/2021 118 $23,850,000  
Willow Creek Prescott AZ MultiFamily 12/1/2021 160 $58,000,000  
Park Place Apartments Spokane Valley WA MultiFamily 10/15/2021 65 $8,000,000  
Ivy Apartments Roy UT MultiFamily 12/10/2021 64 $10,100,000  
Total            $442,677,000 $298,592,500

The above bios and track record were provided by Next Wave Investors and have not been independently verified by RealtyMogul.

Business Plan

The objective of the Managing Member’s business plan is to maximize net operating income and generate consistent returns and appreciation during the anticipated three-year ownership period by implementing a professional leasing and management program, completing strategically planned renovations and repairs to the Property, increasing revenue, and improving overall operations.

The Real Estate Company has budgeted approximately $933,762 in capital expenditures which will be allocated to both interior and exterior renovations. Interior and exterior/common area renovations are expected to be as follows:

Interior Renovations. The Seller has completed interior upgrades in all but nine (9) units. The Real Estate Company plans to renovate the remaining nine (9) units and expects such upgrades to cost an average of $17,000 per unit. The interior renovation plan will entail new stainless-steel appliances, lighting fixtures, plumbing fixtures, vinyl plank-like flooring in common areas, new carpet in bedrooms, hard surface countertops, new cabinet doors, brushed nickel hardware in the kitchens and bathrooms, new interior paint, balcony/patio repairs, new electrical plates and the addition of washers and dryers. These upgrades will produce a blended average renovation premium of $272 per unit, representing a 19.2% return on cost.

In addition to the above-mentioned unit renovations, the Real Estate Company plans to install new wall-mounted HVAC units in all 62 units. This feature will greatly enhance the tenant experience during the summer months. For instance, last year Portland experienced record-breaking high temperatures of 116°F leaving residents without HVAC units to suffer. According to the American Housing Survey of 2019, Portland ranks third lowest in all metros that are air-conditioned in the nation. This added amenity will enhance the competitiveness of these units in the eyes of prospective tenants.

Exterior and Common Area Renovations. The Real Estate Company has plans to make strategic exterior and common area improvements that cost on average $6,726 per unit. Exterior enhancements will include refreshing the exterior paint on all buildings, roofing and walkway repairs, parking lot resurfacing, and improvements to the Property landscape. These upgrades will add value and help enhance the overall image and curb appeal of the Property. Amenity improvements will include installing new carports and a minor refresh to other amenities. The Real Estate Company expects new carports to cost an average of $2,500/space and anticipates being able to charge up to $50/month for each space, representing a 24% return on cost.

Project Uses and CapEx Budget

Acquisition Cost $ Amount Per Unit
Purchase Price $18,000,000 $290,323
Closing Costs(1) $591,238 $9,536
Mortgage Brokerage Fee $115,000 $1,855
Acquisition Fee $360,000 $5,806
Total Acquistion Costs $19,066,238 $307,520
     
Capital Expenditures - Hard Costs    
Interior Renovations (9 Units) $135,000 $15,000
Air Conditioning Unit Installation $124,000 $2,000
Parking Lot Resurfacing $80,000 $1,290
Landscaping $75,000 $1,210
Balcony/Patio Restoration $40,000 $645
Carport Installations $155,000 $2,500
Exterior Paint $40,000 $645
Water Heater Replacements $15,500 $250
Miscellaneous $127,000 $2,048
Hard Cost Contingency $39,575 $638
Total Hard Costs $831,075 $13,404
     
Capital Expenditures - Soft Costs    
Construction Management Fee $62,331 $1,005
On Site Project Supervision Costs $40,356 $651
Total Soft Costs $102,687 $1,656
     
Grand Total $20,000,000 $322,581

(1) RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the Platform and for Platform-related services.  Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC. The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.

Property
Property Details

The Huntley Apartments provides an opportunity for a value-add project in an excellent location with in-place cash flow. With this attractive going-in cash flow, the Sponsor will be able to add value both with interior renovations and amenity enhancements. The Sponsor has secured an attractive fixed-rate loan with moderate leverage in order to mitigate any interest rate risk during the hold period of the Project.

Unit Mix

Renovated # of Units Avg SF/Unit Avg Rent Rent per SF
1 Bed / 1 Bath 18 745 $1,327 $1.78
2 Bed / 1 Bath 20 973 $1,560 $1.60
3 Bed / 2 Bath 15 1,100 $1,804 $1.64
         
Non-Renovated        
1 Bed / 1 Bath 5 745 $1,239 $1.66
2 Bed / 1 Bath 4 973 $1,375 $1.41
         
Total/Averages 62 919 $1,514 $1.65
Comparables

Lease Comparables

  Willow Grove Cedar Hills Arbor Creek Cedar Crest Oak and Iron Flats Comp Averages The Huntley Apartments
Address 11981 SW Center St, Beaverton, OR 97005 11700 SW Butner Road, Beaverton, OR 97225 3280 SW 170th Avenue, Beaverton, OR 97003 4800 SW Mueller Drive, Beaverton, OR 97078 11595 SW Center Street, Beaverton, OR 97005   12310 SW Center Street, Beaverton, OR 97005
Year Built 1989 1975 1984 1991 1980 1984 1972
Units 119 180 440 254 128 224 62
Average Rental Rate $2,085 $1,619 $1,657 $1,956 $1,673 $1,766 $1,818
Average SF 921 822 681 952 851 845 919
Average $/SF $2.27 $1.97 $2.43 $2.06 $1.97 $2.09 $1.98
# Units (1x1) 40 74 220 32 60 85 23
$ (1x1) $1,841 $1,545 $1,600 $1,633 $1,595 $1,615 $1,600
SF (1x1) 750 780 610 700 775 683 745
$/SF (1x1) $2.45 $1.98 $2.62 $2.33 $2.06 $2.37 $2.15
# Units (2x1) 72 24 52 76 38 52 24
$ (2x1) $2,192 $1,849 $1,900 $1,785 $1,795 $1,927 $1,850
SF (2x1) 990 950 980 880 970 950 973
$/SF (2x1) $2.21 $1.95 $1.94 $2.03 $1.85 $2.03 $1.90
# Units (3x2) 7     68   38 15
$ (3x2) $2,384     $2,300   $2,308 $2,100
SF (3x2) 1,180     1,150   1,153 1,100
$/SF (3x2) $2.02     $2.00   $2.00 $1.91
Distance from Subject 0.2 miles 1.5 miles 2.3 miles 1.6 miles 0.3 miles    

Sales Comparables

  Seven West at the Trails Hanover Arrive Murray Hills Sunset Summit Milo at Mountain Park Total/Averages The Huntley Apartments
Date Oct '21 Under Contract Dec '21 Dec '21 Oct '21 Nov '21 May '22
Submarket Greenway Beaverton Greenway West Haven Westlake   Beaverton
Year Built 1985 1998 1975 1989 1991 1988 1972
SF 346,860 77,076 118,404 224,199 125,001 178,308 56,978
Units 423 84 138 261 129 207 62
Average SF 820 918 858 859 969 885 919
Sale Price $145,250,000 $26,500,000 $47,000,000 $80,750,000 $44,200,000 $68,740,000 $18,000,000
$/Unit $343,381 $315,476 $340,580 $309,387 $342,636 $330,292 $290,323
$/SF $419 $344 $397 $360 $354 $375 $316
Distance from Subject 4.1 miles 1.5 miles 2.4 miles 2.9 miles 6.0 miles 3.4 miles  
Location

Market Overview

The Portland Metro Area is one of the strongest apartment markets in the nation. The area’s diversified job market and high quality of life continue to attract new residents. In March 2021 the state economist released a report estimating that net in-migration will average 30,000 people per year in 2021 and 35,000 people per year in 2022 and beyond. The majority, between 55-70 people per day, move to the Portland metro area. Meanwhile, new apartment permit applications construction has not caught up to meet housing demand. The Portland Metro Area consistently ranks among the nation’s lowest apartment vacancy rates. According to the U.S. Census Bureau, Portland’s third-quarter 2021 vacancy rate was 5.0% compared to the U.S. vacancy rate of 5.8%. Portland is known for its extremely well-educated workforce and is among the top U.S. cities with advanced college degrees.

Submarket Overview

The City of Beaverton (pop. 97,494) is a major economic hub in the Portland metro area, along with being Portland’s second-largest suburb and the fifth-largest city in Oregon. Over the past two decades, Beaverton has attracted numerous high-tech businesses and is one of Oregon’s fastest developing areas. Between 2010 and 2020, the city’s population has increased by 8.5% (US Census).

Beaverton is a large, robust community that is home to major companies such as Nike Inc. and Columbia Sportswear. Several high-tech employers including Intel and Genentech are located along the Highway 26/Sunset Corridor, which includes nearby Hillsboro. The growing tech hub west of Portland includes more than 300 high-tech businesses that have made their home in what is called the “Silicon Forest.” As an increasing number of high skilled workers are drawn to the area, Beaverton rents have been increasing, and are forecasted to continue this trend at a healthy pace. As a result, rents in the Beaverton area rose 8.7% in 2021, and vacancy has remained below 5.0% (per Costar). In addition, planned future improvements at Cedar Hills Crossing demonstrate the sentiment for continued employment and rent growth in the area.

Photos
Financials
Sources & Uses

Total Capitalization

Sources of Funds $ Amount $/Unit
Debt $11,500,000 $185,484
GP Investor Equity $850,000 $13,710
LP Investor Equity $7,650,000 $123,387
Total Sources of Funds $20,000,000 $322,581
     
Uses of Funds $ Amount $/Unit
Purchase Price $18,000,000 $290,323
Closing Costs (1)(2) $1,066,238 $17,197
Hard Costs $831,075 $13,405
Soft Costs $102,687 $1,656
Total Uses of Funds $20,000,000 $322,581

(1) RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the Platform and for Platform-related services.  Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC. The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.

(2) See PPM for details.

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Umpqua Bank
  • Term: 30 Years
  • Loan-To-Value: 63.9%
  • Estimated Proceeds: $11,500,000
  • Interest Type: Fixed
  • Annual Interest Rate: 3.27%
  • Interest-Only Period: 36 Months
  • Amortization: 360 Months
  • Prepayment Terms: 3-1-1-1
  • Extension Requirements: None
  • Modeled Refinance: No

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

Next Wave Investors intends to make distributions as follows:

  1. To the Investors, pari passu, all operating cash flows to an 8.0% Compounded Annually;
  2. 67.5% / 32.5% (67.5% to Investors / 32.5% to Managing Member) of excess cash flow to a 17.0% Compounded Annually;
  3. 45% / 55% (45% to Investors / 55% to Managing Member) of excess cash flow thereafter.

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

Next Wave Investors will receive a promoted/carried interest as indicated above, and a portion of this promoted/carried interest may be received by RM Admin, LLC.

Cash Flow Summary
    Year 1 Year 2 Year 3 Year 4
Effective Gross Revenue   $1,248,002 $1,489,685 $1,599,966 $1,680,794
Total Operating Expenses   $429,649 $443,902 $458,060 $456,149
Net Operating Income   $818,353 $1,045,784 $1,141,906 $1,224,645
           
Project-Level Cash Flows
  Year 0 Year 1 Year 2 Year 3  
Net Cash Flow ($8,500,000) $437,080 $663,466 $13,475,927  
           
Investor-Level Cash Flows(1)
  Year 0 Year 1 Year 2 Year 3  
Net Cash Flow ($4,000,000) $139,821 $244,081 $5,791,409  
           
Investor-Level Cash Flows - Hypothetical $50,000 Investment(1)
  Year 0 Year 1 Year 2 Year 3  
Net Cash Flow ($50,000) $1,748 $3,051 $72,393  

(1) Returns are net of all fees.  Such Fees include fees paid to RM Admin, an affiliate of RealtyMogul, who charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor.  Please see the Fees and Disclaimers sections and Disclaimers sections below for additional information concerning fees paid to RM Admin. 

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 LXMI Capital's materials for details. The following fees and compensation will be paid(1)(2):

Real Estate Company Fees:
Type of Fee Amount of Fee Received By Paid From
Acquisition Fee 2.0% of Purchase Price Sponsor Capitalization
Construction Management Fee 7.5% of Hard Costs Sponsor Capitalization
 
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Administrative Solution Fee flat quarterly fee of $125 per investor serviced through the Administration Solution RM Technologies, LLC(2) Distributions
Asset Management Fee 2.0% of Effective Gross Income Sponsor EGI
Property Management Fee 3.0% of Effective Gross Income Sponsor EGI

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

(2) RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the RM Technologies, LLC’s proprietary Platform and receive Platform-related services.  An estimate of this fee is included in the Closing Costs above and is intended to be capitalized into the transaction at the discretion of the Sponsor.  The Platform fees received by RM Technologies, LLC are disclosed in the relevant operating agreement(s).  RM Technologies LLC’s receipt of Platform fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

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.

RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform.  RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the RM Technologies LLC’s proprietary Platform and receive Platform-related services.  An estimate of this fee is included in the Closing Costs above and is intended to be capitalized into the transaction at the discretion of the Sponsor.  The Platform fees received by RM Technologies, LLC are disclosed in the relevant operating agreement(s). RM Technologies LLC’s receipt of Platform fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

RM Admin, an affiliate of RealtyMogul, charges an annual fixed administrative fee for providing certain ongoing administrative services to the Sponsor.  RM Admin’s administrative services and fees are disclosed in the relevant operating agreement(s). RM Admin’s receipt of administrative fees creates a conflict of interest between RealtyMogul and its affiliates, and investors or prospective investors.

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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