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Multifamily
Dobson Station
Mesa, AZ
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Dobson Station
Mesa, AZ
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Overview
Dobson Station
StarPoint Properties and its affiliates are currently accepting equity commitments for Dobson Station (the “Project”), a 245-unit multifamily development located in Mesa, Arizona. Please refer to the Offering Documentation for specific details.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 5/2025
Minimum Investment 35000
Estimated Hold Period 20-36 Months
Investment Strategy Development
Investment Type Equity
# of Units 245
# of Buildings 1
First Units Delivered March 2025
Project Stabilization December 2025
Return on Cost 6.01%
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
StarPoint Properties and its affiliates have secured the land and entitlements to build the Property for $76,019,853, or $310,285 per unit, including a total contingency of 5.5% of remaining hard costs.
The Property is located in Mesa, AZ, a city of 500K people in the greater Phoenix MSA, and is situated within two miles of the SR-101, SR-202, and US-60 freeways.
The greater Phoenix area has seen population growth of 20% since 2010, boasts an overall unemployment rate of 3.2%, and has a low rent-to-income ratio that indicates ample room for strong rent growth relative to other Tier 1 markets.
Additionally, the site is a five-minute walk from a Metro light-rail stop, which provides service into Phoenix and Tempe and is adjacent to community-serving retail and several local college campuses. Residents can ride the rail in 20 minutes to Sky Harbor Airport.
The building will include modern amenities such as a swimming pool, fitness center, clubhouse, coworking facility, and group kitchen.
The exit strategy is to sell the Project estimated in Q1 2025 to either an Opportunity Zone (OZ) fund or the general market at or prior to the time when the Project receives its Temporary Certificate of Occupancy (TCO).
Investors in the development will benefit from a quick exit and a sale to a motivated buyer pool, which can pay a premium due to the significant tax advantages of the OZ program and benefit from investing in assets completely removed of construction risk.
StarPoint Properties and its affiliates have secured the land and entitlements to build the Property for $76,019,853, or $310,285 per unit, including a total contingency of 5.5% of remaining hard costs.
The Property is located in Mesa, AZ, a city of 500K people in the greater Phoenix MSA, and is situated within two miles of the SR-101, SR-202, and US-60 freeways.
The greater Phoenix area has seen population growth of 20% since 2010, boasts an overall unemployment rate of 3.2%, and has a low rent-to-income ratio that indicates ample room for strong rent growth relative to other Tier 1 markets.
Additionally, the site is a five-minute walk from a Metro light-rail stop, which provides service into Phoenix and Tempe and is adjacent to community-serving retail and several local college campuses. Residents can ride the rail in 20 minutes to Sky Harbor Airport.
The building will include modern amenities such as a swimming pool, fitness center, clubhouse, coworking facility, and group kitchen.
The exit strategy is to sell the Project estimated in Q1 2025 to either an Opportunity Zone (OZ) fund or the general market at or prior to the time when the Project receives its Temporary Certificate of Occupancy (TCO).
Investors in the development will benefit from a quick exit and a sale to a motivated buyer pool, which can pay a premium due to the significant tax advantages of the OZ program and benefit from investing in assets completely removed of construction risk.
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Management
For more information, view the Sponsor's Investment Memorandum.
StarPoint Properties

StarPoint Properties is a real estate investment and operating company with a 25-year+ track record. Founded in 1995 and headquartered in Beverly Hills, StarPoint aims to outperform other alternative investment vehicles by leveraging its seasoned management team, proprietary underwriting systems, decades of developed infrastructure, and deep acquisition network. With a focus on the acquisition, development, and redevelopment of under-valued multifamily and commercial properties, StarPoint has delivered a weighted average IRR of 24.6% to investors since inception.

Sponsor Track Record

StarPoint Properties Track Record(1)

Property City State Asset Type Acq Date # Units  Sq. Ft. Purchase Price Sale Price/Est. Value
62 Historical Dispositions     Various Various     $250,018,007 $439,698,953
Longridge Studio City CA Multifamily 1995 29 25,088 $1,394,500 $14,500,000
Colfax  North Hollywood CA Multifamily 1997 108 90,400 $4,700,000 $58,955,750
PandO Fresno CA Office 2004   102,580 $21,250,000 $28,000,000
Roxbury Beverly Hills CA Office 2005 19 102,266 $43,450,000 $154,500,000
Peachtree  Norcross GA Retail 2007 24 88,835 $14,000,000 $18,000,000
Rosemead Pasadena CA Multifamily / Retail 2007 47 29,425 $1,400,000 $12,800,000
Washington Pasadena CA Multifamily 2007 61 52,600 $11,465,000 $24,500,000
William Cannon  Austin TX Retail 2007 31 144,657 $17,200,000 $23,000,000
Grismer  Burbank CA Multifamily 2008 54 45,285 $11,525,000 $22,500,000
Shaw Fresno CA Office 2012 61 152,419 $13,100,000 $15,160,000
Indian Hill Claremont CA Multifamily 2014 75 66,627 $15,750,000 $23,800,000
3rd Street Promenade Santa Monica CA Retail 2017 2 30,660 $30,300,000 $31,370,000
Camden Beverly Hills CA Office 2018 41 200,264 $193,000,000 $255,000,000
Telegraph Santa Fe Springs CA Retail / Industrial 2018 16 53,975 $12,300,000 $12,300,000
Aviation Hawthorne CA Office 2019   49,632 $13,400,000 $14,900,000
Legacy Plano TX Multifamily 2019 346 346,000 $32,000,000 $100,000,000
Ocean Santa Monica CA Ground Lease 2019   34,200 $65,000,000 $65,000,000
6th Street San Bernardino CA Land (OZ Industrial Development) 2020   427,895 $6,500,000 $6,500,000
Dalewood Austin TX Multifamily 2020 50 56,503 $8,000,000 $8,000,000
East Loop Fort Worth TX Retail 2020   58,400 $12,100,000 $12,100,000
Locust  Long Beach CA Land (OZ Multifamily Development) 2020   15,600 $3,150,000 $3,150,000
Mission  Jurupa Valley CA Retail 2020 8 16,450 $3,500,000 $3,500,000
Roscoe North Hills CA Retail 2020 2 52,260 $6,250,000 $6,250,000
73rd Ave Denver CO Land (OZ Industrial Development) 2021   415,562 $4,918,000 $4,918,000
Central  Riverside  CA Retail / Office 2021 9 16,002 $4,025,000 $4,025,000
Dobson Station (Subject) Mesa AZ Land (OZ Multifamily Development) 2021   264,652 $5,775,000 $5,775,000
Estrella  Goodyear AZ Retail 2021 8 38,913 $7,600,000 $7,600,000
Hawes Mesa AZ Land (OZ Industrial Development) 2021   1,510,380 $6,796,710 $6,796,710
Portland Newberg OR Retail 2021   14,418 $4,443,636 $4,443,636
Trinity Gas Portfolio Miami FL Retail 2021 2 7,296 $7,600,000 $7,600,000
68th Ave Denver CO Land (OZ Industrial Development) 2022   311,018 $6,700,000 $6,700,000
Total             $838,610,853 $1,401,343,049

(1) The above biography and track record were provided by the Sponsor and have not been independently verified by RM Technologies, LLC or its affiliates.  . Past performance is not indicative of future results. Please carefully review the Disclaimers section below.

(2) Refer to the documents section for a Performance Graph

Website
Management Team
Management
Paul Daneshrad
Chief Executive Officer

Paul Daneshrad founded StarPoint Properties in 1995 and has built one of the most respected real estate investment and development firms in the industry. StarPoint prides itself on delivering, decade after decade, market-leading returns to its investors and providing asymmetrical returns that have proven to outperform most alternate investments. Mr. Daneshrad’s 30-year tenure and extensive real estate experience built the company into the vertically integrated real estate firm that it is today. He is considered an industry expert within the real estate investment community, often speaking at national conferences, and has been cited and interviewed by multiple real estate publications, including Net Lease Forum, Multi-Family Executive, California Real Estate Journal, Multi-Housing News, National Real Estate Investor, Real Estate Southern California, and Commercial Property News. Mr. Daneshrad graduated from California State University Northridge with a degree in Marketing. 

Management
Greg Jones
Chief Financial Officer

Greg Jones directs all financial aspects of StarPoint Properties, including accounting practices, budgeting, financial analysis, corporate reporting, job costing, and monitoring of financial performance. Mr. Jones has over 30 years of experience in the real estate industry. Prior to joining StarPoint, he spent 7 years with The Irvine Company, one of America’s largest private real estate developers. Serving as Senior Vice President of Finance, Mr. Jones was responsible for all the financial aspects of its existing and growing portfolio of apartment homes. Prior to the Irvine Company, Mr. Jones spent 10 years as Vice President, Controller of Trizec Properties, Inc., a large, publicly-traded REIT with developments and holdings in both retail and office located throughout North America. Mr. Jones began his career in real estate in 1990 at Intercontinental Hotels. Mr. Jones earned a Bachelor of Commerce from the University of Calgary and further obtained his Chartered Accountant and Certified Public Accountant Designation during his four years as an Audit Manager with Thorne Ernst & Whiney Chartered Accountants. 

Management
Sandy Schmid
Director of Acquisitions & Development

Sandy Schmid oversees the firm’s acquisition and development departments. Mr. Schmid has over 20 years of real estate experience as an acquisitions officer, architect, builder, and developer. He has sourced over $1billion of development projects for residential units and has led entitlements to over $1 billion of development. Prior to StarPoint, he sourced land acquisitions and managed diligence, entitlements, and construction for several of the country’s leading multifamily merchant developers. His roles included Director of Acquisitions and Development at JPI, Development Director at Blueridge Multifamily, and Development Associate at SummerHill Apartment Communities. Mr. Schmid started his real estate career as an architectural draftsman and builder for Habitat for Humanity. Mr. Schmid earned his bachelor’s degree from Trinity College in Hartford, CT, and a dual degree, Master of Business Admiration and Master of Real Estate Development from the University of Southern California.

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

The Project, located near the intersection of Dobson Road and Main Street, is situated only one mile away from the SR-101 freeway and a five-minute walk from a Metro light-rail stop. Site work, including demolition, utility infrastructure, and grading completed in Q2 2023, with the Project exit expected in early 2025.

Unit Mix

Unit Type # of Units Avg SF/Unit $ / Unit $ / SF
Studio 28 568 $1,690 $2.98
1x1 124 751 $1,843 $2.45
2x2 93 1,033 $2,190 $2.12
Total/Averages 245 837 $1,957 $2.34
Comparables
For more information, view the Sponsor's Investment Memorandum.

Lease Comparables

  Metro 101 Cadia Crossing The Retreat at Rio Salado Skye at McClintock Station Volta on Broadway Averages Subject
Year Built 2019 2017 2020 2017 2016 2018 2024
# of Units 259 256 276 423 194 282 245
Average Rental Rate $2,175 $1,955 $1,932 $1,962 $1,991 $2,003 $1,928
Average Unit Size 781 1,034 893 914 940 912 837
Average $/SF $2.78/SF $1.89/SF $2.16/SF $2.15/SF $2.12/SF $2.22/SF $2.30/SF
Levels 4 4 4 4 4 4  
Occupancy 92.00% 95.00% 95.00% 95.00% 94.00% 94.20%  
Distance from subject 1.2 mi 7.5 mi 1.2 mi 2.0 mi 2.7 mi 2.9 mi  
               
$/Unit (Studio) $1,941 - $1,539 - $1,654 $1,711 $1,654
SF (Studio) 522 SF - 582 SF - 738 SF 614 SF 568 SF
$/SF (Studio) $3.72/SF - $2.64/SF - $2.24/SF $2.87/SF $2.91/SF
               
$/Unit (1x1) $2,078 $1,702 $1,713 $1,725 $1,863 $1,816 $1,809
SF (1x1) 699 SF 738 SF 755 SF 735 SF 738 SF 733 SF 751 SF
$/SF (1x1) $2.97/SF $2.31/SF $2.27/SF $2.35/SF $2.52/SF $2.48/SF $2.41/SF
               
$/Unit (2x2) $2,325 $2,138 $2,341 $2,195 $2,316 $2,263 $2,171
SF (2x2) 1,276 SF 1,088 SF 1,113 SF 1,058 SF 1,033 SF 1,114 SF 1,033 SF
$/SF (2x2) $1.82/SF $1.97/SF $2.10/SF $2.07/SF $2.24/SF $2.04/SF $2.10/SF

Sales Comparables

  Seventyone15 McDowell Craft at Gilbert & Baseline Hudson on Farmer Sentral Old Town Roadrunner on McDowell Averages Subject
Date Sold Oct-22 Jun-22 May-22 Apr-22 Feb-22   2024
Year Built 2022 2018 2021 2021 2021 2021 2024
# of Units 274 104 171 160 356 213 245
Average Unit Size 860 SF 1018 SF 853 SF 968 SF 828 SF 905 SF 837 SF
Sale Price $150,000,000 $45,000,000 $96,000,000 $121,000,000 $193,500,000 $121,100,000 $99,386,265
$/Unit $547,445 $432,692 $561,404 $756,250 $543,539 $568,266 $405,658
$/SF $637 $425 $658 $781 $656 $631 $485
Cap Rate             5.00%
Building Size 235,640 SF 105,872 SF 145,863 SF 154,880 SF 294,768 SF 187,405 SF 205,009 SF
Distance from subject 6.9 mi 7.9 mi 4.4 mi 10.0 mi 7.5 mi 7.3 mi  
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

Total Project Capitalization

Sources of Funds $ Amount $/Unit
Debt $52,000,000 $212,245
GP Investor Equity(3) $1,200,993 $4,902
LP Equity $22,818,860 $93,138
Total Sources of Funds $76,019,853 $310,285
     
Uses of Funds $ Amount $/Unit
Land Acquisition Price $7,100,000 $28,980
Development Fee $1,959,043 $7,996
Loan Fee $676,000 $2,759
Closing Costs $461,333 $1,883
Hard Costs $50,231,871 $205,028
Soft Costs $6,526,435 $26,639
Financing Costs $563,117 $2,298
Other Costs $8,502,055 $34,702
Total Uses of Funds $76,019,854 $310,285

(3) The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.

Debt Assumptions

The expected terms of the debt financing for the Project are as follows:

  • Lender: Stonehill Strategic Capital
  • Term: 3 Years
  • LTC: 68.4%
  • Estimated Proceeds: $52,000,000
  • Interest Type: Floating
  • Annual Interest Rate: The greater of (i) SOFR + 7.50% and (ii) 11.50%
  • Interest-only Period: Full Term
  • Amortization: N/A
  • Prepayment Terms: $5,000,000 of minimum interest on the total loan commitment shall be due to Lender
  • Extension Requirements: 1 twelve (12) month extension; 50 bp extension fee.
  • Modeled Refinance: No

(4) A substantial portion of the total acquisition of the Property will be paid with borrowed funds, i.e., debt.  Please carefully review the Disclaimers section below for additional information concerning the Sponsor's use of debt. 

Distributions

The Manager intends to make distributions as follows:

  1. To the Investors, pari passu, all operating cash flows to a 10.0% IRR;
  2. 80% / 20% (80% to Investors / 20% to Promoted/Carried Interest) of excess cash flow to a 14.0% IRR;
  3. 70% / 30% (70% to Investors / 30% to Promote/Carried Interest) of excess cash flow thereafter.

​The Manager 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 Offering  Documentation, in addition to any member loans or returns due on member loans). Distributions are at the discretion of ​the Manager, who may decide to delay distributions for any reason, including maintenance or capital reserves.

​The Manager will receive a promoted/carried interest as indicated above.

Project-Level Cash Flows
      Year 0 Year 1 Year 2 Year 3(5)
Net Cash Flow   ($24,019,853) $0 $0 $45,756,811
             
Cash Flows to Investors via RM Platform(6)
      Year 0 Year 1 Year 2 Year 3(5)
Net Cash Flow   ($10,305,556) $0 $0 $17,327,090
             
Cash Flows to Investors via RM Platform - Hypothetical $50,000 Investment(6)
      Year 0 Year 1 Year 2 Year 3(5)
Net Cash Flow   ($50,000) $0 $0 $84,067

(5) Stub year of one month

(6) RM Technologies, LLC and its affiliates do not provide any assurance of returns.  Returns presented are net of all fees.  Please carefully review the Fees and Disclaimers sections below for additional information concerning Sponsor’s use or projected returns and fees paid to Sponsor and RM Technologies, LLC

Fees

Certain fees and compensation will be paid over the life of the ownership of the Project; please refer to the Offering Documentation for specific details. The following fees and compensation will be paid(7)(8):

One-Time Fees:
Type of Fee Amount of Fee Received By Paid From
Developer Fee 3.9% of all development costs Manager or its designated affiliate Capitalization
Equity Financing Fee 0.76% of the non-Sponsor contributed equity Manager or its designated affiliate Capitalization
Debt Financing Fee None Manager or its designated affiliate Capitalization
       
Recurring Fees:
Type of Fee Amount of Fee   Paid From
Asset Management Fee 1.5% of aggregate capital contributions, paid monthly Manager Cash Flow
Property Management Fee 3.0% of gross operating income, paid monthly StarPoint Property Management, LLC, or a designated affiliate of Manager Cash Flow
       
RM Technologies, LLC Fees, to be paid by the Manager:   Received By  
Technology Solution Licensing Fee(8) Flat one-time licensing fees of $15,000 plus $1,500 per each prospective investor onboarded by Sponsor through its license and use of RM Technologies’ Technology Solution RM Technologies, LLC  
Administration Solution Licensing Fee(8) Flat quarterly licensing fee of $125 per investor serviced by Sponsor through the license and use of  RM Technologies’ Administration Solution RM Technologies, LLC  

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

(8) Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC.

Sources & Uses

Total Project Capitalization

Sources of Funds $ Amount $/Unit
Debt $52,000,000 $212,245
GP Investor Equity(3) $1,200,993 $4,902
LP Equity $22,818,860 $93,138
Total Sources of Funds $76,019,853 $310,285
     
Uses of Funds $ Amount $/Unit
Land Acquisition Price $7,100,000 $28,980
Development Fee $1,959,043 $7,996
Loan Fee $676,000 $2,759
Closing Costs $461,333 $1,883
Hard Costs $50,231,871 $205,028
Soft Costs $6,526,435 $26,639
Financing Costs $563,117 $2,298
Other Costs $8,502,055 $34,702
Total Uses of Funds $76,019,854 $310,285

(3) The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.

Debt Assumptions

The expected terms of the debt financing for the Project are as follows:

  • Lender: Stonehill Strategic Capital
  • Term: 3 Years
  • LTC: 68.4%
  • Estimated Proceeds: $52,000,000
  • Interest Type: Floating
  • Annual Interest Rate: The greater of (i) SOFR + 7.50% and (ii) 11.50%
  • Interest-only Period: Full Term
  • Amortization: N/A
  • Prepayment Terms: $5,000,000 of minimum interest on the total loan commitment shall be due to Lender
  • Extension Requirements: 1 twelve (12) month extension; 50 bp extension fee.
  • Modeled Refinance: No

(4) A substantial portion of the total acquisition of the Property will be paid with borrowed funds, i.e., debt.  Please carefully review the Disclaimers section below for additional information concerning the Sponsor's use of debt. 

Distributions

The Manager intends to make distributions as follows:

  1. To the Investors, pari passu, all operating cash flows to a 10.0% IRR;
  2. 80% / 20% (80% to Investors / 20% to Promoted/Carried Interest) of excess cash flow to a 14.0% IRR;
  3. 70% / 30% (70% to Investors / 30% to Promote/Carried Interest) of excess cash flow thereafter.

​The Manager 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 Offering  Documentation, in addition to any member loans or returns due on member loans). Distributions are at the discretion of ​the Manager, who may decide to delay distributions for any reason, including maintenance or capital reserves.

​The Manager will receive a promoted/carried interest as indicated above.

Project-Level Cash Flows
      Year 0 Year 1 Year 2 Year 3(5)
Net Cash Flow   ($24,019,853) $0 $0 $45,756,811
             
Cash Flows to Investors via RM Platform(6)
      Year 0 Year 1 Year 2 Year 3(5)
Net Cash Flow   ($10,305,556) $0 $0 $17,327,090
             
Cash Flows to Investors via RM Platform - Hypothetical $50,000 Investment(6)
      Year 0 Year 1 Year 2 Year 3(5)
Net Cash Flow   ($50,000) $0 $0 $84,067

(5) Stub year of one month

(6) RM Technologies, LLC and its affiliates do not provide any assurance of returns.  Returns presented are net of all fees.  Please carefully review the Fees and Disclaimers sections below for additional information concerning Sponsor’s use or projected returns and fees paid to Sponsor and RM Technologies, LLC

Fees

Certain fees and compensation will be paid over the life of the ownership of the Project; please refer to the Offering Documentation for specific details. The following fees and compensation will be paid(7)(8):

One-Time Fees:
Type of Fee Amount of Fee Received By Paid From
Developer Fee 3.9% of all development costs Manager or its designated affiliate Capitalization
Equity Financing Fee 0.76% of the non-Sponsor contributed equity Manager or its designated affiliate Capitalization
Debt Financing Fee None Manager or its designated affiliate Capitalization
       
Recurring Fees:
Type of Fee Amount of Fee   Paid From
Asset Management Fee 1.5% of aggregate capital contributions, paid monthly Manager Cash Flow
Property Management Fee 3.0% of gross operating income, paid monthly StarPoint Property Management, LLC, or a designated affiliate of Manager Cash Flow
       
RM Technologies, LLC Fees, to be paid by the Manager:   Received By  
Technology Solution Licensing Fee(8) Flat one-time licensing fees of $15,000 plus $1,500 per each prospective investor onboarded by Sponsor through its license and use of RM Technologies’ Technology Solution RM Technologies, LLC  
Administration Solution Licensing Fee(8) Flat quarterly licensing fee of $125 per investor serviced by Sponsor through the license and use of  RM Technologies’ Administration Solution RM Technologies, LLC  

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

(8) Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC.

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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