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Multifamily
Ardent Housing Fund II, LP
Southeast
Funded
...
Ardent Housing Fund II, LP
Southeast
All Investments > Ardent Housing Fund II, LP
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Overview
Ardent Housing Fund II, LP
Ardent Housing Fund II (AHF II) is a private real estate fund focused on generating above-average risk-adjusted returns through developing and operating rental housing in growing, undersupplied housing markets. AHFII has a fully identified pipeline of six assets.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 11/2024
Minimum Investment 35000
Estimated Hold Period 3-4 Years
Investment Strategy Diversified Fund
Investment Type Equity
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
Leverage Ardent's best-in-class asset management, experienced development teams, longstanding industry relationships, and in-depth data analysis to help effectuate asset-specific business plans for maximum value creation.
Focus on development opportunities in undersupplied markets where investments generate strong investor returns and an above-market yield on cost.
The Fund will pursue financing through HUD’s 221(d)(4) program, which provides non-recourse financing at up to 80% loan to cost.
Target primarily suburban, secondary, and tertiary markets with demonstrated or projected economic growth, with a focus on household creation, job creation, and wage growth.
The team is experienced in sourcing, entitlements, rezoning & horizontal development. Well-positioned to act on multifamily, single-family, and mixed-use opportunities. Active in multiple target markets across the Southeast.
Ardent's reputation for being a dynamic investor capable of expeditious due diligence and creativity focuses on reaching the closing table.
The Fund’s investments are hard real estate assets that will produce income at stabilization. Historically, real estate has exhibited a positive correlation to inflation and offered a natural hedge. The GP has the ability to reset rents, fluctuating based on market conditions. This ability is made further apparent due to the limited supply in the high-growth markets we have strategically identified.
Leverage Ardent's best-in-class asset management, experienced development teams, longstanding industry relationships, and in-depth data analysis to help effectuate asset-specific business plans for maximum value creation.
Focus on development opportunities in undersupplied markets where investments generate strong investor returns and an above-market yield on cost.
The Fund will pursue financing through HUD’s 221(d)(4) program, which provides non-recourse financing at up to 80% loan to cost.
Target primarily suburban, secondary, and tertiary markets with demonstrated or projected economic growth, with a focus on household creation, job creation, and wage growth.
The team is experienced in sourcing, entitlements, rezoning & horizontal development. Well-positioned to act on multifamily, single-family, and mixed-use opportunities. Active in multiple target markets across the Southeast.
Ardent's reputation for being a dynamic investor capable of expeditious due diligence and creativity focuses on reaching the closing table.
The Fund’s investments are hard real estate assets that will produce income at stabilization. Historically, real estate has exhibited a positive correlation to inflation and offered a natural hedge. The GP has the ability to reset rents, fluctuating based on market conditions. This ability is made further apparent due to the limited supply in the high-growth markets we have strategically identified.
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Management
For more information, view the Sponsor's Investment Memorandum.
The Ardent Companies, LLC

Ardent is a privately held real estate firm focused on opportunistic and diversified investment strategies. With significant industry experience and a demonstrated track record, Ardent leverages its established relationships and capital flexibility to attain a diverse set of risk adjusted investments. The firm pursues opportunities with an innovative and disciplined approach, making material investments together with its limited partners for maximum alignment. As the firm continues to build upon its infrastructure, portfolio, and footprint, Ardent is committed to creating a positive impact on its employees, investors, and communities. Founded in 2012, Ardent has invested over $4.0 billion with $1.5 billion in assets currently under management. Ardent’s investment strategies extend across state lines and country borders, with a current presence in thirty states and two countries. As Ardent expands upon its geographic footprint, the firm continues to grow its employee base with team members based in Atlanta, Charlotte, New York City, and London.

Sponsor Track Record

Please refer to the Documents section for Ardent's track record.

The bios and track record were provided by The Ardent Companies and have not been independently verified by RealtyMogul.

Website
Management Team
Management
Matthew Shulman
CEO/Managing Partner

Mr. Shulman is the CEO and Managing Partner of TAC and the CEO of each of the General Partner and the Advisor. Prior to forming TAC, Mr. Shulman was a Managing Director with Rialto Capital where he managed an origination platform for equity investments across Rialto’s strategies. In that role, Mr. Shulman oversaw deployment of capital into deals varying from performing and non-performing loans, equity investments directly in real estate and recapitalization of existing sponsors. In 2010, prior to the investment and acquisition focus, Mr. Shulman built and managed a team on the asset management side of Rialto. Prior to Rialto, Mr. Shulman was a founding partner at Fairway Capital Partners, a real estate distressed debt firm started in 2007. Fairway acquired direct real estate or loans secured by commercial and residential development real estate. Mr. Shulman received a B.A. in Political Science from the University of Arizona and an M.A. in Real Estate Finance from New York University. Mr. Shulman was also an adjunct professor of real estate finance at New York University.

Management
Dror Bezalel
CFO/Partner

Mr. Bezalel is a Partner and CFO of Ardent and the CFO of each of the General Partner and the Advisor. Prior to forming Ardent, Mr. Bezalel was a principal and CFO/COO of Anthem Capital Partners, a Georgia based distressed debt real estate investor. Prior to Anthem, Mr. Bezalel worked as the COO for Fairway Capital Partners, a New York Based distressed debt real estate firm. Prior to Fairway Capital Partners, Mr. Bezalel was a senior CMBS loan underwriter at Morgan Stanley. Mr. Bezalel has been working in commercial real estate for more than 25 years and his experience includes commercial appraisal, commercial leasing, asset management and disposition. He received a BA in Business Management in Israel and an MS in Real Estate Development and Finance from New York University.

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

Parkside at Punta Gorda, Punta Gorda, FL

The Fund’s first investment, Parkside at Punta Gorda, began construction in November 2021. The project is approximately 83% complete and is currently on budget but 60-days behind schedule due to Hurricane Ian and material delivery delays. Citizens Bank is providing conventional financing at 62.5% loan-to-cost. The loan is non-recourse with an interest rate of LIBOR + 2.40%, converting to Overnight SOFR (capped at 5%) + 2.40% in Q2 2023. The first units were delivered in June 2023 and preleasing started in February 2023. Demand in the market has been robust with 63 leases (21% of units) executed at a $200 premium to underwritten rent. Leases signed during this period offer one month of free rent which is credited in the first full month after move-in to compensate for ongoing construction and lack of access to amenities. Initial quotes for permanent insurance came back at $1,800/unit for the site; original underwriting assumed $475/unit based on previous experience in Florida. Insurance costs are elevated, especially in Florida, and the GP will continue to monitor the market as we approach project completion. The Fund plans to evaluate options for a sale or refinance at the end of the year after the property is substantially leased.

The Grove at Ocala, Ocala, FL

The Fund acquired approximately 35 acres located 30 minutes northwest of Fund I’s successful Parkside at East Village development and construction began in February 2022. The project is approximately 78% complete; it is on budget and within 90 days of scheduled delivery. Citizens Bank is providing conventional financing at 62.5% loan-to-cost. The loan is non-recourse with an interest rate of BSBY (capped at 5%) + 2.4%. The clubhouse and first units were delivered in August 2023 and preleasing began in May 2023. Due to construction delays in the market caused by COVID and issues with the municipality, we expect the initial lease-up to compete with more units than anticipated. As such, the property is offering additional construction concessions in order to stimulate leasing activity for the first buildings delivered and will be reducing the concessions as the lease-up continues. Preleasing activity started with 29 leases (9% of units) signed. The average market rent for the project is $45/unit per month (3%) higher than underwriting projected, however the average signed lease rate is $95/unit per month (-6%) lower than underwriting due to these concessions. The Fund plans to evaluate options for sale or refinance in 2024 after the property is substantially leased.

Claret Village at Braselton, Braselton, GA

The Fund acquired 57 acres of land in April 2022 and began construction immediately thereafter. The site is approximately five minutes from Fund I’s successful Noble Vines at Braselton development. The property will include 111 single family homes for rent, 24 townhomes, and 118 apartments which will be operated as one cohesive rental community. Cadence Bank is providing conventional financing at 60% loan-to-cost. The loan is non-recourse with an interest rate of LIBOR + 2.2%. Construction is approximately 18% complete and is on budget, but is 12-16 weeks delayed due to weather delays, erosion control issues with the City of Braselton, and other site-related issues. Construction costs are expected to be in line with underwriting and the project is holding ~$440,000 of remaining contingency. Vertical construction commenced in July 2023. The Harrison at Braselton, previously Noble Vines at Braselton which was developed and sold in Ardent D4 Housing Fund I, is the closest comparable property to the site and underwritten rents for Claret Village remain in line with the offered rents at The Harrison. Vacancy in the submarket has remained low and The Harrison reports 95% occupancy with only limited availability.

Parkside at Port Wentworth, Port Wentworth, GA

The Fund acquired 20 acres located just north of Savannah, GA in November 2021. The Fund has received a revised firm commitment from HUD for financing at approximately 67% loan-to-cost at a fixed rate of 5.97% including MIP. The Fund’s basis in the land is approximately $4.6 million and we have accepted an offer to sell the land for $6,000,000 with closing scheduled for 1Q24. The sale is projected to result in an unlevered IRR of 17% to investors and an equity multiple of 1.19x.

Parkside at Boca Grande, Port Charlotte, FL

The Fund acquired 28 acres in the Englewood East neighborhood of Port Charlotte for $18,657/unit ($6,250,000). The Fund closed with a $3.6 million land loan from Georgia Banking Corporation at 55% loan-to-cost with an interest rate of SOFR + 4.00%; the loan currently matures in December 2023. The land is zoned for 297 multifamily units and includes 18 duplex lots surrounding the apartment site. The Fund would construct these 36-units simultaneously with the apartments. As a secondary market, Port Charlotte has not seen the elevated levels of development that was realized in Tampa, Orlando, Miami, and Jacksonville. Although the site is well located in a strong submarket, the projected yields are underwritten to be lower than the first three deals in the Fund due to market changes and rising interest rates. The Fund continues to pursue a HUD loan and is considering selling the land or partnering with an institutional equity partner with a lower cost of capital and the Fund could contribute the land for investors’ benefit.

Resolved Asset - Noble Vines at Cape Coral, Cape Coral, FL

The Fund sold the 28 acres of land pre-development in early June for $14,650,000 ($32,995/unit) after having acquired it in February 2022 for $4,950,000 ($11,149/unit) – for a profit of approximately $8 million. As of September 2022, the Fund has distributed $2,958,414 of proceeds from the sale to investors in accordance with their ownership share.

 

 

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses

Note that Sponsor co-invest in the fund is ~$10MM.

As of July 2023

Sources

$ Total

% Total

Uses

$ Total

% Total

Debt

$62,841,796

43%

Punta Gorda

$51,256,917

35%

Equity

$82,463,035

57%

Ocala

$62,058,224

43%

 

   

Braselton

$20,524,387

14%

 

   

Boca Grande

$6,947,594

5%

 

   

Port Wentworth

$4,517,710

3%

Total

$145,304,831

100%

Total

$145,304,831

100%

           

Projected Total

Sources

$ Total

% Total

Uses

$ Total

% Total

Debt

$131,946,495

59%

Punta Gorda

$61,797,192

28%

Equity

$91,298,159

41%

Ocala

$77,187,647

35%

 

   

Braselton

$72,794,511

33%

 

   

Boca Grande

$6,947,594

3%

 

   

Port Wentworth

$4,517,710

2%

Total

$223,244,654

100%

Total

$223,244,654

100%

Distributions

Ardent Companies intends to make distributions as follows:

Distributable Cash from Operations:

(i) 100% to investors until an 8% IRR to the investors (taking into account prior distributions to the investors);

(ii) 100% to the General Partner until the General Partner has received the difference between (A) the amount necessary to provide a ten percent (10.0%) IRR to investors on their aggregate capital contributions and (B) the amount distributed under clause (i);

(iii) 80% to investors and 20% to the General Partner.

Distributable Cash from Capital Events:

(i) 100% to investors until an 8% IRR to the investors (taking into account prior distributions to the investors);

(ii) 100% to the General Partner until the General Partner has received the difference between (A) the amount necessary to provide a ten percent (10.0%) IRR to investors on their aggregate capital contributions and (B) the amount distributed under clause (i);

(iii) 80% to investors and 20% to the General Partner until a sixteen percent (16.0%) IRR to investors (taking into account prior distributions to the investors); and

(iv) 60% to investors and 40% to the General Partner.

Ardent Companies 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 November 2024 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Ardent, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Ardent Companies' materials for details. The following fees and compensation will be paid(1)(2):

One-Time Fees:
Type of Fee Amount of Fee Received By Notes
Development Fee Less than or equal to 5% of Project Costs AHF II GP, LP per project basis
Acquisition Fee 3.0% of Land Costs AHF II GP, LP the greater of 3% of $100,000
Investment Management Fee The Fund will pay investment management fees quarterly, beginning with the initial Closing, in advance ("Management Fees") equal to 1.50% per annum of the aggregate amount of Invested Capital allocable to assets that are owned by the Fund AHF II GP, LP  
Technology Solution Licensing Fee(2) 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

Capitalization (at Sponsor’s discretion)

       
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 1.0% of Collected Revenue AHF II GP, LP Annual rate, pulled quarterly
Administration Solution Licensing Fee(2) Flat quarterly licensing fee of $125 per investor serviced by Sponsor through the license and use of  RM Technologies’ Administration Solution RM Technologies, LLC Pulled quarterly

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

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

.

Sources & Uses

Note that Sponsor co-invest in the fund is ~$10MM.

As of July 2023

Sources

$ Total

% Total

Uses

$ Total

% Total

Debt

$62,841,796

43%

Punta Gorda

$51,256,917

35%

Equity

$82,463,035

57%

Ocala

$62,058,224

43%

 

   

Braselton

$20,524,387

14%

 

   

Boca Grande

$6,947,594

5%

 

   

Port Wentworth

$4,517,710

3%

Total

$145,304,831

100%

Total

$145,304,831

100%

           

Projected Total

Sources

$ Total

% Total

Uses

$ Total

% Total

Debt

$131,946,495

59%

Punta Gorda

$61,797,192

28%

Equity

$91,298,159

41%

Ocala

$77,187,647

35%

 

   

Braselton

$72,794,511

33%

 

   

Boca Grande

$6,947,594

3%

 

   

Port Wentworth

$4,517,710

2%

Total

$223,244,654

100%

Total

$223,244,654

100%

Distributions

Ardent Companies intends to make distributions as follows:

Distributable Cash from Operations:

(i) 100% to investors until an 8% IRR to the investors (taking into account prior distributions to the investors);

(ii) 100% to the General Partner until the General Partner has received the difference between (A) the amount necessary to provide a ten percent (10.0%) IRR to investors on their aggregate capital contributions and (B) the amount distributed under clause (i);

(iii) 80% to investors and 20% to the General Partner.

Distributable Cash from Capital Events:

(i) 100% to investors until an 8% IRR to the investors (taking into account prior distributions to the investors);

(ii) 100% to the General Partner until the General Partner has received the difference between (A) the amount necessary to provide a ten percent (10.0%) IRR to investors on their aggregate capital contributions and (B) the amount distributed under clause (i);

(iii) 80% to investors and 20% to the General Partner until a sixteen percent (16.0%) IRR to investors (taking into account prior distributions to the investors); and

(iv) 60% to investors and 40% to the General Partner.

Ardent Companies 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 November 2024 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Ardent, who may decide to delay distributions for any reason, including maintenance or capital reserves.

Fees

Certain fees and compensation will be paid over the life of the transaction; please refer to Ardent Companies' materials for details. The following fees and compensation will be paid(1)(2):

One-Time Fees:
Type of Fee Amount of Fee Received By Notes
Development Fee Less than or equal to 5% of Project Costs AHF II GP, LP per project basis
Acquisition Fee 3.0% of Land Costs AHF II GP, LP the greater of 3% of $100,000
Investment Management Fee The Fund will pay investment management fees quarterly, beginning with the initial Closing, in advance ("Management Fees") equal to 1.50% per annum of the aggregate amount of Invested Capital allocable to assets that are owned by the Fund AHF II GP, LP  
Technology Solution Licensing Fee(2) 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

Capitalization (at Sponsor’s discretion)

       
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Asset Management Fee 1.0% of Collected Revenue AHF II GP, LP Annual rate, pulled quarterly
Administration Solution Licensing Fee(2) Flat quarterly licensing fee of $125 per investor serviced by Sponsor through the license and use of  RM Technologies’ Administration Solution RM Technologies, LLC Pulled quarterly

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

(2) 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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