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Multifamily
City Heights & Montage at North Point
Multiple Locations
Completed Equity
100% funded
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City Heights & Montage at North Point
Multiple Locations
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Overview
City Heights & Montage at North Point
Two well occupied multi-family properties being acquired at an attractive basis located near demand drivers such as major employment centers and retail amenities.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 12/2017
Estimated Hold Period 5 years
Investment Strategy Value-Add
Investment Type Equity
Years Built City Heights: 1972 Montage: 1982
Number of Units City Heights: 272 Montage: 208 Total: 480
Current Occupancy City Heights: 96% Montage: 92%
Parking Ratio City Heights: 1.84/unit Montage: 1.05/unit
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
Well Located Near Employment Centers and Retail Amenities
Experienced Sponsor That Owns Over 800 Multifamily Units in the Market
Well Occupied With In Place Cash Flow
Post-renovation Rents Compare Favorably to Comps
Repeat Sponsor to RealtyMogul.com
Well Located Near Employment Centers and Retail Amenities
Experienced Sponsor That Owns Over 800 Multifamily Units in the Market
Well Occupied With In Place Cash Flow
Post-renovation Rents Compare Favorably to Comps
Repeat Sponsor to RealtyMogul.com
Contact Us
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Management
For more information, view the Sponsor's Investment Memorandum.
Comunidad Realty Partners

Comunidad Realty Partners (CRP) is a dynamic real estate investment firm specializing in multifamily apartment communities in densely-populated Hispanic neighborhoods. Core to its investment strategy is creating culturally-relevant, inclusive communities that are tailored to the various ethnicities living at its communities. The company specializes in acquiring and repositioning apartments in infill locations and implementing its proprietary cultural management platform which includes specific cultural upgrades and community-oriented resident services and programs. CRP uses its multifamily lifestyle brand “Buena Vida Community” at its properties to represent its mission of delivering an unparalleled experience of enhanced multifamily living by providing more than just a home but a lifestyle. The firm was founded on a simple principle: enrich lives through enhancing communities while creating value for all stakeholders involved. The firm takes a holistic approach to its investments through symbiotic stakeholder integration of residents, staff, vendors, the greater community, the environment, and investors in order to truly maximize economic and social returns. Its investment philosophy is predicated on fostering innovative lifestyle improvements that align with its residents wants and needs and differentiate the living experience in order to create long-term value for residents and communities in a socially responsible way. Additionally, the firm is focused on “green” environmental improvements that reduce its properties’ energy footprint while reducing utility costs for residents. RM has invested in three prior transactions with the Real Estate Company (Villas de Serenada, Villas del Cabo & Villas de Santa Fe, and Metrocrest Village), all of which have performed well.

Sponsor Track Record
Schedule of Real Estate Owned
Property Name Location Asset Units Cost Basis Occupancy
Villas de la Luz Apartments Austin, TX MF 240 $10,865,000 89%
Villas de la Cascada Apartments San Antonio, TX MF 268 $18,265,000 94%
Villas del Zocalo Phase 1 Dallas, TX MF 206 $5,344,828 96%
Villas del Zocalo Phase 2 Dallas, TX MF 192 $4,810,345 95%
Villas del Zocalo Phase 3 Dallas, TX MF 224 $5,344,828 98%
Villas de Estancia Apartments Irving, TX MF 206 $12,667,724 95%
Villas de Serenada Apartments Euless, TX MF 208 $13,625,000 96%
Villas del Encanto Apartments San Antonio, TX MF 334 $15,580,000 95%
The Vive Apartments Dallas, TX MF 248 $14,836,104 90%
Cantera Creek Ph. 1 Apartments Dallas, TX MF 200 $11,038,800 90%
Cantera Creek Ph. 2 Apartments Dallas, TX MF 272 $15,012,768 90%
The Lantern Apartments Dallas, TX MF 340 $20,943,660 90%
Villas de Santa Fe Apartments San Antonio, TX MF 208 $13,172,676 90%
Azura Apartments Phoenix, AZ MF 387 $24,000,000 93%
Colinas Ranch Apartments Irving, TX MF 160 $10,418,000 98%
Villas del Solamar Dallas, TX MF 212 $5,800,000 96%
Villas del Cabo San Antonio, TX MF 272 $19,613,324 93%
Parkview on Hollybrook Longview, TX MF 209 $31,588,000 80%
Total     4,386 $252,926,057  

 

Full Cycle Transactions
Property Name Location Asset Units Cost Basis Occupancy
Villas de Sendero Apartments  San Antonio, TX MF 209 $8,750,000 97%
Villas de las Colinas Apartments  Austin, TX MF 178 $4,700,000 98%
Villas del Sol Apartments  Austin, TX MF 294 $9,650,000 93%
Villas de Palmas Apartments  Houston, TX MF 659 $22,425,687 98%
Villas de la Colonia Apartments  Carrollton, TX MF 143 $6,055,000 99%
The Current Apartments Austin, TX MF 302 $22,650,000 95%
Total     1,785 $74,230,687  

The above track record information was provided by the Sponsor and has not been independently verified by RealtyMogul.com​.

 

Website
Management Team
Management
J. Antonio Marquez
Managing Partner

J. Antonio Marquez serves as Principal and Managing Partner of Comunidad Realty Partners, a Quez Capital company. He is responsible for strategic planning, capital raising efforts, and sourcing acquisition opportunities for the firm. He is involved in business plan formation on new acquisitions, value-add strategy implementation, and Hispanic marketing efforts. Mr. Marquez has 15 years of experience with his family’s group of companies targeting the Hispanic demographic. He has been involved in over $130 million in commercial/multifamily real estate transactions working with GE Capital, Goldman Sachs, and Principal Real Estate Investors. He has over 10 years of experience managing his family’s commercial portfolio totaling over 1.5 million square feet of office, retail, and industrial space and valued over $110 million. Mr. Marquez graduated cum laude from California Polytechnic – San Luis Obispo and attended the University of Southern California’s Lusk Center for Real Estate where he focused his postgraduate studies in urban real estate with emphasis in affordable/workforce housing through the Stan Ross Program in Real Estate.

Management
Santiago Rivera Torres
Managing Director

Santiago Rivera Torres is a Managing Director at Comunidad Realty Capital. He oversees day to day operations across the portfolio including capital improvement projects, ancillary income services and cultural services & programs implementation. He also is involved in establishing and developing the firm’s commercial partnerships and strategic alliances as well as supporting capital raising efforts and investor relations. Mr. Rivera Torres has worked in the Real Estate and Construction sector in Mexico and U.S. for the last 12 years; his experience ranges from working on family-owned projects on beachfront developments in Baja to residential and low income housing projects in Northern Mexico and retail development in Cabo San Lucas. The Rivera Torres family has been involved in $3 billion USD in housing (400,000 units), hotels & resorts, industrial parks, retail/mall development, and infrastructure development throughout Mexico. In addition, he headed the sales effort for GlobalSolar, a Mexican green technology company specializing in energy-efficient and environmentally sustainable equipment for housing developments throughout Mexico. While he led the sales effort, the company quickly grew to become the largest provider of green technologies to the construction sector in Northern Mexico. Mr. Rivera Torres has a long lineage of real estate experience joined Quez Capital Interests in the early summer of 2012 after learning of their philosophy and Hispanic based multi-family business model.

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

City Heights

City Heights is a 272-unit garden-style apartment complex located at 9400 Fredericksburg Rd., San Antonio, Texas. Built in 1972, the unit mix consists of 124 one (1) bedroom, one (1) bathroom units, 120 two (2) bedroom, two (2) bathroom units, and 28 three (3) bedroom, two (2) bathroom units across 35 buildings. Current occupancy is 96% with in-place rents averaging $739 and ranging from $589 for one bedrooms and $1,007 for three bedrooms.

Amenities at the Property include two swimming pools, a fitness center, limited access gates, two laundry facilities, BBQ grills, a cabana, sports court, renovated clubhouse and mature landscaping. There are 500 parking spaces for a parking ratio of 1.84 spaces/unit. Exteriors at the Property were recently renovated in 2014-2015, but the unit interiors have not undergone a substantial renovation. 

City Heights Unit Mix
Unit Type # of Units Avg SF/Unit In-Place Rent Rent/SF Post-Reno Rent Rent/SF % Variance*
1 Bed, 1 Bath 56 525 $589 $1.12 $630 $1.20 7.0%
1 Bed, 1 Bath 68 705 $652 $0.92 $740 $1.05 13.5%
2 Bed, 2 Bath 80 905 $778 $0.86 $860 $0.95 10.5%
2 Bed, 2 Bath 40 1,032 $833 $0.81 $945 $0.92 13.4%
3 Bed, 2 Bath 28 1,253 $1,007 $0.80 $1,075 $0.86 6.8%
Total 272 831 $739 $0.89 $817 $0.98 10.6%

*Note: This figure is representative of the expected achievable rents for post-renovation units as a percentage of in-place rents.

Montage at North Point

Montage at North Point is a 208-unit garden-style apartment complex located at 3601 Magic Dr., San Antonio, Texas. Built in 1982, the unit mix consists of 136 one (1) bedroom, one (1) bathroom units and 72 two (2) bedroom, two (2) bathroom units across 12 buildings. Current occupancy is 92% with in-place rents averaging $729 and ranging from $611 for one bedrooms two $928 for two bedrooms.

Amenities at the Property include a swimming pool, limited access gates, shaded picnic space, BBQ area, a dog park, modernized leasing center and clubhouse, two laundry facilities, on site maintenance, on site parking, a business center and sports court. There are 219 parking spaces for a parking ratio of 1.05 spaces/unit. Exteriors at the Property were recently renovated in 2014-2015, but the unit interiors have not undergone a substantial renovation. 

Montage at North Point Unit Mix
Unit Type # of Units Avg SF/Unit In-Place Rent Rent/SF Post-Reno Rent Rent/SF % Variance*
1 Bed, 1 Bath 48 500 $611 $1.22 $700 $1.40 14.6%
1 Bed, 1 Bath 88 700 $687 $0.98 $750 $1.07 9.2%
2 Bed, 2 Bath 48 900 $826 $0.91 $920 $1.02 11.4%
2 Bed, 2 Bath 24 1,000 $928 $0.93 $1,005 $1.00 8.3%
Total 208 735 $729 $0.99 $807 $1.10 10.7%

*Note: This figure is representative of the expected achievable rents for post-renovation units as a percentage of in-place rents.

Comparables
For more information, view the Sponsor's Investment Memorandum.
City Heights Rental Comparables
  Bent Tree Abode San Antonio Station Ashler Oaks City Summit Total / Averages City Heights
Units 272 104 172 150 269 193 272
Year Built 1975 1977 1979 1972 1979 1976 1972
1x1 Rent $685 $617 $767 $700 $750 $704 $690
1x1 Avg SF 522 512 697 720 678 626 624
1x1 Rent PSF $1.31 $1.21 $1.10 $0.97 $1.11 $1.12 $1.11
2x2 Rent $927 $825 $950 $850 $950 $900 $888
2x2 Avg SF 949 850 844 929 1,078 930 947
2x2 Rent PSF $0.98 $0.97 $1.13 $0.91 $0.88 $0.97 $0.94
3x2 Rents N/A $1,107 N/A $1,050 $1,375 $1,177 $1,075
3x2 Avg SF N/A $1,417 N/A 1,320 1,441 1,393 1,253
3x2 Rent PSF N/A $0.78 N/A $0.80 $0.95 $0.85 $0.86
Distance 1.1 mi 3.0 mi 1.8 mi 0.9 mi 1.2 mi   N/A

 

Montage Rental Comparables
  Park Hill Altitude Morgan Manor Fifth Avenue City Summit Total / Averages Montage
Units 288 226 156 180 269 213 208
Year Built 1984 1977 1963 1982 1979 1977 1982
1x1 Rents $800 $709 $765 $900 $750 $785 $732
1x1 Avg SF 648 700 720 720 678 693 629
1x1 Rents PSF $1.23 $1.01 $1.06 $1.25 $1.11 $1.13 $1.16
2x2 Rent $1,000 $919 $860 $1,000 $950 $946 $948
2x2 Avg SF 948 900 940 925 1,078 958 933
2x2 Rent PSF $1.05 $1.02 $0.91 $1.08 $0.88 $0.99 $1.02
Distance 3.2 mi 0.8 mi 0.9 mi 4.0 mi 2.2 mi   N/A

 

Sales Comparables
  SummerCreek Salado Crossing Avesta Summit City Summit Vizcaya Apartments Total / Averages Subject
Date April-16 May-16 August-15 December-15 July-16   October-16
Units 180 164 284 269 256 231 480
Year Built 1975 1986 1984 1981 1983 1982 1972/1982
Purchase Price $12,500,000 $16,400,000 $18,200,000 $20,600,000 $17,650,000 $17,446,823 $29,515,000
$/Unit $69,444 $100,000 $64,085 $76,580 $68,945 $75,658 $61,490
Cap Rate N/A 5.34% 6.42% 5.63% 5.72% 5.78% 5.49%
Distance 5.5 mi 5.2 mi 4.7 mi 1.7 mi 5.4 mi   N/A
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $25,786,000
Equity $7,024,000
Total Sources of Funds $32,810,000
Uses of Funds Cost
Purchase Price $29,515,000
Sponsor Acquisition Fee $440,000
North Capital Broker Dealer Fee $60,000
CapEx* $2,706,372
Closing Costs and Fees $634,850
Working Capital $203,778
Roof & Foundation Repair Credit ($750,000)
Total Uses of Funds $32,810,000

* - Note that the construction budget for the CapEx Reserve is inclusive of a 10% contingency

Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: Prudential
  • Loan Type: Agency (Fannie Mae - DUS)
  • Proceeds: $25,786,000
  • Term: 12 years
  • Rate: 10-Year Treasury Rate plus 214 basis point spread, 3.97% (as of November 1, 2016)
  • Amortization: 30 years
  • Interest Only Period: 48 months
  • Prepayment Fee: 11.5 years yield maintenance, then 1.0% for the three month period prior to maturity
  • Assumption Fee: 1.0%

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender controlled capital reserve account.

Distributions

Montage Portfolio CRP, LLC intends to make distributions to investors (Realty Mogul 73, LLC - 21.3%, Sponsor co-invest - 11.4%, Other LP Investors - 67.3%. collectively, the "Members")  as follows:

  1. To the Members, pari passu, all excess cash flows and appreciation to an 8.0% IRR to the Members (which will include return of principal),
  2. 70.0% / 30.0% (70.0% to Members / 30.0% to the Sponsor) of excess cash flows and appreciation to a 16.0% IRR to Members. 
  3. 60.0% / 40.0% (60.0% to Members / 40.0% to the Sponsor) of excess cash flow and appreciation thereafter.  

Note that these distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

Realty Mogul 73, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 73, LLC (the RealtyMogul.com investors). 

Distributions are expected to start in December 2017 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Sponsor, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Expectations
  2016 2017 2018 2019 2020 2021
Effective Gross Revenue $715,111 $4,541,151 $4,793,271 $4,945,836 $5,111,274 $5,270,421
Total Operating Expenses $429,664 $2,628,857 $2,696,522 $2,761,644 $2,828,757 $2,897,131
Net Operating Income $285,447 $1,912,294 $2,096,749 $2,184,191 $2,282,517 $2,373,290
Annual Debt Service $170,402 $1,022,415 $1,022,415 $1,022,415 $1,097,186 $1,471,039
Distributions to Realty Mogul 73, LLC Investors $0 $109,360 $237,480 $214,719 $219,262 $2,114,218
Fees

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

Type of Fee Amount of Fee Received By Paid From Notes
One-Time Fees
Acquisition Fee $440,000 Sponsor Capitalized Equity Contribution 1.5% of the Protfolio purchase price
Broker-Dealer Fee $60,000 North Capital (1) Capitalized Equity Contribution 4.0% of the amount of equity raised by RealtyMogul.com
Recurring Fees
Construction Management Fee 10.0% of Total Costs Sponsor Capital Expenditure Budget  
Asset Management Fee 1.5% of Effective Gross Income Sponsor Operating Cash Flow  
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 73, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 73, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

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

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

The above presentation is based upon information supplied by the Sponsor or others.  Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 73, LLC, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $25,786,000
Equity $7,024,000
Total Sources of Funds $32,810,000
Uses of Funds Cost
Purchase Price $29,515,000
Sponsor Acquisition Fee $440,000
North Capital Broker Dealer Fee $60,000
CapEx* $2,706,372
Closing Costs and Fees $634,850
Working Capital $203,778
Roof & Foundation Repair Credit ($750,000)
Total Uses of Funds $32,810,000

* - Note that the construction budget for the CapEx Reserve is inclusive of a 10% contingency

Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: Prudential
  • Loan Type: Agency (Fannie Mae - DUS)
  • Proceeds: $25,786,000
  • Term: 12 years
  • Rate: 10-Year Treasury Rate plus 214 basis point spread, 3.97% (as of November 1, 2016)
  • Amortization: 30 years
  • Interest Only Period: 48 months
  • Prepayment Fee: 11.5 years yield maintenance, then 1.0% for the three month period prior to maturity
  • Assumption Fee: 1.0%

There can be no assurance that a lender will provide debt on the rates and terms noted above, or at all. All rates and terms of the debt financing are subject to lender approval, including but not limited to possible increases in capital reserve requirements for funds to be held in a lender controlled capital reserve account.

Distributions

Montage Portfolio CRP, LLC intends to make distributions to investors (Realty Mogul 73, LLC - 21.3%, Sponsor co-invest - 11.4%, Other LP Investors - 67.3%. collectively, the "Members")  as follows:

  1. To the Members, pari passu, all excess cash flows and appreciation to an 8.0% IRR to the Members (which will include return of principal),
  2. 70.0% / 30.0% (70.0% to Members / 30.0% to the Sponsor) of excess cash flows and appreciation to a 16.0% IRR to Members. 
  3. 60.0% / 40.0% (60.0% to Members / 40.0% to the Sponsor) of excess cash flow and appreciation thereafter.  

Note that these distributions will occur after the payment of the Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

Realty Mogul 73, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 73, LLC (the RealtyMogul.com investors). 

Distributions are expected to start in December 2017 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Sponsor, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Expectations
  2016 2017 2018 2019 2020 2021
Effective Gross Revenue $715,111 $4,541,151 $4,793,271 $4,945,836 $5,111,274 $5,270,421
Total Operating Expenses $429,664 $2,628,857 $2,696,522 $2,761,644 $2,828,757 $2,897,131
Net Operating Income $285,447 $1,912,294 $2,096,749 $2,184,191 $2,282,517 $2,373,290
Annual Debt Service $170,402 $1,022,415 $1,022,415 $1,022,415 $1,097,186 $1,471,039
Distributions to Realty Mogul 73, LLC Investors $0 $109,360 $237,480 $214,719 $219,262 $2,114,218
Fees

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

Type of Fee Amount of Fee Received By Paid From Notes
One-Time Fees
Acquisition Fee $440,000 Sponsor Capitalized Equity Contribution 1.5% of the Protfolio purchase price
Broker-Dealer Fee $60,000 North Capital (1) Capitalized Equity Contribution 4.0% of the amount of equity raised by RealtyMogul.com
Recurring Fees
Construction Management Fee 10.0% of Total Costs Sponsor Capital Expenditure Budget  
Asset Management Fee 1.5% of Effective Gross Income Sponsor Operating Cash Flow  
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 73, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 73, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

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

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

The above presentation is based upon information supplied by the Sponsor or others.  Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 73, LLC, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Disclosures
RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Use of Debt

A substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.

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