Advenir acquires, develops, and operates multi-family & single-family rental communities on behalf of high-net-worth and institutional investors. Founded in 1996, Advenir, LLC is a real estate investment company headquartered in Aventura, Florida (Miami-Dade) with over two decades of proven track record across multiple real estate cycles. Advenir has seen 44 fully realized investments with an average multiple on capital of 2.16x and an average annualized net investor returns of 24.1% over an average hold period of 4.7 years.
Advenir leverages 27+ years of experience within the multifamily investment space to identify selective JV partnerships with exceptional multi-family developers to capitalize on superior risk-adjusted returns. Advenir develops in markets that exhibit a pro-growth mentality with affordable living costs with a goal of building to a minimum 20% discount to recent trades within an identified submarket. Advenir's acquisitions team will “stress test” rents within a rental competitive set using internally verified data from Advenir's in-house property management team that oversees Advenir's 13,000+ unit portfolio and places a strong emphasis on the future supply pipeline and demand fundamentals.
Imperium Development is headquartered in Atlanta, Georgia, and is focused on creating value within the multifamily investment space. Imperium's leadership has more than 50 years of combined multifamily experience, inclusive of $1.6 billion in total projects with over 11,000 units constructed. This is the second deal that Advenir and Imperium Development have worked on together.
Advenir at Mallory Lake is a multifamily development project consisting of 300-unit apartment units located in La Grange, GA. Average proforma rents at the Advenir at Mallory Lake are $1,681 ($1.80 PSF) and the Property will target the large employment workforce located at the nearby and adjacent Georgia International Business Park, which boasts more than 36,000 jobs. Amenities at the Property will include a clubhouse with lounge room, cyber café and coffee bar, business center, 24-hr fitness center with towel service, resort-style saltwater pool with sundeck and cabanas, outdoor pavilion, grilling stations, and a package concierge.
Unit Mix
| Unit Type | # of Units | Avg SF/Unit | Avg Rent (Proforma) | Rent PSF (Proforma) |
| A1 | 120 | 756 | $1,399 | $1.85 |
| A2 | 60 | 816 | $1,510 | $1.85 |
| B2 | 90 | 1,176 | $2,046 | $1.74 |
| C1 | 30 | 1,248 | $2,059 | $1.65 |
| Totals/Averages | 300 | 943 | $1,681 | $1.80 |
Lease Comparables
| Exchange 1105 | Alta Ashley Park | Promenade at Newnan Crossing | The Springs at Newnan | The Yard on Mill | Averages | Advenir at Mallory Lake | |
| Distance from Subject Property | 0.6 mi | 31.6 mi | 30.6 mi | 29.7 mi | 3.3 mi | 19.2 mi | |
| Year Built | 2021 | 2022 | 2019 | 2020 | 2020 | 2020 | 2025 |
| Number of Units | 280 | 269 | 298 | 320 | 240 | 281.4 | 300 |
| 1 Bedrooms | Market Rent (Post-Reno) | ||||||
| $ / Unit | $1,290 | $1,469 | $1,685 | $1,592 | $1,215 | $1,450 | $1,436 |
| Square Feet | 718 SF | 758 SF | 782 SF | 778 SF | 782 SF | 764 SF | 776 SF |
| $ / SF | $1.80 / SF | $1.94 / SF | $2.15 / SF | $2.05 / SF | $1.55 / SF | 1.90 / SF | $1.85 / SF |
| 2 Bedrooms | |||||||
| $ / Unit | $1,775 | $2,154 | $2,125 | $1,905 | $1,463 | $1,884 | $2,046 |
| Square Feet | 2,010 SF | 1,185 SF | 1,079 SF | 1,180 SF | 1,155 SF | 1,322 SF | 1,176 SF |
| $ / SF | $0.88 / SF | $1.82 / SF | $1.97 / SF | $1.61 / SF | $1.27 / SF | $1.51 / SF | $1.74 / SF |
| 3 Bedrooms | |||||||
| $ / Unit | $2,045 | N/A | $2,420 | $2,422 | $1,695 | $1,716 | $2,059 |
| Square Feet | 1,235 SF | N/A | 1,423 SF | 1,368 SF | 1,334 SF | 1,072 SF | 1,248 SF |
| $ / SF | $1.66 / SF | N/A | $1.70 / SF | $1.77 / SF | $1.27 / SF | $1.28 / SF | $1.65 / SF |
Sales Comparables
| Exchange at 1105 | The Preserve Apartment Homes | Promenade at Newman Crossing | Solis Cumming | The Atwater at Flowery Branch | Elan Powers Ferry | The Lights at Northwinds | The Maven | Overlook at Huntcrest | The Reid | Averages | Advenir at Mallory Lake | |
| Sale Date | 03-01-2022 | 08-01-2022 | 10-01-2020 | 06-01-2022 | 02-01-2022 | 05-01-2022 | 04-01-2022 | 04-01-2022 | 04-01-2022 | 04-01-2022 | 2-17-2022 | 01-01-2026 |
| Sales Price | $65,004,000 | $72,000,000 | $65,858,000 | $134,400,000 | $89,250,000 | $127,500,000 | $66,500,000 | $101,000,000 | $107,500,000 | $85,000,000 | $91,401,200 | $88,500,000 |
| Year Built | 2021 | 2012 | 2019 | 2022 | 2021 | 2021 | 2021 | 2021 | 2017 | 2021 | 2019 | 2025 |
| # of Units | 280 | 300 | 298 | 320 | 313 | 276 | 140 | 276 | 299 | 242 | 274 | 300 |
| Average Unit Size | 890 SF | 1,075 SF | 1,000 SF | 953 SF | 995 SF | 915 SF | 908 SF | 957 SF | 930 SF | 962 SF | 959 SF | 943 SF |
| Sales Price / Unit | $232,157 | $240,000 | $221,000 | $420,000 | $285,144 | $461,957 | $475,000 | $365,942 | $359,532 | $351,240 | $341,197 | $295,000 |
| Sales Price / SF | $261 | $223 | $221 | $441 | $287 | $505 | $523 | $382 | $387 | $365 | $359 | $313 |
| Cap Rate | 4.25% | 4.15% | 4.25% | 3.65% | 4.25% | 3.65% | 3.60% | 3.75% | 2.87% | 3.80% | 3.82% | 0.00% |
| Distance from Subject Property | 0.6 mi | 30.3 mi | 30.6 mi | 104.0 mi | 112.0 mi | 75.7 mi | 94.8 mi | 98.8 mi | 94.4 mi | 79.9 mi | 72.1 mi | |
| Notes | Columbus, GA | Newnan, GA | Cumming, GA | Flowery Branch, GA | NW Atlanta | Alpharetta, GA | Suwanee, GA | Suwanee, GA | Tucker, GA |
Total Capitalization
| Sources of Funds | $ Amount | $/Unit |
| Debt | $42,637,000 | $142,123 |
| LP Equity | $22,776,366 | $75,921 |
| GP Equity(1) | $2,528,239 | $8,427 |
| Total Sources of Funds | $67,941,605 | $226,472 |
| Uses of Funds | $ Amount | $/Unit |
| Land | $2,720,000 | $9,067 |
| Hard Costs | $53,955,530 | $179,852 |
| Hard Cost Contingency | $1,618,666 | $5,396 |
| Soft Costs(2) | $9,647,409 | $32,158 |
| Total Uses of Funds | $67,941,605 | $226,472 |
(1) The Sponsor’s equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor.
(2) RM Technologies, LLC, an affiliate of RealtyMogul, operates the RealtyMogul Platform. RM Technologies, LLC charges a fixed, non-percentage-based fee for real estate companies and their sponsors to use the Platform and for Platform-related services. Please see the Fees and Disclaimers sections below for additional information concerning fees paid to RM Technologies, LLC.
The expected terms of the debt financing are as follows:
- Lender: Great Southern Bank
- Loan Type: Construction Loan
- Term: 42 Months & Two (2) 12-month extension options.
- LTC: 62.8%
- Estimated Proceeds: $42,637,000
- Interest Type: Floating
- Spread Above SOFR: 3.00%
- Interest-Only Period: 42 Months
- Amortization: 30 Years
- Prepayment Terms: N/A (at any time)
- Extension Requirements: (a) 30 days written notice, (b) not in default, (c) with all documents required by lender, (d) with a fee of 0.15% of commitment to lender, (e) with a DSCR of not less than 1.15 to 1.0 for the first extension and not less than 1.25 to 1.0 for the second extension.
- Recourse Description: Partial Recourse (%)
(1) A substantial portion of the total acquisition for the Property will be paid with borrowed funds, i.e., debt. Please carefully review the Disclaimers section below for additional information concerning the Sponsors use of debt.
Advenir intends to make distributions from Advenir@Mallory Lake Investors, LP as follows:
- Pari-passu all cash flow available for distribution to the Equity Investors(1) until the Equity Investors receive a Preferred Return of 9.0%(2) Per Annum (non-compounded);
- Return of Capital to all Equity Investors;
- 70% / 30% (70% to the LP Equity Investors(3)/ 30% to the GP Equity Investors(4)) of all cash flow available for distribution thereafter.
Advenir 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 April 2025 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Advenir, who may decide to delay distributions for any reason, including maintenance or capital reserves.
Advenir will receive a promoted/carried interest as indicated above.
| Cash Flow Summary | ||||
| Year 1 | Year 2 | Year 3 | ||
| Effective Gross Revenue | $0 | $2,740,348 | $5,542,576 | |
| Total Operating Expenses | $0 | $1,175,441 | $1,568,652 | |
| Net Operating Income | $0 | $1,564,907 | $3,973,923 | |
| Project-Level Cash Flows | ||||
| Year 0 | Year 1 | Year 2 | Year 3 | |
| Net Cash Flow | ($25,304,605) | $0 | $586,648 | $40,860,611 |
| Investor-Level Cash Flows(5) | ||||
| Year 0 | Year 1 | Year 2 | Year 3 | |
| Net Cash Flow | ($3,035,000) | $0 | $27,050 | $4,581,375 |
| Investor-Level Cash Flows - Hypothetical $50,000 Investment(5) | ||||
| Year 0 | Year 1 | Year 2 | Year 3 | |
| Net Cash Flow | ($50,000) | $0 | $446 | $75,476 |
(1) Equity Investors include all members part of the Limited Partnership and General Partnership, including Advenir.
(2) After stabilization, the Preferred Return is reduced to 7.0%. Please review the Offering Materials for additional information.
(3) LP Equity Investors include members part of the Limited Partnership.
(4) GP Equity Investors include members part of the General Partnership, including Advenir.
(5) 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.
Certain fees and compensation will be paid over the life of the transaction; please refer to Advenir's materials for details. The following fees and compensation will be paid(1)(2):
| One-Time Fees: | |||
| Type of Fee | Amount of Fee | Received By | Paid From |
| Acquisition Fee | $300,000 | Advenir | Capitalized Equity Contribution |
| Guarantee Fee | Approximately $219,906 | IDP South Davis | Capitalized Equity Contribution |
| 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 |
| Construction Management Fee | $150,000 | Advenir | Capitalized Equity Contribution |
| Property Management Fee | 3.0% of Monthly Gross Revenues | Advenir | Cash Flow |
| Construction Management Fee | 1.15% of Hard Costs | IDP South Davis | Capitalized Equity Contribution |
| Development Fee | 3.5% of Total Project Costs | IDP South Davis | Construction Expenditure Budget |
| Inspection Fee | $150,000 | Advenir | Construction Expenditure Budget |
| 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 | Capitalized Equity Contribution |
(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.
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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, LLCSponsor 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 DocumentsThe 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 InvestmentThis 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 AssumptionsSponsor 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 PerformanceAny 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 DebtA 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 RegisteredSponsor’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 AdviceNothing 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 RiskInternal 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.