
Cooper Street Capital (“CSC”) provides investment access to the commercial real estate space for retail, family office, and institutional investors. As a private equity real estate firm, CSC applies targeted acquisition strategies and active asset management to provide consistent risk-adjusted returns for investors in value-add and core-plus multifamily real estate opportunities. CSC aims to capture upside potential for its partners through both physical renovations and/or major operational improvements.
Since the firm's founding in 2011, CSC’s team has stayed committed to sourcing commercial real estate investment opportunities from across the United States that have demonstrated strong financial performance in the past or that exhibit the potential for gains in the future. In either case, potential acquisitions must be supported by strong market fundamentals.
CSC aims to minimize downside risk for its partners through “deal-by-deal” and targeted acquisitions. The firm seeks out existing multifamily real estate assets that can provide for continued cash flow and where value can be built upon through the process of driving up an asset’s yearly Net Operating Income (NOI). The firm is headquartered in Aspen, Colorado.

The South Hill Apartments is a 174-unit garden-style multifamily apartment community located in San Antonio's southern Brooks City Base neighborhood. The Sponsor believes that the Property boasts a desirable unit mix with an average unit size of 727 SF in addition to a noteworthy collection of amenities, including three pools, a tennis court, and ample covered parking. The Property is also strategically located just off of SE Military Drive, providing close-in access to the area's many retail and commercial destinations, while it sits within a short distance to US Highway 281, thereby providing excellent connectivity to the city's major employers.
Unit Mix
Unit Type | Avg SF/Unit | Avg Rent | Rent PSF | Avg Rent (In-Place) | Rent PSF (In-Place) | Lease Type |
Studio | 485 | $745 | $1.54 | $741 | $1.53 | NMI |
1 BD / 1 BA (Small) | 520 | $835 | $1.61 | $820 | $1.58 | NMI |
1 BD / 1 BA (Large) | 720 | $930 | $1.29 | $896 | $1.24 | NMI |
2 BD / 2 BA (Small) | 800 | $1,050 | $1.31 | $945 | $1.18 | NMI |
2 BD / 2 BA (Large) | 920 | $1,050 | $1.14 | $1,038 | $1.13 | NMI |
2 BD / 2 BA (XL) | 940 | $1,050 | $1.12 | $1,078 | $1.15 | NMI |
2 BD / 2.5 BA | 1,040 | $1,080 | $1.04 | $1,067 | $1.03 | NMI |
3 BD / 1.5 BA | 1,100 | $1,300 | $1.18 | $1,161 | $1.06 | NMI |
Totals / Averages | 727 | $939 | $1.29 | $919 | $1.26 |
Sales Comparables
Ivy Plains | Seven Pines | Amber Hill | The Establishment | Villa de Oro | Arcos | RiverBend | Willow Run | Averages | South Hill Apartments (Going-in) | |
Sale Date | 05-15-2022 | 06-15-2022 | 06-15-2022 | 08-15-2022 | 09-15-2022 | 02-15-2022 | 04-15-2023 | 09-01-2022 | ||
Sale Price | $15,500,000 | $9,500,000 | $27,100,000 | $13,642,000 | $17,000,000 | $13,400,000 | $18,000,000 | $12,700,000 | $15,855,250 | $11,700,000 |
Year Built | 1974 | 1969 | 1969 | 1969 | 1987 | 1970 | 1984 | 1960 | 1972 | 1965 |
# of Units | 135 | 87 | 244 | 144 | 150 | 117 | 200 | 154 | 154 | 174 |
Average Unit Size | 735 SF | 695 SF | 788 SF | 744 SF | 603 SF | 771 SF | 730 SF | 867 SF | 742 SF | 727 SF |
Sales Price / Unit | $114,815 | $109,195 | $111,066 | $94,736 | $113,333 | $114,530 | $90,000 | $82,468 | $103,768 | $67,241 |
Sales Price / SF | $156 | $157 | $141 | $127 | $188 | $149 | $123 | $95 | $142 | $93 |
Distance from Subject Property | 1.4 mi | 6.1 mi | 17.5 mi | 10.0 mi | 6.9 mi | 16.8 mi | 3.5 mi | 12.9 mi | 9.4 mi |
Lease Comparables
Highland Hills | Brooksfield Apartments | Ivy Plains at Brooks | Salem Creek | RiverBend | The Aliso | Ridge at Southcross | Averages | South Hill Apartments | |
Distance from Subject Property | 2.0 mi | 1.1 mi | 1.4 mi | 3.2 mi | 3.5 mi | 3.3 mi | 2.3 mi | 2.4 mi | |
Year Built | 1956 | 1987 | 1978 | 1985 | 1984 | 1965 | 1974 | 1975 | 1965 |
Number of Units | 176 | 156 | 135 | 75 | 200 | 176 | 210 | 161 | 174 |
1 Bedrooms | Averages | Market Rent (Target Rent) | |||||||
$ / Unit | $820 | $999 | $1,149 | $1,041 | $811 | $999 | $795 | $945 | $835 |
Square Feet | 529 SF | 500 SF | 667 SF | 560 SF | 516 SF | 640 SF | 618 SF | 576 SF | 520 SF |
$ / SF | $1.55/SF | $2.00/SF | $1.72/SF | $1.86/SF | $1.57/SF | $1.56/SF | $1.29/SF | $1.65/SF | $1.61/SF |
1 Bedrooms | |||||||||
$ / Unit | $840 | $1,098 | N/A | $1,066 | $765 | $945 | N/A | $943 | $930 |
Square Feet | 546 SF | 675 SF | N/A | 678 SF | 678 SF | 740 SF | N/A | 663 SF | 720 SF |
$ / SF | $1.54/SF | $1.63/SF | N/A | $1.57/SF | $1.13/SF | $1.28/SF | N/A | $1.43/SF | $1.29/SF |
2 Bedrooms | |||||||||
$ / Unit | $965 | $1,170 | $1,371 | $1,354 | $869 | $1,213 | $965 | $1,130 | $1,050 |
Square Feet | 682 SF | 790 SF | 971 SF | 844 SF | 837 SF | 840 SF | 861 SF | 832 SF | 920 SF |
$ / SF | $1.41/SF | $1.48/SF | $1.41/SF | $1.60/SF | $1.04/SF | $1.44/SF | $1.12/SF | $1.36/SF | $1.14/SF |
2 Bedrooms | |||||||||
$ / Unit | $913 | N/A | N/A | $1,386 | $924 | N/A | $1,292 | $1,129 | $1,080 |
Square Feet | 694 SF | N/A | N/A | 901 SF | 910 SF | N/A | 1,132 SF | 909 SF | 1,040 SF |
$ / SF | $1.32/SF | N/A | N/A | $1.54/SF | $1.02/SF | N/A | $1.14/SF | $1.25/SF | $1.04/SF |


Total Capitalization
Sources of Funds | $ Amount | $/Unit |
GP Equity(1) | $500,000 | $2,874 |
LP Equity | $4,324,000 | $24,851 |
Senior Loan | $8,925,000 | $51,293 |
Total Sources of Funds | $13,749,000 | $79,017 |
Uses of Funds | $ Amount | $/Unit |
Purchase Price | $11,700,000 | $67,241 |
Acquisition Fee (1%) | $117,000 | $672 |
CapEx | $1,347,000 | $7,741 |
Closing Costs(2) | $585,000 | $3,362 |
Total Uses of Funds | $13,749,000 | $79,017 |
(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: Fannie Mae
- Loan Type: Permanent Loan
- Term: 84 Months
- Loan-to-Value (LTV): 76.3%
- Loan-to-Cost (LTC): 64.9%
- Estimated Proceeds: $8,925,000
- Interest Type: Fixed
- Annual Interest Rate: 153 bps over 7-year Treasury (Indicative Rate, Fixed Rate to be set prior to Closing)
- Interest-Only Period: 84 Months
- Prepayment Terms: Yield Maintenance
- Extension Requirements: N/A
- Recourse Description: Non-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.
Cooper Street Capital intends to make distributions from CSC South Hill Realty Capital, LLC as follows:
- Pari passu all cash flow available for distribution to the Equity Investors(1) until the Equity Investors receive a Preferred Return of 10.0% IRR;
- 70% / 30% (70% to LP Equity Investors(2) / 30% to GP Equity Investors(3)) of all cash flow available for distribution thereafter.
Cooper Street Capital 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 July 2024 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of Cooper Street Capital, who may decide to delay distributions for any reason, including maintenance or capital reserves.
Cooper Street Capital will receive a promoted/carried interest as indicated above.
Cash Flow Summary | ||||
Year 1 | Year 2 | Year 3 | ||
Effective Gross Revenue | $2,032,400 | $2,186,644 | $2,252,810 | |
Total Operating Expenses | ($1,219,875) | ($1,282,768) | ($1,296,896) | |
Net Operating Income | $812,525 | $903,876 | $955,914 | |
Project-Level Cash Flows | ||||
Year 0 | Year 1 | Year 2 | Year 3 | |
Net Cash Flow | ($4,824,000) | $306,796 | $398,148 | $7,662,748 |
Investor-Level Cash Flows(4) | ||||
Year 0 | Year 1 | Year 2 | Year 3 | |
Net Cash Flow | ($2,000,000) | $127,196 | $155,070 | $2,896,169 |
Investor-Level Cash Flows - Hypothetical $50,000 Investment(4) | ||||
Year 0 | Year 1 | Year 2 | Year 3 | |
Net Cash Flow | ($50,000) | $3,180 | $3,877 | $72,404 |
(1) Equity Investors include all members part of the Limited Partnership and General Partnership, including Cooper Street Capital.
(2) LP Equity Investors include members part of the Limited Partnership.
(3) GP Equity Investors include members part of the General Partnership, including Cooper Street Capital.
(4) 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 Cooper Street Capital'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 | 1.0% of Purchase Price | Sponsor Affiliate | Capitalized Equity Contribution |
Mortgage Brokerage Fee | 1.0% of Loan Proceeds | Sponsor Affiliate | Capitalized Equity Contribution |
Financing Fee | 1.0% of Loan Fees | Sponsor/Sponsor Affiliate | Capitalized Equity Contribution |
Technology Solution Licensing Fee(xx) | 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 |
Property Management Fee | 2.5% of Gross Rental Income | Sponsor/Sponsor Affiliate | Cash Flow |
Asset Management Fee | 0.5% of Gross Rental Income | Sponsor/Sponsor Affiliate | Cash Flow |
Construction Management Fee | 5.0% of Total Costs Before Contingency | CSC Management, LLC | Construction Expenditure Budget |
Administration Solution Licensing Fee | Flat quarterly licensing fee of $125 per investor serviced by Sponsor through the license and use of RM Technologies’ Administration Solution | RM Technologies, LLC | Cash Flow |
(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.
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.