FORMALIZED DUE DILIGENCE PROCESS 
Sponsors

The team at our affiliated broker-dealer, RM Securities, conducts diligence on of the issuer, including detailed background checks, criminal checks, bad actor checks, and reference checks on sponsors. In addition to screening for any criminal background, we may also turn down sponsors due to poor reference checks, even if the background and criminal checks are satisfactory.

Escrow accounts

We require unaffiliated sponsors to use an unaffiliated third-party escrow agent.* When an investor makes an investment with such sponsors using the RealtyMogul platform, the investor’s money is transferred directly into a third-party escrow account. All closing conditions in connection with a sponsor’s contingency offering need to be met before the third-party escrow agent will approve releasing investor funds to the issuer or general partner. For example, if an issuer or general partner plans to use funds for a real estate acquisition that does not ultimately transact, the third-party escrow agent will not transfer investor funds to the issuer or general partner, and funds will be returned to investors.

* Unless otherwise disclosed, escrow accounts are not required for some investments that accommodate 1031 investments where the property is already acquired.

Boots on the ground

Our processes typically includes visiting certain properties (or a subset of properties if it's a fund) to confirm the real estate is what and where the real estate is supposed to be. For certain properties that accommodate 1031 exchange investments, the team will review third-party prepared due diligence reports in lieu of a site visit.

Detailed Checklists

We have formalized processes and checklists for every private placement deal listed on the platform.

Confidentiality Agreement
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By clicking the ‘I Agree’ button below:
Open for pledging
Estimated Hold Period 4 Years
Estimated First Distribution 9/2026
...
View Our Due Diligence Process
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Village 43
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Offered By
F Street
Investment Strategy Development
Investment Type Equity
Minimum Investment 35000
Overview
Village 43 is a shovel ready Class A, multifamily development of 156 garden-style units located in Milwaukee, WI with best-in-class amenities. The Sponsor is an experienced, repeat sponsor with proven success in the marketplace. The Project will receive a 95% tax rebate via Tax Increment Financing (TIF), which has the potential to increase cash on cash returns post-development and stabilization.
Investment Highlights
Proven Success in Market: F Street is an experienced sponsor with a primary focus on the greater Milwaukee market. They are building on the success of a previously delivered apartment community in the area, which achieved stabilization within 6 months of completion and has consistently maintained over 95% occupancy. F Street's execution of this development, construction, leasing, and management exemplifies a strong case study in the Brown Deer marketplace.
Performing, Repeat Sponsor: This is F Street's 2nd offering on the RealtyMogul Platform and the first with RM Securities, LLC. The first on the RealtyMogul Platform was Lakeshore Commons, another development in Wisconsin. Lease-up at this project is exceeding proforma by 5-7 months with stabilization expected in Q3 2024, as opposed to the anticipated stabilization of Q1 2025. Rents are also exceeding proforma and the project is being delivered under budget.
Fully Entitled and Shovel Ready: The land was acquired in November 2023. Construction is planned to start in Q3 2024, with expected delivery and initial move-in for residents to begin in Q2 2025. F Street will begin their marketing/pre-leasing efforts 6+ months before opening the first two buildings, and anticipate attaining stabilization within 12 months of construction completion.
Tax Advantaged Development: The Project will receive a 95% tax rebate via an already approved TIF for the first 10 years of operation and a 65% rebate for the following 10 years. The TIF represents approximately $7.28 million in tax incentives for the Project.
Addressing a Gap in the Market: The housing market in Brown Deer primarily consists of single-family homes, however, many remain priced out of home purchases. There is an upside in the rental markets with a strong demand for rental units and a shortage of new apartment developments in the neighboring communities of Mequon, Glendale, and River Hills. The median home prices in these adjacent communities are $531k and $597k, which translates to a $3,707 - $4,155 monthly payment. The garden-style apartments provide a new resident-focused community with a more manageable living space without sacrificing the familiar feel of a single-family home.
Desirable Submarket: The Property is situated just 12 miles north of Milwaukee, with a newly modified access between Green Bay Rd. and Brown Deer Road, simplifying the downtown commute. There is also continued growth and investment in the surrounding area. Microsoft recently announced a $3B investment package to strengthen its WI data center as a hub for AI-powered economic activity, innovation, and job creation. The Village of Brown Deer invested millions of dollars into the city infrastructure, including 10-Mile Park and the Village Community Square, featuring a beer garden, restaurants, and other nightlife entertainment, to help bolster their commitment to their residents and to attract new families to the area.
Quality Demographics: Brown Deer has a broad demographic base of diverse aged residents and income levels. This community is within Milwaukee County, which has a strong school system and is close to many large employers, including Rite Hite, FIS Global, and Badger Meter. Additionally, the Property is only a few blocks from Milwaukee Country Club, one of the most prestigious country clubs in the Midwest.
Best-in-Class Amenity Package: Village 43 will have a best-in-class amenity package to position the property as a premier rental destination, including patio/balconies, attached garages, fitness center, grilling patio, active greenspace, and dog spa and run area.
Management
Cumulative Distributions

F Street

F Street is a privately held investment group dedicated to creating value and above-market returns for their investors. F Street invests responsibly in commercial real estate through a proven investment strategy while helping to shape and support the communities they invest in, across various asset classes. Their creative approach, in-depth understanding of the market, and relationships with real estate professionals help unlock value for each investment they undertake. Over the past 20 years, the principals have been involved in investments throughout the United States with a primary focus in Wisconsin, with a typical deal size ranging between $2 million and $50 million. F Street has developed expertise in multi-family, office, industrial, and mixed-use projects to amass over $450 million in assets under management through its loyal investors. 

  • Scott Lurie
    Principal, Investments & Development
  • Josh Lurie
    Principal, General Counsel, & VP, Investor Relations
  • Nick Jung
    Director of Development & General Counsel
Scott Lurie
Principal, Investments & Development

Scott is the founder of F Street. After graduating from George Washington University, Scott returned home to Milwaukee in 2004 and began investing in real estate. Since then, he’s created a number of investment-specific portfolios using the “F Street” brand, including Development, Hospitality, and Investments. As Founder of F Street, Scott has been the driving force behind the growth of the company and continues to look for new investments that meet his stringent criteria, while focusing on helping to improve the communities where he invests.

Josh Lurie
Principal, General Counsel, & VP, Investor Relations

Josh is focused on sourcing and underwriting investment and development opportunities, performing various legal matters as it relates to existing and new investment opportunities, and working with lenders and investors to execute on all existing and new investments in F Street’s real estate portfolio.

Nick Jung
Director of Development & General Counsel

Nick focuses on the planning and execution of development projects, ensuring they align with the company’s strategic goals. With a significant legal background in negotiating municipal incentives and approvals, Nick manages legal matters and navigates complex municipal processes, in addition to working with the full capital stack.  

Track Record

Please see the following link for F Street's Track Record.

The above bios and track record were provided by F Street and have not been independently verified by RealtyMogul.

Comparables

Lease Comparables

  Greenlink Residences The Bevy The Chiswick at Dunwood Averages Subject
Year Built 2020 2020 2019 2020 2025
Class A A A B A
# of Units 134 175 103 137 156
Average Unit Size 920 962 1,328 1,070 1,046
Levels 4 3 3 4 2
Distance from Subject 0.2 miles 0.4 miles 4.7 miles 1.8 miles  
           
$/Unit (1x1 Jr) $1,363 $1,439 N/A $1,401 $1,393
SF (1x1) 572 566 N/A 569 590
$/SF (1x1) $2.38 $2.54 N/A $2.46 $2.36
           
$/Unit (1x1) $1,700 $1,978 $1,853 $1,844 $1,779
SF (1x1) 932 813 892 879 904
$/SF (1x1) $1.82 $2.43 $2.08 $2.11 $1.97
           
$/Unit (2x2) $2,025 $2,329 $2,847 $2,400 $2,199
SF (2x2) 1,184 1,194 1,371 1,250 1,264
$/SF (2x2) $1.71 $1.95 $2.08 $1.91 $1.74
           
$/Unit (3x2) $2,640 $2,626 $3,305 $2,857 $2,583
SF (3x2) 1,584 1,340 1,716 1,547 1,561
$/SF (3x2) $1.67 $1.96 $1.93 $1.85 $1.65
           
Property Address 8725 N 43rd St, Brown Deer, WI 53209 8600 N Deerwood Dr, Brown Deer, WI 53209 7700 N Port Washington Rd, Fox Point, WI 53217   4300 West Brown Deer Road and 8989 North Deerwood Drive, Brown Deer, WI 53223

 

Sales Comparables

  Statesman Apartments Woodnote Residences The Bevy Norhardt Crossing Apartments Averages Subject (Going-in) Subject (At Exit)
Date Sold Jun-23 Dec-22 Aug-22 Oct-23 Mar-23 2024 2028
Year Built 2019 2021 2020 2002 2016 2025 2025
# of Units 180 150 175 139 161 156 156
Average Unit Size (SF) 1,019 1,033 962 1,196 1,053 1,046 1,046
Sale Price $43,500,000 $41,300,000 $39,100,000 $34,475,000 $39,593,750 $37,839,803 $48,449,930(1)
$/Unit $241,667 $275,333 $223,429 $248,022 $247,113 $242,563 $310,576
$/SF $237 $267 $232 $207 $235 $232 $297
Cap Rate 5.64% N/A 5.50% N/A 5.57% - 5.50%
Building Size (SF) 233,372 154,909 175,000 279,459 210,685 - -
Property Address 2950 Statesman Way, Franklin, WI 53132 424 Campus Dr, Hartland, WI 53029 8600 N Deerwood Dr, Brown Deer, WI 53209 1930 Norhardt Dr, Brookfield, WI 53045   4300 West Brown Deer Road and 8989 North Deerwood Drive, Brown Deer, WI 53223 4300 West Brown Deer Road and 8989 North Deerwood Drive, Brown Deer, WI 53223

(1) Remaining TIF is projected to be sold for $5.94M with a $1.49M or 25% discount, which gets to an additional $4.45M in sales proceeds on top of the sale price.

Cap Stack
Sources & Uses

Total Capitalization

Sources of Funds $ Amount
Loan Proceeds $26,000,000
LP Equity $10,440,000
GP Equity(1) $1,160,000
Total Sources of Funds $37,600,000
   
Uses of Funds $ Amount
Land Costs $2,482,200
Hard Costs $25,981,930
Soft Costs $2,650,340
Financing Costs $2,244,180
Developer & CM Fees  $1,837,600
Owner Contingency $1,227,050
Contractor Contingency $650,000
Reserves $526,700
Total Uses of Funds $37,600,000

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

Debt Assumptions

The expected terms of the debt financing are as follows:

Senior Debt  
Lender First American Bank
Loan Type Construction Loan
Loan Amount $26,000,000
Loan Term 36 Months
Interest-Only Period 36 Months
Interest Rate Type Floating
Interest Rate 2.95% + 1-Month SOFR
Extension Options Two (2) 12-month extension options, subject to performance thresholds
Amortization 30 Years, during Extension Periods
LTC 69.15%
   
Refinance Assumptions:  
Loan Type Permanent Loan
Loan Amount $34,583,599
Loan Term 60 Months 
Interest-Only Period Full Term 
Interest Rate Type Fixed Rate 
Interest Rate 5.50%
Amortization 30 Years 
Stabilized Loan-to-Value 63%
Debt-Service Coverage Ratio 1.25
Refinance Month Month 24

(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. 

Distributions

F Street intends to make distributions as follows:

  1. Pari-passu all cash flow available for distribution to Equity Investors(1) until Equity Investors(1) receive a Preferred Return of 8.00% Per Annum;
  2. Pari-passu all cash flow available for distribution to Equity Investors(1) until Equity Investors(1) have received aggregate distributions equal to the aggregate Unreturned Equity Contributions;
  3. 60% / 40% (60% to Investors / 40% to Promote/Carried Interest) of all cash flow available for distribution thereafter.

F Street 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 September 2026 and are projected to continue on a quarterly basis thereafter. Distributions are at the discretion of F Street, who may decide to delay distributions for any reason, including maintenance or capital reserves.

F Street will receive a promoted/carried interest as indicated above.

 

(1) Equity Investors include all members part of the Limited Partnership and General Partnership, including the Sponsorship Group.

Fees

You will pay certain fees and compensation over the life of the transaction; please refer to F Street'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
Refinancing Fee 0.50% of Loan Proceeds Sponsor Loan Proceeds from Refinancing Activity
Disposition Fee 0.50% of Sales Price Sponsor Sales Proceeds
Equity / Debt Placement Fee One-Time Fee of Approximately $390,000 Sponsor or Designated 3rd Party Placement Agent Capitalized Equity Contribution
Platform Fee Flat One-Time Fee of $15,000 RM Securities, LLC Capitalized Equity Contribution
Placement Fee(2) 4.00% of the Raised Amount up to $2 million, plus 3.50% of the Raised Amount in excess of $2 million. RM Securities, LLC

Capitalized Equity Contribution

       
Recurring Fees:
Type of Fee Amount of Fee Received By Paid From
Property Management Fee 3.00% of Gross Rental Receipts Harmoniq Residential Cash Flow
Asset Management Fee 1.00% of Collected Gross Revenues Sponsor Cash Flow
Construction Management Fee 1.75% of Hard Costs Sponsor Construction Expenditure Budget
Developer Fee 4.00% of Total Hard & Soft Costs Sponsor Construction Expenditure Budget
Administration Solution Licensing Fee(2) 1.00% per annum of the aggregate capital contributions of the RM platform investor for whom RM Technologies provides the Administration Solution. RM Technologies, LLC Cash Flow / Capitalized Equity Contribution

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

(2) For more information on the fees paid to RM Securities and its affiliates 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 CRSRegulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

.

The following offering documents 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.
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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