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.
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.
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.
We have formalized processes and checklists for every private placement deal listed on the platform.
NAPA Ventures, LLC
NAPA Ventures, LLC also known as NAPA, is a multifamily and commercial real estate investment company focused on the acquisition, rehabilitation and operation of value-add and core asset investment properties in Texas. NAPA is currently continuing to aggressively and profitably expand their real estate holdings within Texas and other growth markets of the USA.
NAPA currently has ownership in over 3,700 existing units. Realty Mogul investors have previously invested with NAPA on the Woodbridge Townhomes and Ravenwood Apartments transactions.
http://napa-ventures.com/Property Name | Location | Asset Type | Date Acquired |
# of Units |
Purchase Price |
|||
---|---|---|---|---|---|---|---|---|
Encinal | San Antonio, TX | Multifamily | 12/19/2013 | 201 | $4,818,750 | |||
Lakeview Apartments | Killeen, TX | Multifamily | 4/4/2014 | 62 | $1,175,000 | |||
Morgan Manor | San Antonio, TX | Multifamily | 9/26/2014 | 157 | $3,650,000 | |||
Summerlyn | Killeen, TX | Multifamily | 1/6/2015 | 200 | $6,300,000 | |||
Sante Fe | San Antonio, TX | Multifamily | 6/30/2015 | 327 | $7,300,000 | |||
Montecito Creek | Dallas, TX | Multifamily | 9/30/2015 | 650 | $34,000,000 | |||
Oates Creek | Mesquite, TX | Multifamily | 6/30/2016 | 280 | $15,700,000 | |||
Parkside Townhomes | Arlington, TX | Multifamily | 7/14/2016 | 144 | $11,500,000 | |||
Woodbridge Townhomes | Arlington, TX | Multifamily | 8/24/2016 | 91 | $6,225,000 | |||
Westwood Apartments | Dallas, TX | Multifamily | 8/31/2016 | 187 | $7,400,000 | |||
Ravenwood Apartments | Fort Worth, TX | Multifamily | 10/12/2016 | 122 | $4,900,000 | |||
Brandon Mill | Dallas, TX | Multifamily | 9/26/2016 | 300 | $12,160,000 | |||
Eagle Point | Dallas, TX | Multifamily | 11/15/2016 | 156 | $6,961,100 | |||
Pleasant Creek | Lancaster, TX | Multifamily | 12/30/2016 | 159 | $8,580,000 | |||
Oyster Creek | Lake Jackson, TX | Multifamily | 2/28/2017 | 201 | $15,900,000 | |||
Treasure Bay | Lake Jackson, TX | Multifamily | 2/28/2017 | 200 | $15,100,000 | |||
Prescott Woods | Tulsa, OK | Multifamily | 5/12/2017 | 256 | $8,300,000 | |||
Totals | 3,749 | $169,969,850 |
The Sponsor's bio and track record were provided by the Sponsor and have not been verified by RealtyMogul.com or NCPS
In this transaction, RealtyMogul.com investors are to invest in Realty Mogul 82, LLC. Realty Mogul 82, LLC is to subsequently invest in NAPA Ventures Yardarm, LLC, the entity that will hold title to the Property, a 150-unit multifamily asset built in 1983, located in Corpus Christi, TX.
Within the first three to five months of acquiring the Property, the Sponsor intends to implement a $314,500 exterior capital improvement plan to address deferred maintenance and mechanical issues, make improvements to the common areas, and increase the Property's curb appeal. The planned exterior capital improvements include refreshing the parking lots and striping throughout the Property, painting the building exteriors, rehabilitating the leasing office, upgrading the landscaping, as well as renovating the pool and laundry room. The Sponsor has also budgeted for interior renovations of $578,182, or $7,709 per unit to be renovated, for 50% of the rentable units, which is expected to include new countertops, new appliances, refreshing of cabinetry, new paint and new carpet. In addition to budgeted capital expenses the Sponsor has included a capital expenditure of 10.0% of total construction costs, or approximately $89,000. The Sponsor estimates that upon renovation, the renovated units are expected to be able to achieve rental premiums of approximately 16.8% above the average in-place rents.
It is expected that all interior renovations will be completed in approximately 13 months, with an average of six (6) units being renovated per month. Upon completion of all renovations, the Sponsor intends on selling the Property within three years, although if the renovations are successfully implemented ahead of schedule and market conditions allow for a favorable sale, the hold period could be shorter. However, the hold period is not guaranteed and could also extend beyond the three year expected hold period.
A summary of the capital expenditures planned at the Property is as follows:
CapEx Item | $ Amount | Per Unit |
---|---|---|
Interior Rehab ($7,709 each for 75 units) | $578,182 | $3,855 |
Stairwell & Balcony Maintenance | $45,000 | $300 |
Concrete and Striping | $42,000 | $280 |
Foundational Repairs | $42,000 | $280 |
Leasing Office Rehab | $30,000 | $200 |
Fascia and Trim Updates | $30,000 | $200 |
Pool Furniture | $25,000 | $167 |
Leasing Office Furniture | $20,000 | $133 |
Pool Deck Repair | $15,500 | $103 |
Laundry Rooms | $15,000 | $100 |
Condensor Pad Relevel | $12,500 | $333 |
Exterior Wall & Fence Repair | $10,000 | $67 |
Landscaping | $10,000 | $67 |
Railroad Ties & Retaining Walls | $10,000 | $67 |
Pool Fencing | $7,500 | $50 |
Contingency 10.0% | $89,268 | $595 |
Subtotal | $981,950 | $6,546 |
Construction Management Fee 3.0% | $29,453 | $196 |
Total | $1,011,409 | $6,743 |
RealtyMogul.com, along with NAPA Ventures, LLC (“NAPA” or the “Sponsor”), is providing the opportunity to invest in the acquisition and ownership of Yardarm Apartments (the "Property"), a 150 unit, garden-style apartment complex in Corpus Christi.
The primary objective of this investment is to implement exterior improvements throughout immediately after acquisition, renovate the interiors of half of the units within the first 18 months of the hold period and sell the Property within three (3) years of acquisition.
The Property is a 150-unit garden-style apartment complex located at 10660 Leopard Street, Corpus Christi, TX. The Property was built in 1983 and is 95% leased as of May 2017. The unit mix consists of 64 one (1) bedroom, one (1) bathroom units, 24 two (2) bedroom, one (1) bathroom units, 60 two (2) bedroom, (2) bathroom units, and two two (2) bedroom, 1.5 bathroom townhome units. Average in-place rents for one (1) bedroom units are $713 per month, with two (2) bedroom units averaging $812 per month.
Amenities at the Property include large, walk-in closets, two swimming pools, a business center, in-unit laundry hookups (with washers and dryers for rent), park BBQ pits and public gazebos. Interior finishes include ceiling fans, microwave ovens, dishwashers, wood-burning fireplaces, and patios/balconies with exterior storage closets.
Unit Type | # of Units | Avg SF/Unit | In-Place Rent | Rent/SF | Post-Reno Rent* | Rent/SF | % Variance** |
---|---|---|---|---|---|---|---|
1 Bed, 1 Bath | 32 | 690 | $708 | $1.03 | $815 | $1.18 | 15.1% |
1 Bed, 1 Bath with Fireplace | 32 | 690 | $718 | $1.04 | $845 | $1.22 | 17.7% |
2 Bed, 1 Bath | 24 | 913 | $757 | $0.83 | $930 | $1.02 | 22.9% |
2 Bed, 2 Bath | 60 | 950 | $829 | $0.87 | $955 | $1.01 | 15.2% |
2 Bed, 1.5 Bath Townhome | 2 | 1,116 | $955 | $0.86 | $1,050 | $0.94 | 10.0% |
Total | 150 | 835 | $770 | $0.92 | $899 | $1.09 | 16.8% |
Note: Only 75 of 150 units at the Property are anticipated to be fully renovated during the hold period.
*Note: These projected post-renovation rent assumptions are used in the Estimated Financials of this offering.
**Note: This figure is representative of the projected achievable rents for post-renovation units as a percentage of in-place rents.
[[{"fid":"43354","view_mode":"default","type":"media","field_deltas":{},"attributes":{"height":"754","width":"667","class":"media-element file-default","data-delta":"1"},"fields":{}}]]
Lease Comps | ||||||||
Subject - In-Place | Subject - Projected Renovated Units | Lost Creek* | Riversquare Apartments | Peachtree | Churchhill Market Square | Wood River Apartments | Comp Set Averages | |
# of Units | 150 | 150 | 250 | 204 | 188 | 107 | 200 | 190 |
Year Built | 1983 | 1983 | 1984 | 2005 | 1982 | 1985 | 1983 | 1988 |
Miles from Subject | - | - | 1.4 | 2.3 | 0.1 | 1.7 | 5.7 | 2.2 |
1 Bedroom | ||||||||
# of Units | 64 | 64 | 74 | - | 48 | 55 | 64 | 60 |
Average Size (SF) | 690 | 690 | 695 | - | 623 | 677 | 616 | 653 |
Average Rent | $713 | $830 | $789 | - | $675 | $704 | $745 | $728 |
Average $/SF | $1.03 | $1.20 | $1.14 | - | $1.08 | $1.04 | $1.21 | $1.12 |
2 Bedroom | ||||||||
# of Units | 86 | 86 | 176 | 144 | 112 | 52 | 136 | 124 |
Average Size (SF) | 944 | 944 | 938 | 937 | 1,021 | 931 | 1,018 | 969 |
Average Rent | $812 | $950 | $984 | $875 | $835 | $849 | $749 | $868 |
Average $/SF | $0.86 | $1.01 | $1.05 | $0.93 | $0.82 | $0.91 | $0.78 | $0.90 |
*Note: Lost Creek is recently renovated and of similar construction style to Property. Source: Axiometrics |
Sales Comps | ||||||||
Subject | Glen Willows Apartments | Embassy House | Churchhill Square Apartments | Lost Creek Ranch | San Marin Apartments | Ocean Drive Estates | Total / Averages | |
Date | - | April 2015 | August 2015 | September 2015 | May 2016 | July 2016 | September 2016 | March 2016 |
# of Units | 150 | 234 | 176 | 107 | 250 | 220 | 99 | 170 |
Year Built | 1983 | 1973 | 1979 | 1987 | 1984 | 1997 | 1964 | 1982 |
Purchase Price | $8,875,000 | $15,150,000 | $9,200,000 | $6,100,000 | $19,000,000 | $23,000,000 | $7,500,000 | $12,960,000 |
$/unit | $59,167 | $64,744 | $52,273 | $57,009 | $76,000 | $104,545 | $75,758 | $73,117 |
Cap Rate | - | 6.00% | - | - | 6.80% | 6.50% | - | 6.65% |
Miles from Subject | - | 17.7 | 17.4 | 2.1 | 1.7 | 22.2 | 20.6 | 13.6 |
Source | - | CoStar | CoStar | RCA | CoStar | CoStar | RCA | - |
The Property is located on Leopard Street directly off of Interstate Highway 37, approximately 13 miles northwest of Downtown Corpus Christi, TX. The Property is located just to the south of the Calallen suburb of Corpus Christi. The Property itself is located in the Annaville neighborhood, which was formerly its own town before being annexed into Corpus Christi in the 1960's.
The surrounding neighborhoods to the Property are largely singe family residences, although across the street from the Property are restaurant uses, including Pizza Hut, Rigatoni's Italian and China Bear.
The Property is located in the Tuloso-Midway school district, an academic-focused school district which utilizes a year-round school session and does not offer school organized sports to its students. The primary school is located directly across Mckinze Road from the Property, and the the high school is located approximately one mile down Mckinze Road from the Property.
Market Overview
According to the 2015 Census Bureau, the City of Corpus Christi has a population of approximately 326,000. Per the U.S. Bureau of Labor Statistics the unemployment rate in Corpus Christi was 6.2% as of April 2017.
Per a market study dated September 2016 and published by the U.S. Department of Housing and Urban Development total jobs in the Corpus Christi Housing Market Area (which consists of Aransas, Nueces, and San Patricio Counties on the Texas Gulf Coast) grew by 1.5% for the 12 months ended August 2016. Government is the largest employment sector in Corpus Christi, consisting of 17.1% of total jobs, but is closely followed by education and health services, which comprise 15.8% of total jobs in the market. During the 12 months ending August 2016 the education and health services sector increased by 1,500 jobs, or approximately 5.1%. Per the market study, this was due in large part to due to $325 million expansions at CHRISTUS Spohn Health System and Driscoll Children’s Hospital.
Per Axiometrics, as of 2016 year-end vacancy in the City of Corpus Christi, TX was approximately 7.8%, and the annual growth rate during the first four quarters of the expected hold period (July 2017 - June 2018) is 3.6%.
Demographic Information
Distance from Property | 1 Mile | 3 Miles | 5 Miles |
Population (2017) | 10,871 | 21,540 | 28,786 |
Population (2022) | 11,391 | 22,526 | 30,123 |
Predicted Growth (2017-2022) | 4.74% | 4.58% | 4.66% |
Median HH Income | $58,563 | $64,936 | $66,648 |
Average HH Income | $75,163 | $78,913 | $80,809 |
Median Home Value | $143,085 | $140,589 | $142,156 |
Demographic information above was obtained from CoStar.
Sources of Funds | Cost |
---|---|
Debt | $7,085,000 |
Equity | $3,318,537 |
Total Sources of Funds | $10,403,537 |
Uses of Funds | Cost |
Purchase Price | $8,875,000 |
CapEx Reserve | $1,011,409 |
Sponsor Acquisition Fee | $88,750 |
North Capital Broker Dealer Fee | $75,000 |
Lender Origination Fee | $70,850 |
Title and Due Diligence | $32,000 |
Legal Fees paid to Outside Counsel | $30,000 |
Taxes and Insurance Escrows | $185,528 |
Working Capital | $35,000 |
Total Uses of Funds | $10,403,537 |
The projected terms of the debt financing are as follows:
- Lender: Prudential Multifamily Mortgage, LLC
- Loan Type: Agency (Fannie Mae)
- Proceeds: $7,085,000
- Term: 10 Years
- Rate: 10-year US Treasury + 2.37% (underwritten at 4.47%)
- Amortization: 30 years
- Interest Only Period: 24 months
- Prepayment Fee: 9.5 Years Yield Maintenance; Followed by 1.0%, with last 90 days at Par
- 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.
NAPA Ventures Yardarm, LLC intends to make distributions to Realty Mogul 82, LLC as follows:
- To the Members, pari passu, all excess cash flows and appreciation to a 10.0% IRR to the Members,
- 85.0 / 15.0 (85.0% to the Members / 15.0% to the Sponsor) of excess cash flows and appreciation to a 17.0% IRR to Realty Mogul 82, LLC,
- 60.0 / 40.0 of excess cash flow and appreciation to a 20.0% IRR to Realty Mogul 82, LLC, and
- 50.0 / 50.0 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 82, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 82, LLC (the RealtyMogul.com investors).
Distributions are expected to start in December 2017 and are projected 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.
2017* | 2018 | 2019 | |
---|---|---|---|
Effective Gross Revenue | $732,741 | $1,554,691 | $1,628,763 |
Total Operating Expenses | $433,484 | $878,207 | $896,665 |
Net Operating Income | $299,257 | $676,484 | $732,097 |
Annual Debt Service | $158,350 | $316,700 | $372,985 |
Distributions to Realty Mogul 82, LLC Investors | $84,032 | $230,230 | $3,367,547 |
*Note: This underwriting assumes six months of operations for the Property in 2017, whereas 2018 and 2019 are representative of twelve months of projected Property operations.
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 | $88,750 | Sponsor | Capitalized Equity Contribution | 1.0% of the property purchase price |
Disposition Fee | 1.0% of Gross Sales Price | Sponsor | Sales Proceeds | |
Broker-Dealer Fee | 3.0% of Realty Mogul 82, LLC invested equity | North Capital (1) | Capitalized Equity Contribution | Minimum of $50,000 |
Recurring Fees | ||||
Property Management Fee | 4.0% of Effective Gross Income | Sponsor-Affiliated Party | Distributable Cash | |
Construction Management Fee | 3.0% of Total Costs | Sponsor | Capital Expenditure Reserve | |
Asset Management Fee | 1.0% of Effective Gross Income | Sponsor | Operating Cash Flow | |
Management and Administrative Fee | 1.0% of amount invested in Realty Mogul 82, LLC | RM Manager, LLC | Distributable Cash | RM Manager, LLC is the Manager of Realty Mogul 82, 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 82, 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.
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.