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Multifamily
Yardarm Apartments
Corpus Christi, TX
Completed Equity
100% funded
...
Yardarm Apartments
Corpus Christi, TX
All Investments > Yardarm Apartments
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Overview
Yardarm Apartments
Value Add multifamily property being acquired in Corpus Christi, TX by a Texas based, repeat Sponsor.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 12/2017
Estimated Hold Period 3 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1983
Number of Units 150 (one unit is to be used as a model unit)
Net Rentable Square Footage 125,304
Unit Types 64 one bedroom/one bathroom (1/1) 24 two bedroom/one bathroom (2/1) 60 two bedroom/two bathroom (2/2) 2 two bedroom/ one and a half bathroom townhomes (2/1.5)
Construction Style Wood Frame
Number of Stories Two (2)
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
Local, Repeat Sponsorship: Texas Based Sponsor that has Previously Executed two Transactions with RealtyMogul.com
Sponsor has Budgeted Over $1.0 million, or $6,743 / Unit, for Interior and Exterior Renovations
Demographics: Per CoStar, Average Household Income in the Surrounding Five Mile Radius is Approximately $81,000 / Year
Local, Repeat Sponsorship: Texas Based Sponsor that has Previously Executed two Transactions with RealtyMogul.com
Sponsor has Budgeted Over $1.0 million, or $6,743 / Unit, for Interior and Exterior Renovations
Demographics: Per CoStar, Average Household Income in the Surrounding Five Mile Radius is Approximately $81,000 / Year
Contact Us
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Speak with our Investor Relations team.
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Management
For more information, view the Sponsor's Investment Memorandum.
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.

Sponsor Track Record
 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

Website
Management Team
Management
Shravan Parsi
Principal and Co-Founder

Shravan Parsi is an entrepreneur and an innovator with a background in two diversified professional fields: real estate investments and pharmaceutical research.

Shravan is the Co-CEO & Co-Founder of NAPA, LLC, which has acquired 7 apartment complexes and 2 commercial properties in the past 18 months. NAPA will continue to aggressively grow with a forecasted pipeline of $150MM in planned acquisitions in 2016. Shravan is a featured speaker at Texas CEO Magazine’s 2015 Enlightened Speaker series event & was recently featured as a value investor in the Austin American Statesman for the commercial real estate investment he purchased adjacent to the Formula 1 Race Track prior to the inaugural US Grand Prix in Austin, Texas.

By education, Shravan is a Pharmaceutical Scientist, owns investments in Medical Device & Health-Tech space. Shravan has published articles in the academic journals and made presentations to FDA and American Association of Pharmaceutical Scientists (AAPS).

With 11 years of RE Investment experience and 12 years of Pharma industry scientific and management experience, Shravan brings a unique skill set and strategic business vision to NAPA investments. He is currently a member of prestigious entrepreneur network TIGER 21, Central Texas Angel Network (CTAN), and the Austin Technology Council (ATC), and a past member of Entrepreneurs Org (EO).

Management
Glenn Gonzales
Principal and Co-Founder

Mr. Glenn Gonzales is an entrepreneurial individual able to leverage 25 years of commercial real estate experience. Glenn served as Treasurer on the Board of Directors for the Washington Multi-family Housing Association, and was elected as President of the association in 2006. From 1994 to 1998, Glenn was a board member for the Utah Apartment Association. He also served a two-year term as the Chairman of the Public Relations Committee and a one-year term as the Secretary-Treasurer for the Institute of Real Estate Management (IREM). Since 1994, Glenn has also been an instructor for the Apartment Associations in his local markets.

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

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 Mix
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.

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Comparables
For more information, view the Sponsor's Investment Memorandum.
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 -
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
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
Debt Assumptions

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.

Distributions

NAPA Ventures Yardarm, LLC intends to make distributions to Realty Mogul 82, LLC as follows:

  1. To the Members, pari passu, all excess cash flows and appreciation to a 10.0% IRR to the Members,
  2. 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, 
  3. 60.0 / 40.0 of excess cash flow and appreciation to a 20.0% IRR to Realty Mogul 82, LLC, and
  4. 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. 

Cash Flow Projections
  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.

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 $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.

Sources & Uses
Total Capitalization
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
Debt Assumptions

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.

Distributions

NAPA Ventures Yardarm, LLC intends to make distributions to Realty Mogul 82, LLC as follows:

  1. To the Members, pari passu, all excess cash flows and appreciation to a 10.0% IRR to the Members,
  2. 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, 
  3. 60.0 / 40.0 of excess cash flow and appreciation to a 20.0% IRR to Realty Mogul 82, LLC, and
  4. 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. 

Cash Flow Projections
  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.

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 $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.

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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Request a one-time verification code to verify the phone number we'll use for two-factor authentication.

US phone number only. Message and data rates may apply.

SECURITY SETUP

Connect your authenticator app.

1. Install an authenticator app

of your choice on your mobile device.

2. Scan this QR code

with your authenticator app to get a verification code.

QR Code

3. Enter the code

from your authenticator app:

SIGN IN

Verify your identity.

REPLACE ME

Request another code.

SECURITY SETUP

Security setup skipped.

You can manage your two-factor authentication settings anytime in your profile.

Set New Password