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Residential
LSC-Rochester NY, DST
Rochester, NY
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LSC-Rochester NY, DST
Rochester, NY
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Overview
LSC-Rochester NY, DST
LSC-Rochester NY DST is a single-asset senior housing offering that owns Legacy at Clover Blossom, a 219-unit independent living facility located in the southeast suburbs of Rochester, NY. Constructed in 2006, the highly-amenitized property is stabilized after undergoing $3.25 million worth of common area renovations since 2021. The DST is anticipated to generate a 4.70% Year 1 investor yield from in-place resident leases at the Property.
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Details
For more information, view the Sponsor's Investment Memorandum.
Eligibility 1031 Exchange Only
Minimum Investment 100000
Estimated Hold Period 10 Years
Investment Type Equity
Offering Loan-to-Value 48.2%
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
Stabilized Property with Waitlist: The Property is 95.0% occupied (as of 12/2/24), above the market occupancy of 89.4% (2Q24; FactRight), supported by an extensive waiting list for two-bedroom and cottage units at the Property (as of Nov 2024).
Expansive Amenity Package: Management provides a full-service living experience through social programming and the use of community amenities, including an indoor pool, fitness center, bocce ball court, salon, library, chapel, and media room. In-unit amenities include fully equipped kitchens (excluding studios and petite one-bedrooms), weekly housekeeping, all utilities including cable and internet, 24-hour associate support, and continental breakfast plus one meal per day at the dining room.
Well-Maintained Asset: Constructed in 2006, the Property has been well-maintained with limited deferred maintenance. Prior ownership reportedly invested over $3.25 million since 2021 into the Property, including but not limited to common area renovations, amenity improvements, and unit renovations.
Central Location: Located in the Town of Brighton, a southeast suburb of Rochester, the Property is surrounded by recreational amenities (Ellison Park, Corbett’s Glen Nature Park, Cobbs Hill Park, Country Club of Rochester, Oak Hill Country Club), medical facilities (Strong Memorial Hospital and Highland Hospital), grocery stores (Wegmans, ALDI, Trader Joe’s, Whole Foods), and shopping centers.
Nationally Ranked Retirement Destination: Rochester is within the top 25 best places to retire in 2024 thanks to a low cost of living, favorable healthcare score, and praise for its friendly residents. Rochester offers more than 3,500 acres of nationally recognized parks along with water activities along Lake Ontario. (US News & World Report 2024 List)
Institutional Property Manager: Founded in 1985, Watermark Communities is a full-service senior housing property management, investment, and development firm. Watermark currently manages over 75 communities across 21 states covering the full acuity of care.
Experienced Sponsorship: Founded in 2016, Livingston Street Capital (“LSC”) is a boutique commercial real estate private equity firm focused on acquiring and managing active adult and independent living facilities across the country. Since its inception, LSC has syndicated 20 DSTs (13 active adult/independent living offerings), while its affiliated property management firm oversees 14 active adult/independent living facilities.
Stabilized Property with Waitlist: The Property is 95.0% occupied (as of 12/2/24), above the market occupancy of 89.4% (2Q24; FactRight), supported by an extensive waiting list for two-bedroom and cottage units at the Property (as of Nov 2024).
Expansive Amenity Package: Management provides a full-service living experience through social programming and the use of community amenities, including an indoor pool, fitness center, bocce ball court, salon, library, chapel, and media room. In-unit amenities include fully equipped kitchens (excluding studios and petite one-bedrooms), weekly housekeeping, all utilities including cable and internet, 24-hour associate support, and continental breakfast plus one meal per day at the dining room.
Well-Maintained Asset: Constructed in 2006, the Property has been well-maintained with limited deferred maintenance. Prior ownership reportedly invested over $3.25 million since 2021 into the Property, including but not limited to common area renovations, amenity improvements, and unit renovations.
Central Location: Located in the Town of Brighton, a southeast suburb of Rochester, the Property is surrounded by recreational amenities (Ellison Park, Corbett’s Glen Nature Park, Cobbs Hill Park, Country Club of Rochester, Oak Hill Country Club), medical facilities (Strong Memorial Hospital and Highland Hospital), grocery stores (Wegmans, ALDI, Trader Joe’s, Whole Foods), and shopping centers.
Nationally Ranked Retirement Destination: Rochester is within the top 25 best places to retire in 2024 thanks to a low cost of living, favorable healthcare score, and praise for its friendly residents. Rochester offers more than 3,500 acres of nationally recognized parks along with water activities along Lake Ontario. (US News & World Report 2024 List)
Institutional Property Manager: Founded in 1985, Watermark Communities is a full-service senior housing property management, investment, and development firm. Watermark currently manages over 75 communities across 21 states covering the full acuity of care.
Experienced Sponsorship: Founded in 2016, Livingston Street Capital (“LSC”) is a boutique commercial real estate private equity firm focused on acquiring and managing active adult and independent living facilities across the country. Since its inception, LSC has syndicated 20 DSTs (13 active adult/independent living offerings), while its affiliated property management firm oversees 14 active adult/independent living facilities.
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Management
For more information, view the Sponsor's Investment Memorandum.
Livingston Street Capital

Founded in 2016, Livingston Street Capital is a boutique commercial real estate private equity firm headquartered in Radnor, PA. The firm is focused on acquiring assets that fulfill an essential need for either the tenant or the consumer with a primary focus in active adult and independent living communities. Additionally, the Sponsor acquires mission-critical/strategic properties, including but not limited to, light manufacturing industrial buildings, corporate headquarter office buildings, and healthcare-related properties. Since its inception, LSC has syndicated 20 DSTs, while its affiliated property management firm oversees 14 active adult/independent living facilities. LSC is led by a management team that has collectively transacted more than $20 billion of real estate transactions throughout their careers collectively spanning more than 75 years of experience in multiple aspects of real estate and capital markets.

Management Team
Management
Peter V. Scola
President & CEO

Mr. Scola serves as LSC’s President and Chief Executive Officer. Over the course of his career, he has completed more than $20 billion in real estate transactions including direct equity investment, M&A, joint venture structuring, capital raising, and asset repositioning. Additionally, Mr. Scola has significant financial services and equity and debt capital markets experience, affording him a unique perspective on the total lifecycle of an investment as well as its capitalization.

Prior to LSC, Mr. Scola most recently served as a senior executive of Cantor Fitzgerald & Co. and co-founder of Cantor Commercial Real Estate L.P. Prior to that, Mr. Scola held executive positions with Bank of America, Fitch Ratings, Merrill Lynch, and Wells Fargo Securities, and has worked with several public and private real estate investment trusts. He has also built a personal portfolio of real estate investments that are predominantly value-add acquisitions.

Mr. Scola holds a degree in International Business and Finance from American University, where he received several academic awards and scholarships.

Management
Brian Krill
Chief Financial Officer

Mr. Krill serves as LSC’s Chief Financial Officer, bringing more than 20 years of accounting and finance experience with a significant focus on the commercial real estate sector. He is responsible for the oversight of all aspects of the company’s accounting and financial management. Additionally, Mr. Krill leads strategic initiatives at the company including working on the creation of new investment offerings.

Before joining LSC in 2018, Mr. Krill worked at Brandywine Realty Trust, a publicly listed real estate investment trust with a market capitalization in excess of $2.6 billion. He served as Director of Property Accounting and was responsible for all property-level accounting and reporting aspects of a 25 million square foot office portfolio. Prior to that, Mr. Krill was the Vice President – Fund/Property Controller at KTR Capital Partners, a private equity real estate company that specialized in industrial real estate. In that role, he was responsible for property accounting, budgeting, financial reporting, tax and cash management for the 60+ million square foot industrial portfolio, which was eventually sold to Prologis for an aggregate purchase price of $5.9 billion. He began his career as an auditor for Ernst and Young working with financial services clients.

Management
John Grosso, CFA
Managing Director of Acquisitions

Mr. Grosso serves as Managing Director of Acquisitions, bringing extensive real estate and finance experience spanning acquisitions, capital raising, structured finance, M&A, and investment research. He is responsible for the origination and execution of real estate transactions while also playing a major role in developing and sourcing new investment verticals.

Before joining LSC in 2021, Mr. Grosso worked at Trimont Real Estate Advisors, a consulting, servicing, and asset management firm, where he served as a senior member of the Investment Advisory Team. There, he led the equity, construction, and bridge debt advisory business lines and was responsible for sourcing new clients as well as performing acquisition diligence, equity structuring, investment research, and other engagement-based duties. Prior to that, Mr. Grosso worked at Kroll Bond Rating Agency where he led the Freddie K-Series new issuance platform and was a key member of the large loan and distressed new issuance groups. He has additional experience in commercial real estate equity syndication/fundraising, corporate finance, and public accounting. Mr. Grosso received his CFA charter in 2013.

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

Please refer to the LSC-Rochester NY, DST - Private Placement Memorandum in the Documents section for details regarding distributions and fees.

Distributions

Please refer to the LSC-Rochester NY, DST - Private Placement Memorandum in the Documents section for details regarding distributions and fees.

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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