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Multifamily
Serendipity Apartments
Dallas, TX
Completed Equity
100% funded
...
Serendipity Apartments
Dallas, TX
All Investments > Serendipity Apartments
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Overview
Serendipity Apartments
Value-add acquisition of a multifamily asset with institutional-quality sponsorship and management.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 3/2018
Estimated Hold Period 5 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1975
# of Units 343
Current Occupancy 95%
Parking Ratio 1.10/Unit
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
Experienced Real Estate Company: The Real Estate Company has owned and managed over $1 billion in real estate overall, including 10,000 multifamily units (4,000 of which are located in Dallas-Fort Worth)
Attractive Basis: The Real Estate Company acquired the Property for $56,851 / unit which compares favorably to comparable transactions in the market
Well Located: The Property is situated in a major market with favorable fundamentals; in close proximity to retail amenities, public transportation and public facilities
Conservative Business Plan: Per Axiometrics, the Property was 95% occupied as of July 31, 2017, and operating cash flows comprise a significant component of the total underwritten returns to investors
Experienced Real Estate Company: The Real Estate Company has owned and managed over $1 billion in real estate overall, including 10,000 multifamily units (4,000 of which are located in Dallas-Fort Worth)
Attractive Basis: The Real Estate Company acquired the Property for $56,851 / unit which compares favorably to comparable transactions in the market
Well Located: The Property is situated in a major market with favorable fundamentals; in close proximity to retail amenities, public transportation and public facilities
Conservative Business Plan: Per Axiometrics, the Property was 95% occupied as of July 31, 2017, and operating cash flows comprise a significant component of the total underwritten returns to investors
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Management
For more information, view the Sponsor's Investment Memorandum.
Presidium Group

Presidium Group (the “Real Estate Company”) was founded in 2002 by Cross Moceri and John Griggs and is a vertically-integrated real estate firm specializing in opportunistic and value-add transactions in Texas. The Real Estate Company has over 250 employees and over 50 assets under management. The current portfolio consists of over 10,000 multifamily units (over 4,000 in DFW) with a value of over $800 million. Including full-cycle investments, the Real Estate Company has owned and managed over $1 billion in real estate assets.

Sponsor Track Record
 Presidium Group Track Record - Current Portfolio
 Property Name   Location   Property Type   Acquisition Date   Purchase Price 
 Courtyards of Valley View   Farmers Branch, TX   Multifamily  2005 $3,400,000
 Shenandoah Woods   Houston, TX   Multifamily  2006 $5,220,000
 Southern Oaks   Houston, TX   Multifamily  2006 $4,455,000
 Unity Pointe   Houston, TX   Multifamily  2006 $2,452,500
 Ashley Square   Houston, TX   Multifamily  2006 $2,632,500
 Inglewood Village   Houston, TX   Multifamily  2006 $2,115,000
 Oak Lawn Heights   Dallas, TX   Multifamily  2010 $1,860,000
 Solaris   Austin, TX   Multifamily  2013 $23,100,000
 Elm Creek   San Antonio, TX   Multifamily  2013 $3,320,000
 The Element   Austin, TX   Multifamily  2013 $10,700,000
 Hillcroft   Houston, TX   Multifamily  2014 $14,250,000
 Vue   Austin, TX   Multifamily  2014 $10,600,000
 Axio   San Antonio, TX   Multifamily  2014 $26,500,000
 Escondido Village   San Antonio, TX   Multifamily  2014 $18,000,000
 Villas at Tenison Park   Dallas, TX   Multifamily  2014 $13,100,000
 The Surround   Dallas, TX   Multifamily  2014 $13,125,000
 The Thread   Dallas, TX   Multifamily  2014 $16,000,000
 Colonial Woods   Houston, TX   Multifamily  2014 $3,900,000
 Entro at Midtown   Dallas, TX   Multifamily  2014 $24,400,000
 The Branch at the Medical Center   Austin, TX   Multifamily  2015 $24,000,000
 The Verge   Dallas, TX   Multifamily  2015 $14,115,000
 The Link    Dallas, TX   Multifamily  2015 $26,620,000
 The Violet   Austin, TX   Multifamily  2015 $12,000,000
 Balcones Club   Austin, TX   Multifamily  2015 $30,000,000
 Bridgepoint   Oklahoma City, OK   Multifamily  2016 $10,750,000
 Vistas at Lake Worth   Ft. Worth, TX   Multifamily  2016 $17,100,000
 Windsor House   San Antonio, TX   Multifamily  2016 $36,500,000
 Cottonwood Creek   Dallas, TX   Multifamily  2016 $21,000,000
 The Linear   Dallas, TX   Multifamily  2016 $22,500,000
 University Village   Austin, TX   Multifamily  2016 $131,500,000
 Spice Creek   San Antonio, TX   Multifamily  2016 $12,100,000
 Total Portfolio        $557,315,000

Note: The management overview and track record detailed above was provided by the Sponsor and has not been verified by RealtyMogul.com or NCPS.

Website
Management Team
Management
Cross Moceri
Co-CEO
Cross Moceri is a founder and principal of Presidium Group. Mr. Moceri began his real estate investment career by founding Centaurus Investments, LLC in 2002 (the predecessor company to Presidium), focusing on multi-family investments in the Southern United States. Mr. Moceri is primarily responsible for capital formation, acquisitions, financial structuring, and portfolio development. Over the past decade, Mr. Moceri has spearheaded more than $1.2B of real estate investments. Mr. Moceri heads the Austin office of Presidium Group.
 
B.A. University of Notre Dame / J.D. University of Michigan
Management
John Griggs
Co-CEO
John Griggs is a founder and principal of Presidium Group and oversees all financial and operational aspects of Presidium Group’s 10,000 unit portfolio. Mr. Griggs is responsible for optimizing the capitalization of the portfolio and also directs asset and property management, construction and investor relations. Mr. Griggs has overseen the acquisition and successful integration of more than $1 billion of real estate assets and supervises over 250 Presidium employees. In addition to his 14 years of direct real estate experience, Mr. Griggs has passed Level 1 of the Chartered Financial Analyst program. Before launching his real estate career, he was a corporate lawyer at Milbank and Wilson Sonsini. Mr. Griggs heads the Dallas office of Presidium Group.
 
A.B. Stanford University / J.D. University of Michigan
Property
For more information, view the Sponsor's Investment Memorandum.

Built in 1975, the Property is comprised of studio, one, and two-bedroom floor plans across 343 units and eight buildings totaling ​209,380 rentable square feet. The weighted average size and rent per unit is 610 square feet and $634/unit ($1.04/SF), respectively. Amenities at the Property include a business center, fitness center, sauna, two pools, laundry facilities, picnic areas, and a clubhouse. The Property includes 376 on-site parking spaces (1.10/Unit). 

In-Place Unit Mix

 Unit Type   # of Units   % of Total   Unit (SF)   Total SF   Rent (Mon.)   Mo Rent/SF   Annual Rents 
 Studio  17 5% 368 6,256 $518 $1.41 $105,645
 1 Bed, 1 Bath  61 18% 486 29,646 $583 $1.20 $426,789
 1 Bed, 1 Bath  10 3% 525 5,250 $577 $1.10 $69,195
 1 Bed, 1 Bath  16 5% 528 8,448 $591 $1.12 $113,484
 1 Bed, 1 Bath  30 9% 544 16,320 $599 $1.10 $215,470
 1 Bed, 1 Bath  80 23% 558 44,640 $601 $1.08 $577,289
 1 Bed, 1 Bath  23 7% 640 14,720 $626 $0.98 $172,679
 1 Bed, 1 Bath  24 7% 654 15,696 $618 $0.95 $177,997
 2 Bed, 1 Bath  28 8% 720 20,160 $730 $1.01 $245,328
 2 Bed, 1 Bath  5 1% 784 3,920 $728 $0.93 $43,680
 2 Bed, 2 Bath  35 10% 900 31,500 $784 $0.87 $329,465
 2 Bed, 2 Bath  14 4% 916 12,824 $786 $0.86 $132,000
 Totals/Averages  343 100% 610 209,380 $217,418 $1.04 $2,609,021
            $634/Unit  


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

Lease Comparables

Lease Comparables East Town The Cambridge Park Beverly Cityscape Dallas La Vita Total / Averages Subject (Post-Reno)
               
Submarket North White Rock North White Rock North White Rock North White Rock North White Rock   North White Rock
# of Units 188 312 145 260 162 213 343
Year Built 1976 1978 1963 1967 1985 1974 1975
Average SF 859 700 584 544 536 649 610
Average $ / Unit $957 $949 $778 $747 $786 $853 $802
Studios
# of Units   90   122 54 89 17
$ / Unit   $795   $657 $719 $716 $589
Average Square Feet   445   408 480 435 368
1 Bedroom x 1 Bathroom
# of Units 124 150 80 22 92 114 244
$ / Unit $785 $923 $707 $773 $791 $809 $754
Average Square Feet 694 629 486 642 529 609 552
2 Bedroom x 1 Bathroom
# of Units   18 65   16 33 33
$ / Unit   $1,045 $864   $987 $917 $888
Average Square Feet   982 703   760 763 888
2 Bedroom x 2 Bathroom
# of Units 64 54   16   45 49
$ / Unit $1,171 $1,213   $1,235   $1,195 $1,060
Average Square Feet 1,077 1,166   838   1,084 905
Distance from Subject 0.6 miles 1.3 miles 1.1 miles 0.5 miles 1.4 miles 1.0 miles  

 

Sale Comparables

Sale Comparables Residences at Lake Highlands Santa Fe Trails Princeton Court East Towne Stratford Hill Tribeca on the Creek Total / Averages Subject
                 
Date March-17 May-17 November-16 October-16 August-16 December-15   August-17
Transaction Type Sale Refinance Refinance Refinance Refinance Refinance    
Submarket North White Rock North White Rock North White Rock North White Rock North White Rock North White Rock   North White Rock
# of Units 247 178 260 208 232 267 232 343
Year Built 1969 1969 1974 1976 1967 1979 1972 1975
Average SF 803 853   859 914 806 845 610
Purchase Price / Appraised Value $21.1 MM $8.9 MM $14.5 MM $13.3 MM $10.3 MM $13.0 MM $13.8 MM $19.5 MM
$/Unit $85,547 $50,000 $55,769 $63,942 $44,397 $48,689 $59,454 $56,851
Cap Rate 6.10%   5.80%   5.70%      
Distance from Subject 3.1 miles 0.7 miles 1.1 miles 0.6 miles 0.2 miles 1.0 miles 1.1 miles  

*Lease and Sale Comparable information provided by Axiometrics and Real Capital Analytics.

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $18,800,000
Equity $6,313,803
Total Sources of Funds $25,113,803
Uses of Funds Cost
Purchase Price $19,500,000
Acquisition Fee $390,000
Broker-Dealer Placement Fee $81,656
Loan Fee $94,000
Closing Costs $200,043
CapEx Holdback $3,500,000
Sr. Loan Performance Earnout (1) $1,200,000
Working Capital $148,103
Total Uses of Funds $25,113,803

(1) The performance earnout has been excluded from the pro forma financials in the Issuer Document Package attached to this offering.

Debt Assumptions

The projected terms of the debt financing are as follows:

• Lender: Legacy Texas Bank
• Loan Type: Bridge
• Recourse: Non-recourse (Standard Carveouts)
• Loan Amount (1): $18,800,000 ($54,810/unit)
• Rehabilitation Holdback: $3,500,000 ($10,204/unit)
• Performance Earnout: $1,200,000 ($3,499/unit)
• Interest Rate (Years 1-3): 4.75%
• Interest Rate (Years 4-5): 5.00%
• Loan-to-Purchase (Net of Future Funding): 72.3%
• Loan-to-Cost: 73.8%
• Term: 36 Months
• Amortization: 30 Years
• Interest Only: 24 Months
• Extension Options: Two 12-month Extensions ($47,000 per Extension)
• Prepayment: 2% in year 1, 1% in year 2, open thereafter.
 

(1) The Lender is advancing $14,100,000 to the Real Estate Company at close, with an additional “conditionally available amount” comprised of (i) a holdback in the amount of $3,500,000 to reimburse Borrower for the Rehabilitation Costs, and (ii) a holdback in the amount of $1,200,000 to reflect increased net operating income realized by Borrower. The $1,200,000 holdback is a performance earnout which was not been has been excluded from the pro forma financials in the Issuer Document Package attached to this offering.

 

*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

Travertine North Park Investors, LLC intends to make distributions of all available cash and capital proceeds to investors (Realty Mogul 91, LLC, MogulREIT II, and Real Estate Company, collectively, the "Members") as follows:

  1. To the Members, pari passu, all excess cash flows and appreciation to a 10% IRR to the Members,
  2. 85 / 15 (85% to the Members / 15% to the Real Estate Company) of excess cash flows and appreciation to a 15% IRR to Realty Mogul 91, LLC, 
  3. 70 / 30 of excess cash flow and appreciation to a 20% IRR to Realty Mogul 91, LLC, and
  4. 50 / 50 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 91, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 91, LLC (the RealtyMogul.com investors). 

Distributions are expected to start in March 2018 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Projections
  Year 1 Year 2 Year 3 Year 4   Year 5  
Effective Gross Revenue $3,045,001 $3,384,010 $3,667,674 $3,915,116 $4,080,553
Total Operating Expenses $1,881,276 $1,982,433 $2,046,331 $2,110,357 $2,172,726
Net Operating Income $1,163,725 $1,401,577 $1,621,343 $1,804,759 $1,907,808
Distributions to The Company $92,880 $144,269 $128,552 $147,212 $2,907,777

Sample Targeted Cash Flows - Hypothetical $50,000 Investment

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Targeted Distributions to Investor ($50,000) $2,756 $4,281 $3,815 $4,368 $86,284
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 $390,000 Real Estate Company (50%) & RM Advisor, LLC (50%) Capitalized Equity Contribution 2.0% of Purchase Price. RM Advisor, LLC is the Manager of MogulREIT II and a wholly-owned subsidiary of Realty Mogul, Co.
Disposition Fee 1.0% of Gross Sale Proceeds RM Advisor, LLC Distributable Cash RM Advisor, LLC is the Manager of MogulREIT II and a wholly-owned subsidiary of Realty Mogul, Co.
Broker-Dealer Fee $81,656 North Capital (1) Capitalized Equity Contribution  
Recurring Fees
Property Management Fee 4.0% of Effective Gross Income Presidium Property Management, a wholly owned subsidiary of the Real Estate Company Operating Cash Flow  
Construction Management Fee 10.0% of Construction Costs Presidium Construction Management, a wholly owned subsidiary of the Real Estate Company Capitalized CapEx Budget  
Management and Administrative Fee 1.25% of amount invested in Realty Mogul 91, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of Realty Mogul 91, 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 abo​ve presentation is based upon information supplied by the Real Estate Company or others.  Realty Mogul, Co., RM Manager, LLC, RM Advisor, LLC, and Realty Mogul 91, 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 $18,800,000
Equity $6,313,803
Total Sources of Funds $25,113,803
Uses of Funds Cost
Purchase Price $19,500,000
Acquisition Fee $390,000
Broker-Dealer Placement Fee $81,656
Loan Fee $94,000
Closing Costs $200,043
CapEx Holdback $3,500,000
Sr. Loan Performance Earnout (1) $1,200,000
Working Capital $148,103
Total Uses of Funds $25,113,803

(1) The performance earnout has been excluded from the pro forma financials in the Issuer Document Package attached to this offering.

Debt Assumptions

The projected terms of the debt financing are as follows:

• Lender: Legacy Texas Bank
• Loan Type: Bridge
• Recourse: Non-recourse (Standard Carveouts)
• Loan Amount (1): $18,800,000 ($54,810/unit)
• Rehabilitation Holdback: $3,500,000 ($10,204/unit)
• Performance Earnout: $1,200,000 ($3,499/unit)
• Interest Rate (Years 1-3): 4.75%
• Interest Rate (Years 4-5): 5.00%
• Loan-to-Purchase (Net of Future Funding): 72.3%
• Loan-to-Cost: 73.8%
• Term: 36 Months
• Amortization: 30 Years
• Interest Only: 24 Months
• Extension Options: Two 12-month Extensions ($47,000 per Extension)
• Prepayment: 2% in year 1, 1% in year 2, open thereafter.
 

(1) The Lender is advancing $14,100,000 to the Real Estate Company at close, with an additional “conditionally available amount” comprised of (i) a holdback in the amount of $3,500,000 to reimburse Borrower for the Rehabilitation Costs, and (ii) a holdback in the amount of $1,200,000 to reflect increased net operating income realized by Borrower. The $1,200,000 holdback is a performance earnout which was not been has been excluded from the pro forma financials in the Issuer Document Package attached to this offering.

 

*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

Travertine North Park Investors, LLC intends to make distributions of all available cash and capital proceeds to investors (Realty Mogul 91, LLC, MogulREIT II, and Real Estate Company, collectively, the "Members") as follows:

  1. To the Members, pari passu, all excess cash flows and appreciation to a 10% IRR to the Members,
  2. 85 / 15 (85% to the Members / 15% to the Real Estate Company) of excess cash flows and appreciation to a 15% IRR to Realty Mogul 91, LLC, 
  3. 70 / 30 of excess cash flow and appreciation to a 20% IRR to Realty Mogul 91, LLC, and
  4. 50 / 50 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 91, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 91, LLC (the RealtyMogul.com investors). 

Distributions are expected to start in March 2018 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the Real Estate Company, who may decide to delay distributions for any reason, including maintenance or capital reserves. 

Cash Flow Projections
  Year 1 Year 2 Year 3 Year 4   Year 5  
Effective Gross Revenue $3,045,001 $3,384,010 $3,667,674 $3,915,116 $4,080,553
Total Operating Expenses $1,881,276 $1,982,433 $2,046,331 $2,110,357 $2,172,726
Net Operating Income $1,163,725 $1,401,577 $1,621,343 $1,804,759 $1,907,808
Distributions to The Company $92,880 $144,269 $128,552 $147,212 $2,907,777

Sample Targeted Cash Flows - Hypothetical $50,000 Investment

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Targeted Distributions to Investor ($50,000) $2,756 $4,281 $3,815 $4,368 $86,284
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 $390,000 Real Estate Company (50%) & RM Advisor, LLC (50%) Capitalized Equity Contribution 2.0% of Purchase Price. RM Advisor, LLC is the Manager of MogulREIT II and a wholly-owned subsidiary of Realty Mogul, Co.
Disposition Fee 1.0% of Gross Sale Proceeds RM Advisor, LLC Distributable Cash RM Advisor, LLC is the Manager of MogulREIT II and a wholly-owned subsidiary of Realty Mogul, Co.
Broker-Dealer Fee $81,656 North Capital (1) Capitalized Equity Contribution  
Recurring Fees
Property Management Fee 4.0% of Effective Gross Income Presidium Property Management, a wholly owned subsidiary of the Real Estate Company Operating Cash Flow  
Construction Management Fee 10.0% of Construction Costs Presidium Construction Management, a wholly owned subsidiary of the Real Estate Company Capitalized CapEx Budget  
Management and Administrative Fee 1.25% of amount invested in Realty Mogul 91, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of Realty Mogul 91, 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 abo​ve presentation is based upon information supplied by the Real Estate Company or others.  Realty Mogul, Co., RM Manager, LLC, RM Advisor, LLC, and Realty Mogul 91, 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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