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Multifamily
Lake Shore Village
Columbia, SC
Completed Equity
100% funded
...
Lake Shore Village
Columbia, SC
All Investments > Lake Shore Village
...
Overview
Lake Shore Village
Off-market acquisition of a value-add multifamily asset with an experienced Real Estate Company
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Videos
Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 6/2018
Estimated Hold Period 5 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1974
Number of Units 280
Current Occupancy 90%
Parking Ratio 2.0 spaces/unit
Amenities Lakefront swimming pool, dog park, grilling areas, fitness center, large clubhouse and a 33-acre lake.
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
Well-maintained asset with room for management and operational efficiencies
Proven potential rent increases with previously renovated units
Property was recently annexed into the City of Columbia providing significant water cost savings
Off-market transaction
Well-maintained asset with room for management and operational efficiencies
Proven potential rent increases with previously renovated units
Property was recently annexed into the City of Columbia providing significant water cost savings
Off-market transaction
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.
Crown Bay Group

Crown Bay Group ("Crown Bay"), founded in 2013 is actively involved in the acquisition, asset management, renovation, repositioning and disposition of value-add apartment assets. Their primary investment strategy is to seek out properties that can be bought at a discount and then expeditiously resolve problem issues with the purpose of increasing net cash flow and in turn increasing the market value to the subject property.

The Real Estate Company will employ their related entity Crown Bay Management, LLC (“CBM”) as the property manager. CBM is managed by Director of Property Management, Michelle Fischer, Regional Property Manager, Jarrett Turner and Regional Maintenance Director/Project Manager, Dion Varner. Both Ms. Fischer and Mr. Turner have previous experience managing similar properties in the Columbia-area. Mr. Turner previously managed the 300-unit Arbors at Windsor Lake from September 2009 to March 2011, the 420-unit Greenbrier Apartments from September 2009 to March 2011, the 280-unit Lullwater at Saluda from June 2010 to December 2016 and the 300-unit Paddock Club from June 2010 to May 2011. Ms. Fischer and Mr. Varner were also involved with Lullwater at Saluda and Paddock Club. First Communities, a large national multifamily management company, will handle the back-office components.

Sponsor Track Record
Currently Owned Assets
Investment Name City State Units Acquisition Date Purchase Price
Parkside Crossing Apartments Forest Park GA 250 Dec-2015 $7,150,000
Greenbrier Mill Atlanta GA 79 Feb-2016 $3,020,000
Hairston Woods Apartments Stone Mountain GA 240 Mar-2016 $9,400,000
Flint River Crossing Jonesboro GA 200 Nov-2016 $8,000,000
Waterford Manor Apartments Decatur GA 118 Dec-2016 $3,150,000
Park at Greenbrier Atlanta GA 209 May-2017 $8,650,000
Kenilworth Manor Macon GA 237 May-2017 $4,400,000
Total     1,333   $43,770,000

The Real Estate Company's bio and track record were provided by the Real Estate Company and have not been verified by RealtyMogul.com or NCPS

Website
Management Team
Management
Steve Firestone
Principal

Steve  Firestone has been in the real estate industry since 1995. He currently oversees a portfolio approaching $50 million in over 1,300 units.

Mr. Firestone became involved in real estate in 1995 and has since been directly involved in many aspects of the industry. He started out buying and rehabbing, and managing his own residential portfolio in London. Soon after, he moved into property development running multiple LLCs, redeveloping outdated and commercial properties, and some new build housing. He was responsible for managing his company’s property acquisitions, funding, building, and dispositions. 

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

Lake Shore Village, located on almost 23 acres, enjoys some of the larger floorplans in the submarket, offers a well-appointed amenity package and attractive unit features. Amenities include a lakefront swimming pool, dog park, grilling areas, fitness center, large clubhouse and a 33-acre lake. The Property’s units, which average 959 SF, feature walk-in closets, fully-equipped kitchens, large patios and balconies, outside storage and washer/dryer connections in select units.

The Property was originally developed in 1974 as a 296-unit apartment community. In April 2016, a fire destroyed an entire building at the Property next to the office. A total of 16 units were destroyed in the fire and are not planned to be reconstructed. The footprint of the burnt down building will become the new community amenity area.

The Property enjoys an amenity rich location with with easy access to popular retail destinations, including East Point Plaza and Garners Ferry Marketplace are within walking distance of Lake Shore Village and boast numerous national retailers and restaurants including Walmart, Aldi, Lowe’s and Chick-fil-A. Per Multi Housing Advisors, the Columbia MSA population of 800,495 (2013) is expected to grow by approximately 7% through 2017, adding 55,000 new residents. The City of Columbia is a “population magnet” for the surrounding area and within a 30-mile commute of a the entire MSA​.

In-Place Unit Mix
Unit Type # of Units % of Total Unit (SF) Total SF Rent/Unit Rent/SF
Studio 32 11% 480 15,360 $530 $1.10
1 Bed, 1 Bath 72 26% 763 54,936 $610 $0.80
2 Bed, 1 Bath 32 11% 768 24,576 $609 $0.79
2 Bed, 2 Bath 64 23% 1,090 69,760 $643 $0.59
2 Bed, 1.5 Bath 48 17% 1,248 59,904 $679 $0.54
3 Bed, 3 Bath 32 11% 1,375 44,000 $758 $0.55
Totals/Averages 280 100% 959 268,536 $637 $0.71

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Comparables
For more information, view the Sponsor's Investment Memorandum.
Pre-Renovation Lease Comps
  Harbour Landing Mallard Pointe Shandon Crossing Subject - In-Place Comp Set Averages
# of Units 208 120 152 280 160
Year Built 1969 1973 1974 1974 1972
Miles from Subject 0.2 0.9 3.8 - -
Studio
# of Units - - - 32 -
Average Rent - - - $530 -
Average $/SF - - - $1.10 -
1 Bedroom
# of Units 32 24 24 72 27
Average Rent $659 $644 $680 $610 $661
Average $/SF $0.84 $0.76 $0.81 $0.80 $0.81
2 Bedroom
# of Units 120 72 120 144 104
Average Rent $736 $724 $728 $647 $730
Average $/SF $0.68 $0.69 $0.78 $0.60 $0.72
3 Bedroom
# of Units 56 24 8 32 29
Average Rent $885 $804 $900 $758 $864
Average $/SF $0.64 $0.64 $0.85 $0.55 $0.66
Source: Axiometrics

 

Post-Renovation Lease Comps
  Garners Crossing Wellington Farms Deer Meadow Village Huntington Place Subject - Post-Renovation Units Comp Set Averages
# of Units 210 236 304 192 144 236
Year Built 1998 2000 2005 1998 1974 2000
Miles from Subject 0.1 0.8 1.4 2.0 - -
Studio
# of Units 18 - - - 16 18
Average Rent $525 - - - $570 $525
Average $/SF $1.62 - - - $1.19 $1.62
1 Bedroom
# of Units 60 88 68 - 37 72
Average Rent $734 $768 $798 - $667 $768
Average $/SF $1.37 $0.96 $1.10 - $0.87 $1.12
2 Bedroom
# of Units 108 96 180 160 75 136
Average Rent $850 $887 $841 $890 $739 $865
Average $/SF $0.86 $0.80 $0.88 $0.73 $0.64 $0.82
3 Bedroom
# of Units 24 52 86 32 16 41
Average Rent $850 $972 $1,021 $1,060 $858 $988
Average $/SF $0.77 $0.80 $0.70 $0.73 $0.62 $0.75
Source: Axiometrics

 

Sales Comps
 

Austin Woods

Harbour Landing Forestbrook Apartments Hunters Ridge Subject Comp Set Total / Averages
Date June-17 March-17 June-16 May-17 - -
# of Units 240 208 180 205 280 208
Year Built 1975 1969 1984 1972 1974 1975
Purchase Price $10,277,000 $8,550,000 $9,825,000 $11,363,825 $11,450,000 $10,015,563
$/Unit $42,821 $41,106 $54,586 $55,433 $40,893 $48,094
Cap Rate - - 5.7% 7.0% 6.8% 6.4%
Miles from Subject 0.2 0.2 9.0 11.0 - -
Source RCA RCA Appraisal Appraisal - -
Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $9,100,000
Equity $4,293,829
Total Sources of Funds $13,393,829
Uses of Funds Cost
Purchase Price $11,450,000
Real Estate Company Acquisition Fee $171,750
Broker Dealer Fee $80,000
Capital Expenditures $1,086,429
Closing Costs & Fees $605,650
Total Uses of Funds $13,393,829
Debt Assumptions

The terms of the debt financing are as follows:

  • Lender: Fannie Mae - Hunt Mortgage Group
  • Loan Type: Agency (7/6 ARM)
  • Proceeds: $9,100,000
  • Loan to Purchase: 80.0%
  • Term: Seven (7) years
  • Rate: One-Month LIBOR + 233 bps floating*
  • Amortization: 30 years
  • Interest-Only Period: N/A
  • Extensions: None
  • Prepayment: 12-month lockout then 1.0% until the last three months of the term
  • Recourse: Non-recourse

*The interest rate has the option to be fixed at the beginning of month 13. 

 

Distributions

LVA Holdings, LLC intends to make distributions of all available cash and capital proceeds to investors (Realty Mogul 80, LLC, Other LP investors and Real Estate Company, collectively, the "Members") as follows:

  1. Pro rata share of cash flow to a 15% Internal Rate of Return ("IRR") hurdle;
  2. Excess balances will be split pro rata 70% to Members and 30% to Real Estate Company to a 20% IRR;
  3. Excess balances will be split pro rata 60% to Members and 40% to Real Estate Company

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 80, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 80, LLC (the RealtyMogul.com investors). The manager of Realty Mogul 80, LLC will receive a portion (up to 10%) of the Real Estate Company's promote interest.

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.

Targeted Cash Flows

  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $2,168,368 $2,343,300 $2,473,306 $2,548,579 $2,625,464
Total Operating Expenses $1,391,528 $1,432,505 $1,472,651 $1,511,603 $1,551,642
Net Operating Income $776,840 $910,795 $1,000,655 $1,036,976 $1,073,822
Distributions to Realty Mogul 80, LLC Investors $88,129 $143,674 $177,847 $189,177 $3,641,292

Sample Targeted Cash Flows - $50,000 Investment

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Earnings to Investor ($50,000) $2,181 $3,556 $4,402 $4,683 $90,131

 

Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $171,750 Real Estate Company Capitalized Equity Contribution 1.5% of the property purchase price
Broker-Dealer Fee $80,000 North Capital (1) Capitalized Equity Contribution 4.0% of equity raised by RealtyMogul.com ($50,000 minimum)
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 4.0% of Effective Gross Income Crown Bay Management Distributable Cash Real Estate Company Affiliate
Asset Management Fee 1.0% of Effective Gross Income Real Estate Company Distributable Cash  
Construction Management Fee 3.0%/5.0% of hard costs Crown Bay Management Construction Hard Costs Real Estate Company Affiliate; 3.0% on projects up to $10,000 and 5.0% of projects over $10,000
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 80, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 80, LLC and a wholly-owned subsidiary of Realty Mogul, Co.2

(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 Real Estate Company or others. Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 80, 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 $9,100,000
Equity $4,293,829
Total Sources of Funds $13,393,829
Uses of Funds Cost
Purchase Price $11,450,000
Real Estate Company Acquisition Fee $171,750
Broker Dealer Fee $80,000
Capital Expenditures $1,086,429
Closing Costs & Fees $605,650
Total Uses of Funds $13,393,829
Debt Assumptions

The terms of the debt financing are as follows:

  • Lender: Fannie Mae - Hunt Mortgage Group
  • Loan Type: Agency (7/6 ARM)
  • Proceeds: $9,100,000
  • Loan to Purchase: 80.0%
  • Term: Seven (7) years
  • Rate: One-Month LIBOR + 233 bps floating*
  • Amortization: 30 years
  • Interest-Only Period: N/A
  • Extensions: None
  • Prepayment: 12-month lockout then 1.0% until the last three months of the term
  • Recourse: Non-recourse

*The interest rate has the option to be fixed at the beginning of month 13. 

 

Distributions

LVA Holdings, LLC intends to make distributions of all available cash and capital proceeds to investors (Realty Mogul 80, LLC, Other LP investors and Real Estate Company, collectively, the "Members") as follows:

  1. Pro rata share of cash flow to a 15% Internal Rate of Return ("IRR") hurdle;
  2. Excess balances will be split pro rata 70% to Members and 30% to Real Estate Company to a 20% IRR;
  3. Excess balances will be split pro rata 60% to Members and 40% to Real Estate Company

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 80, LLC will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of Realty Mogul 80, LLC (the RealtyMogul.com investors). The manager of Realty Mogul 80, LLC will receive a portion (up to 10%) of the Real Estate Company's promote interest.

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.

Targeted Cash Flows

  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $2,168,368 $2,343,300 $2,473,306 $2,548,579 $2,625,464
Total Operating Expenses $1,391,528 $1,432,505 $1,472,651 $1,511,603 $1,551,642
Net Operating Income $776,840 $910,795 $1,000,655 $1,036,976 $1,073,822
Distributions to Realty Mogul 80, LLC Investors $88,129 $143,674 $177,847 $189,177 $3,641,292

Sample Targeted Cash Flows - $50,000 Investment

  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Net Earnings to Investor ($50,000) $2,181 $3,556 $4,402 $4,683 $90,131

 

Fees

Certain fees and compensation will be paid over the life of the transaction. The following fees and compensation will be paid:

One-Time Fees
Type of Fee Amount of Fee Received By Paid From Notes
Acquisition Fee $171,750 Real Estate Company Capitalized Equity Contribution 1.5% of the property purchase price
Broker-Dealer Fee $80,000 North Capital (1) Capitalized Equity Contribution 4.0% of equity raised by RealtyMogul.com ($50,000 minimum)
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 4.0% of Effective Gross Income Crown Bay Management Distributable Cash Real Estate Company Affiliate
Asset Management Fee 1.0% of Effective Gross Income Real Estate Company Distributable Cash  
Construction Management Fee 3.0%/5.0% of hard costs Crown Bay Management Construction Hard Costs Real Estate Company Affiliate; 3.0% on projects up to $10,000 and 5.0% of projects over $10,000
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 80, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 80, LLC and a wholly-owned subsidiary of Realty Mogul, Co.2

(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 Real Estate Company or others. Realty Mogul, Co., RM Manager, LLC, and Realty Mogul 80, 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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