FORMALIZED DUE DILIGENCE PROCESS 
Sponsors

The team at our affiliated broker-dealer, RM Securities, conducts diligence on of the issuer, including detailed background checks, criminal checks, bad actor checks, and reference checks on sponsors. In addition to screening for any criminal background, we may also turn down sponsors due to poor reference checks, even if the background and criminal checks are satisfactory.

Escrow accounts

We require unaffiliated sponsors to use an unaffiliated third-party escrow agent.* When an investor makes an investment with such sponsors using the RealtyMogul platform, the investor’s money is transferred directly into a third-party escrow account. All closing conditions in connection with a sponsor’s contingency offering need to be met before the third-party escrow agent will approve releasing investor funds to the issuer or general partner. For example, if an issuer or general partner plans to use funds for a real estate acquisition that does not ultimately transact, the third-party escrow agent will not transfer investor funds to the issuer or general partner, and funds will be returned to investors.

* Unless otherwise disclosed, escrow accounts are not required for some investments that accommodate 1031 investments where the property is already acquired.

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Our processes typically includes visiting certain properties (or a subset of properties if it's a fund) to confirm the real estate is what and where the real estate is supposed to be. For certain properties that accommodate 1031 exchange investments, the team will review third-party prepared due diligence reports in lieu of a site visit.

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Confidentiality Agreement
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By clicking the ‘I Agree’ button below:
Completed Equity
Estimated Hold Period 7 years
Estimated First Distribution 6/2018
FUNDED 100%
...
View Our Due Diligence Process
Offered By
Comunidad Realty Partners
Investment Strategy Value-Add
Investment Type Equity
Overview
Value-add acquisition of a well located multifamily property by an experienced, repeat Real Estate Company.
Property at a glance
Year Built 1988
# of Units 216
# of Buildings 12
Current Occupancy 96.3%
Parking Ratio 1.44/Unit
Acquisition Price $16,000,000
Amenities Leasing center, cascading pool, tennis court, fitness center, game room, laundry facility, picnic pavilion, walking trail, dog park, and mature landscaping.
Investment Highlights
Experienced Repeat Real Estate Company: The Real Estate Company owns and manages over $250 million in multifamily assets overall, comprising over 4,000 units
Attractive Basis: The Real Estate Company is acquiring the Property for $74,074 per 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
Management
Cumulative Distributions

Comunidad Realty Partners

Comunidad Realty Partners (CRP) is a dynamic real estate investment firm specializing in multifamily apartment communities in densely-populated Hispanic neighborhoods. Core to its investment strategy is creating culturally-relevant, inclusive communities that are tailored to the various ethnicities living at its communities. The company specializes in acquiring and repositioning apartments in infill locations and implementing its proprietary cultural management platform which includes specific cultural upgrades and community-oriented resident services and programs. CRP uses its multifamily lifestyle brand “Buena Vida Community” at its properties to represent its mission of delivering an unparalleled experience of enhanced multifamily living by providing more than just a home but a lifestyle. The firm was founded on a simple principle: enrich lives through enhancing communities while creating value for all stakeholders involved. The firm takes a holistic approach to its investments through symbiotic stakeholder integration of residents, staff, vendors, the greater community, the environment, and investors in order to truly maximize economic and social returns. Its investment philosophy is predicated on fostering innovative lifestyle improvements that align with its residents wants and needs and differentiate the living experience in order to create long-term value for residents and communities in a socially responsible way. Additionally, the firm is focused on “green” environmental improvements that reduce its properties’ energy footprint while reducing utility costs for residents. RM has invested in three prior transactions with the Real Estate Company (Villas de Serenada, Villas del Cabo & Villas de Santa Fe, and Metrocrest Village), all of which have performed well.

http://www.comunidadpartners.com/
  • J. Antonio Marquez
    Managing Partner
  • Santiago Rivera Torres
    Managing Director
J. Antonio Marquez
Managing Partner

J. Antonio Marquez serves as Principal and Managing Partner of Comunidad Realty Partners, a Quez Capital company. He is responsible for strategic planning, capital raising efforts, and sourcing acquisition opportunities for the firm. He is involved in business plan formation on new acquisitions, value-add strategy implementation, and Hispanic marketing efforts. Mr. Marquez has 15 years of experience with his family’s group of companies targeting the Hispanic demographic. He has been involved in over $130 million in commercial/multifamily real estate transactions working with GE Capital, Goldman Sachs, and Principal Real Estate Investors. He has over 10 years of experience managing his family’s commercial portfolio totaling over 1.5 million square feet of office, retail, and industrial space and valued over $110 million. Mr. Marquez graduated cum laude from California Polytechnic – San Luis Obispo and attended the University of Southern California’s Lusk Center for Real Estate where he focused his postgraduate studies in urban real estate with emphasis in affordable/workforce housing through the Stan Ross Program in Real Estate.

Santiago Rivera Torres
Managing Director

Santiago Rivera Torres is a Managing Director at Comunidad Realty Capital. He oversees day to day operations across the portfolio including capital improvement projects, ancillary income services and cultural services & programs implementation. He also is involved in establishing and developing the firm’s commercial partnerships and strategic alliances as well as supporting capital raising efforts and investor relations. Mr. Rivera Torres has worked in the Real Estate and Construction sector in Mexico and U.S. for the last 12 years; his experience ranges from working on family-owned projects on beachfront developments in Baja to residential and low income housing projects in Northern Mexico and retail development in Cabo San Lucas. The Rivera Torres family has been involved in $3 billion USD in housing (400,000 units), hotels & resorts, industrial parks, retail/mall development, and infrastructure development throughout Mexico. In addition, he headed the sales effort for GlobalSolar, a Mexican green technology company specializing in energy-efficient and environmentally sustainable equipment for housing developments throughout Mexico. While he led the sales effort, the company quickly grew to become the largest provider of green technologies to the construction sector in Northern Mexico. Mr. Rivera Torres has a long lineage of real estate experience joined Quez Capital Interests in the early summer of 2012 after learning of their philosophy and Hispanic based multi-family business model.

Track Record

Schedule of Real Estate Owned
Property Name Location Asset Units Cost Basis Occupancy
Villas de la Luz Apartments Austin, TX MF 240 $10,865,000 89%
Villas de la Cascada Apartments San Antonio, TX MF 268 $18,265,000 94%
Villas del Zocalo Phase 1 Dallas, TX MF 206 $5,344,828 96%
Villas del Zocalo Phase 2 Dallas, TX MF 192 $4,810,345 95%
Villas del Zocalo Phase 3 Dallas, TX MF 224 $5,344,828 98%
Villas de Estancia Apartments Irving, TX MF 206 $12,667,724 95%
Villas de Serenada Apartments Euless, TX MF 208 $13,625,000 96%
Villas del Encanto Apartments San Antonio, TX MF 334 $15,580,000 95%
The Vive Apartments Dallas, TX MF 248 $14,836,104 90%
Cantera Creek Ph. 1 Apartments Dallas, TX MF 200 $11,038,800 90%
Cantera Creek Ph. 2 Apartments Dallas, TX MF 272 $15,012,768 90%
The Lantern Apartments Dallas, TX MF 340 $20,943,660 90%
Villas de Santa Fe Apartments San Antonio, TX MF 208 $13,172,676 90%
Azura Apartments Phoenix, AZ MF 387 $24,000,000 93%
Colinas Ranch Apartments Irving, TX MF 160 $10,418,000 98%
Villas del Solamar Dallas, TX MF 212 $5,800,000 96%
Villas del Cabo San Antonio, TX MF 272 $19,613,324 93%
Parkview on Hollybrook Longview, TX MF 209 $31,588,000 80%
Total     4,386 $252,926,057  

 

Full Cycle Transactions
Property Name Location Asset Units Cost Basis Occupancy
Villas de Sendero Apartments  San Antonio, TX MF 209 $8,750,000 97%
Villas de las Colinas Apartments  Austin, TX MF 178 $4,700,000 98%
Villas del Sol Apartments  Austin, TX MF 294 $9,650,000 93%
Villas de Palmas Apartments  Houston, TX MF 659 $22,425,687 98%
Villas de la Colonia Apartments  Carrollton, TX MF 143 $6,055,000 99%
The Current Apartments Austin, TX MF 302 $22,650,000 95%
Total     1,785 $74,230,687  

The above track record information was provided by the Sponsor and has not been independently verified by RealtyMogul.com​.

 

In this transaction, RealtyMogul.com investors are to invest in Realty Mogul 93, LLC ("The Company"), which is to subsequently invest in Gazebo Park MF Ventures, LLC ("The Target"), a limited liability company that will hold title to the Property. Comunidad Realty Partners (the "Real Estate Company") is under contract to purchase the Property for $16.0 million ($74,074 per unit) and the total project cost is expected to be $17.5 million ($81,208 per unit).

The Real Estate Company’s business plan is to implement a value-add strategy by completing interior and exterior renovations at the Property. Unit interior upgrades will include a combination of black-on-black appliances, faux-wood flooring, nickel-brushed fixtures, resurfaced countertops, utility saving devices, and a new lighting package. Exterior and amenity improvements will consist of painting, carpentry, new landscaping, a BBQ/picnic area, pool upgrades, parking lot upgrades, and a new signage package.

The Real Estate Company plans to renovate 75 units over 12.5 months (six units per month), which they state is a comfortable pace given their track record, and sell the Property in seven (7) years at a 6.50% cap rate. The pro forma financials assume that renovated units will be able to achieve rental premiums of $50 per unit per month upon completion. 

Gazebo Park Apartments - Capital Expenditures Budget
CapEx Item $ Amount Per Unit
Interior Rehab ($4,000 each for 75 units) $300,000 $1,389
Exterior Paint and Carpentry $75,000 $347
Landscaping $35,000 $162
Office and Clubhouse Renovations $100,000 $463
Signage $25,000 $116
Pool Upgrades $35,000 $162
Sports Court $30,000 $139
BBQ and Picnic Area $15,000 $69
Dog Park $6,500 $30
Parking Lot $35,000 $162
Contingency 5.0% $32,825 $152
Subtotal $689,325 $3,191
Construction Management Fee 10.0% $65,650 $304
Total $754,975 $3,495

RM has invested in three prior transactions with the Real Estate Company (Villas de Serenada, Villas del Cabo & Villas de Santa Fe, and Villas de la Colonia), all of which have performed well. As of Q2 2017: NOI is 12.0% above pro forma at Villas de Serenada, and 2.7% above pro forma at Villas del Cabo & Villas de Santa Fe. Villas de la Colonia went full cycle in Q2 2017 and resulted in an IRR to RM investors that exceeded pro forma. 

 

Property Information

Built in 1988, the Property consists of a 216-unit, 147,600-net rentable square foot apartment complex with 12, two to three-story apartment buildings and one clubhouse/leasing office building, all located on a 18.03-acre lot. The unit mix is comprised of nine efficiency, 168 one-bedroom, and 39 two-bedroom units with a weighted average size and rent per unit of 683 square feet and $784 per unit ($1.15 per square foot), respectively (per the 09/22/2017 rent roll). The Property is currently 96.3% occupied and includes 312 on-site parking spaces (1.44 per unit).

The Property features wood-frame construction on concrete slab foundations, with pitched asphalt roofs, all electric utilities (with outside gas fireplace starter), exterior breezeways, cedar siding, and an individual patio or balcony for each unit. Amenities at the Property include a leasing center, cascading pool, tennis court, fitness center, game room, laundry facility, picnic pavilion, walking trail, dog park, and mature landscaping.

 
In-Place Unit Mix
Unit Type # of Units % of Total Unit (Square Feet) Total Square Feet Rent per Unit Rent per Square Foot
 Studio  9 4% 408 3,672 $665 $1.63
 1 Bed, 1 Bath  16 7% 420 6,720 $685 $1.63
 1 Bed, 1 Bath  16 7% 438 7,008 $698 $1.59
 1 Bed, 1 Bath  16 7% 463 7,408 $702 $1.52
 1 Bed, 1 Bath  8 4% 476 3,808 $715 $1.50
 1 Bed, 1 Bath  8 4% 490 3,920 $709 $1.45
 1 Bed, 1 Bath  40 19% 680 27,200 $753 $1.11
 1 Bed, 1 Bath  64 30% 728 46,592 $783 $1.08
 2 Bed, 1.5 Bath  16 7% 912 14,592 $903 $0.99
 2 Bed, 1.5 Bath  22 10% 1116 24,552 $925 $0.83
 2 Bed, 2 Bath  1 0% 2128 2,128 $1,200 $0.56
 Totals/Averages  216 100% 683 147,600 $773 $1.13


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Comparables

Lease Comparables
Post-Renovation Lease Comparables  Landing At Acworth Legacy At Acworth Walden Ridge Shiloh Green Greenhouse Total / Averages Subject
Submarket Marietta Marietta Marietta Marietta Marietta Marietta Marietta
Occupancy 92% 97% 94% 99% 94% 95% 96%
Units (#) 234 192 210 235 489 272 216
Year Built 2001 1998 2002 1996 1985 1996 1988
Average SF (per unit) 948 1,103 1,079 1,357 893 1,076 683
Average Rental Rate (unit) $1,132 $983 $1,263 $1,217 $1,039 $1,127 $817
Average $/SF $1.19 $0.89 $1.17 $0.90 $1.16 $1.06 $1.20
Distance from Subject 0.7 mi 0.8 mi 2.8 mi 3.8 mi 4.8 mi 2.6 mi -
Sale Comparables
Sale Comparables Mountain Park Estates ARIUM Kennesaw  Bridges of Kennesaw Waldan Pond The 1800 At Barrett Lakes Total / Averages Subject Property
Date March-16 September-15 August-15 August-15 November-14    
Submarket Marietta Marietta Marietta Marietta Marietta Marietta Marietta
# of Units 450 324 296 124 500 339 216
Year Built 1999 1989 1996 1986 1988 1992 1988
Average SF (per Unit) 1,181 925 1,162 957 1,080 1,061 683
Purchase Price $64,000,000 $29,250,000 $35,008,500 $7,800,000 $49,000,000 $37,011,700 $16,000,000
$/Unit $142,222 $90,278 $118,272 $62,903 $98,000 $102,335 $74,074
Cap Rate - - 5.70% 6.50% - 6.10% 7.84%
Distance 4.0 mi 6.1 mi 2.5 mi 4.7 mi 8.6 mi 5.18 mi -

The Subject Property's going-in cap rate is based on 08/31/2017 trailing 12 month net operating income. 

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

Location Information

The Property is located in Cobb County, in the Marietta Submarket within the greater Atlanta-Sandy Springs-Roswell, MSA as defined by Axiometrics. Bisected by Interstate 75 and parallel U.S. 41, Cobb County has long been a favorite for business site selection and is home to employment heavyweights such as IBM, Home Depot, Coca-Cola Enterprises, Lockheed Martin Aeronautical Systems, NAPA Genuine Parts, and GE Energy. The County also features the Cumberland and Town Center regional malls. In 2013, a Cobb site was chosen for the Atlanta Braves’ $672 million stadium (SunTrust Park), and mixed-use complex (The Battery Atlanta) now under construction on 60 acres bordered by I-75, I-285, and U.S. 41. The Property is approximately 1.0 mile south of I-75 which is the critical spinal corridor of both Cobb County and northwest Atlanta. The Property is just 1.5 miles north of 260-acre Lake Acworth, which features boating, fishing, and a white-sand beach, and the 18-hole Cobblestone Golf Course, which is ranked among the “Top 100 Courses” by Golf magazine. The Property is 0.5 miles south of Cowan Road’s intersection with Baker Road which boasts a Publix-anchored center, Walgreens, numerous retailers and restaurants all within walking distance. This intersection also has a Park & Ride lot for Cobb County Transit.

Market Overview 

Per CoStar, Atlanta’s economy is producing an abundance of new jobs. As a result of its above-average recovery, Atlanta has nearly 200,000 (7.6%) more jobs through 2016 than it did at the height of the last cycle. Further, figures from the Bureau of Labor Statistics show Atlanta remains out in front of other major metros in regards to its growth rate in the first half of 2017, adding 80,000 net jobs year-over-year through May 2017. One of the biggest drivers of growth has been white-collar employment, especially tech, IT, and R&D positions, with major recent job announcements that include Comcast’s new innovation lab underway in SunTrust Park (19 miles southeast of the Property) and a strong presence from the IT operations of GM, Microsoft, and Verizon in North Fulton (30 miles southeast of the Property). More impressively, the growth of tech jobs in Midtown is expected to continue to drive demand for high-end housing, particularly near Tech Square (29 miles southeast of the Property). During the recovery, Atlanta’s concentration of high-tech jobs has increased from about 10% above the US average to more than 20%. The education and health services sector has also fared well and will contribute significantly to economic expansion over the forecast. Emory University Hospital is underway with a new 450,000 square foot tower on its Clifton Campus that will complete in 2017. Although some blue-collar sectors such as construction (especially housing-related) and manufacturing are still below pre-recession levels, warehouse and distribution employment has bounced back as large companies like Kroger, Smucker’s, and Shaw Industries have expanded their logistics operations presence here.

Structurally low living and business costs may help sustain outsized job and population growth. In recent decades, Atlanta’s balance of big-city (or suburban) living and affordable housing has drawn some of the strongest in-migration in the country. Now that home prices in many markets have recovered from their Great Recession lows, would-be residents are cashing out of their homes in other parts of the country and fueling in-migration to Atlanta. An essential characteristic of this metro-its warm weather and generally snowless winters-is certainly a draw for citizens from the Northeast and Midwest. The top states fueling in-migration are Virginia, New York, New Jersey, and Illinois. When comparing housing costs as a percentage of income, the average discount in Atlanta compared to the average among the top 12 metros in the United States is only 4.5% less expensive according to the Bureau of Labor Statistics. Yet the nominal cost of living in Atlanta is 20% below the average of the top 12 metros in the U.S., with nominal housing costs around 25% lower. Further, Atlanta’s increasing national representation in film, music, and television has influenced the positive perceptions of this as a place worth moving to. Business costs here are below the national average (10% cheaper), and companies of all types consider Atlanta when making location decisions. The presence of the well-connected Hartsfield-Jackson International Airport helps seal the deal for potential residents and companies, including Mercedes-Benz and State Farm, who have relocated their U.S. headquarters to the metro. Given its structural advantages, Atlanta remains in a solid position to attract even more growth in the future.

Submarket Overview

Per Axiometrics, effective rent increased 2.0% from $1,062 in 1Q17 to $1,083 in 2Q17. The submarket's annual rent growth rate of 3.9% was above the market average of 3.8%. Out of the 20 submarkets in the market, the Marietta submarket ranked 14th for quarterly effective rent growth and 13th for annual effective rent growth for 2Q17. Annual effective rent growth is forecast to be 3.6% in 2017, and average 3.5% from 2017 to 2019. The annual effective rent growth has averaged 1.9% per year since 3Q96.

The submarket's occupancy rate increased from 94.5% in 1Q17 to 94.6% in 2Q17, and was down from 94.9% a year ago. The submarket's occupancy rate was above the market average of 94.4% in 2Q17. For the forecast period, the submarket's occupancy rate is expected to increase to 94.7% in 2017 and average 94.7% from 2017 to 2019. The submarket's occupancy rate has averaged 93.0% since 3Q96. Median household income within 1, 3, and 5 mile radii are $49,149, $69,266, and $68,085 respectively. Population within a 5-mile radius is 131,560.

Demographic Information

Demographics
Distance from Property 1 Mile 3 Miles 5 Miles
Population (2017) 10,277 57,887 131,560
Population (2022) 11,071 62,238 141,271
Population Growth (2017-2022) 7.7% 7.5% 7.4%
Median HH Income  $49,149 $69,266 $68,085
Median Home Value $151,981 $170,597 $174,461
% of Renter Households 37.6% 23.2% 25.2%

Demographic information above was obtained from CoStar.

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Cap Stack
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $13,784,000
Equity $3,756,840
Total Sources of Funds $17,540,840
Uses of Funds Cost
Purchase Price $16,000,000
CapEx Reserve $750,000
Real Estate Company Acquisition Fee $240,000
North Capital Broker Dealer Fee $72,000
Lender Origination Fee $137,840
Closing Costs $240,700
Working Capital $100,300
Total Uses of Funds $17,540,840
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Freddie Mac
  • Estimated Proceeds: $13,784,000
  • Estimated Rate (Floating): 232 basis points over the 1-Month LIBOR (estimated to be 3.57% as of 10/02/17)
  • Amortization: 30 years, with four years of interest-only
  • Term: 10 years
  • Prepayment Penalty: One year lock-out followed by a 1% prepayment thereafter. No prepayment premium applies during the last three (3) months of the loan term.

The maximum lifetime interest rate ceiling is 5.75%. An interest rate cap with a 3-year term is required and included in the transaction capitalization (within closing costs).

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

The Target will make distributions to investors (The Company and Real Estate Company, collectively, the "Members") as follows:  

  1. To the Members, in proportion to, and to the extent of, their accrued but unpaid preferred returns (8.0%).
  2. To the Members, in proportion to, and to the extent of, their unreturned capital.
  3. 70.0% / 30.0% (70.0% to Members / 30.0% to the Real Estate Company) of excess cash flows and appreciation to a 16.0% IRR to Members. 
  4. 60.0% / 40.0% (60.0% to Members / 40.0% to the Real Estate Company) 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).

The Company will distribute 100% of its share of excess cash flow (after expenses) to the members of The Company (the RealtyMogul.com investors). The manager of The Company will receive a portion (up to 10% pro-rata) of the Real Estate Company's promote interest. Distributions are projected to start in June 2018 and are projected 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 Summary
  Year 1 Year 2 Year 3 Year 4   Year 5   Year 6 Year 7
Effective Gross Revenue $2,025,290 $2,172,620 $2,246,007 $2,315,729 $2,385,201 $2,456,757 $2,530,460
Total Operating Expenses $934,495 $1,005,964 $1,039,078 $1,064,770 $1,091,098 $1,118,163 $1,145,986
Net Operating Income $1,090,794 $1,166,656 $1,206,929 $1,250,960 $1,294,103 $1,338,594 $1,384,474
Realty Mogul 93, LLC Cash Flows
  Year 0 2017 2018 2019 2020 2021 2022 2023 2024
Distributions to
Realty Mogul 93, LLC Investors
($1,820,000) $36,100 $225,600 $239,481 $252,453 $248,347 $176,066 $186,373 $3,073,943
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $992 $6,198 $6,579 $6,936 $6,823 $4,837 $5,120 $84,449
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 $240,000 Real Estate Company Capitalized Equity Contribution 1.5% of the Property purchase price
Broker-Dealer Fee The greater of 4.0% or $50,000 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by Realty Mogul 93, LLC
Construction Management Fee 10.0% of hard costs Real Estate Company Capitalized Equity Contribution  
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 3.5% of effective gross revenues Strategic Management Partners, a third party property management firm Operating Cash Flow  
Asset Management Fee 2.0% of effective gross revenues Real Estate Company Operating Cash Flow  
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 93, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 93, 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 The Company, 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.

The following offering documents 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.
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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