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Multifamily
Triple Crown 2 - Austin Multifamily
Austin, TX
Completed Equity
100% funded
...
Triple Crown 2 - Austin Multifamily
Austin, TX
All Investments > Triple Crown 2 - Austin Multifamily
...
Overview
Triple Crown 2 - Austin Multifamily
Multifamily property with an infill location in Austin, TX, located within a ten minute drive of both Downtown Austin and The University of Texas at Austin.
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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 1973
Year Renovated (Exterior) 2015
Total Square Feet 149,314
Number of Units 199
Parking Ratio 1.8 parking spaces per 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
Path of Growth: The Property is in a gentrifying location with proximity to several of Austin's economic drivers.
Value Add Potential: Opportunity to improve dated interior finishes throughout the Property and potentially realize rent increases upon improvements.
Marc Venegas, Founder and CEO of the Real Estate Company, reports completing over $735 million of multifamily acquisitions over the past five years.
Submarket: Per Axiometrics, rent growth in the East Austin submarket has outperformed the national average this economic cycle and is expected to continue to do so for the next three years.
Path of Growth: The Property is in a gentrifying location with proximity to several of Austin's economic drivers.
Value Add Potential: Opportunity to improve dated interior finishes throughout the Property and potentially realize rent increases upon improvements.
Marc Venegas, Founder and CEO of the Real Estate Company, reports completing over $735 million of multifamily acquisitions over the past five years.
Submarket: Per Axiometrics, rent growth in the East Austin submarket has outperformed the national average this economic cycle and is expected to continue to do so for the next three years.
Contact Us
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Management
For more information, view the Sponsor's Investment Memorandum.
Orion Real Estate Partners, LLC

Orion Real Estate Partners is a private real estate investment firm with offices in Los Angeles, Austin, and Denver. Orion targets value-add multifamily assets in select Western US markets with strong demographics and job growth. Utilizing proven institutional processes to source and manage investments, they identify assets with capital and operational repositioning opportunities to provide attractive returns for their investors.

Sponsor Track Record

Orion Real Estate Partners Track Record

Property City, State Asset Type Acq Date Units Total Capitalization Sale Price
Cedars of San Marcos San Marcos, TX Multifamily 8/22/17 168 $17,500,000 $22,850,000
Azure (fka Triple Crown 2) Austin, TX Multifamily 12/28/17 199 $18,448,000 $22,800,000
Lamar Station Lakewood, CO Multifamily 6/10/16 138 $13,554,000 $22,400,000
Reserve at Water Tower Village Arvada, CO Multifamily 7/28/21 59 $13,500,000 TBD
Tradewinds San Antonio, TX Multifamily 7/14/21 84 $10,850,000 TBD
Villas at Rogers Ranch San Antonio, TX Multifamily 7/1/21 246 $44,500,000 TBD
52nd Marketplace Arvada, CO Multifamily 4/9/21 157 $39,000,000 TBD
Yukon Court Wheat Ridge, CO Multifamily 10/30/20 96 $20,810,000 TBD
Lookout Pointe Provo, UT Multifamily 6/16/20 115 $17,143,000 TBD
14th & Jay St. Opportunity Zone Lakewood, CO Multifamily Development 33 $9,100,000 TBD
1600 Hoyt Lakewood, CO Multifamily 1/30/20 64 $16,500,000 TBD
Continental Court Denver, CO Multifamily 1/16/20 98 $15,700,000 TBD
Hill at Woodway San Antonio, TX Multifamily 12/16/19 248 $25,950,000 TBD
Eagle Crest Lakewood, CO Multifamily 1/22/19 93 $17,700,000 TBD
Asbury Plaza Denver, CO Multifamily 11/30/17 110 $17,494,000 TBD
Forest Cove Denver, CO Multifamily 9/28/17 100 $17,234,000 TBD
Parkwood Plaza Denver, CO Multifamily 3/2/17 120 $11,702,000 TBD

The above track record information was provided by the Orion Real Estate Partners and has not been independently verified by RealtyMogul.com​.

Website
Management Team
Management
Marc Venegas
Principal

Marc formed Orion Real Estate Partners with Mark Limpert in August 2017 to invest in multifamily properties throughout the Western United States and is responsible for all aspects of identifying and managing the firm’s investments.

Prior to forming Orion, Marc formed ColdWater Partners that acquired multifamily investments in similar markets and continues to manage the ColdWater portfolio today. Prior to forming ColdWater Partners in 2016, Marc was the Director of Multifamily Investments for MIG Real Estate, a Newport Beach family office with over $2 billion of assets under management. Marc was responsible for identifying investment opportunities throughout the Western United States and overseeing the asset management for the multifamily portfolio. Over four years, Marc acquired $700 million of multifamily properties and managed a portfolio with over 6,200 units producing returns significantly in excess of underwriting including two dispositions that generated a blended 24% IRR and 1.8x equity multiple.

Prior to joining MIG Real Estate in 2012, Marc was a Senior Vice President of Acquisitions at Heitman, a Chicago-based real estate investment advisory firm with over $22 billion of assets under management, where he was responsible for identifying investment opportunities throughout the Western United States.

Before joining Heitman in 2006, Marc was a Vice President, Fund Investment Management, with the J. E. Robert Companies. Marc began his real estate career as a senior financial analyst with NHP Incorporated, a Washington DC-based multifamily owner and operator.

Over his 24-year career, Marc has successfully underwritten and closed over $3.1 billion of transactions in all property types, including over 17,000 multifamily units.

Marc holds a Bachelor of Science Degree in Economics from the University of Pennsylvania.

Management
Mark Limpert
Principal

Mark is a founding Principal of Orion Real Estate Partners and oversees asset management and investor reporting.

Previously, Mark was a Vice President at Bellwether Asset Management, the exclusive real estate asset management firm for Oaktree Capital Management. At Bellwether, Mark’s primary responsibility was to provide portfolio and asset-level surveillance and analytics for Oaktree’s $13 billion portfolio and served as the lead asset manager on a $1.2 billion value-add multifamily portfolio comprised of 10,000 units.

Before joining Bellwether in 2015, Mark worked at JRK Residential for six years where he was a Vice President of Asset Management overseeing revenue management, value-add capital strategies, and a staff of over 100 employees on a 6,000 unit portfolio of multifamily investments throughout the US.

Mark began his career as an analyst at Lehman Brothers in the Global Real Estate Group and then joined JER Partners as an analyst in Los Angeles.

Mark holds a Bachelor of Arts in Economics from Dartmouth College.

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

Built in 1973, the Property is a 199 unit garden style multifamily property consisting of 149,314 square feet across 26 two-story buildings on a 7.13 acre site.  The Property has 351 total parking spaces for a parking ratio of 1.8 parking spaces per unit.  The Property offers ten different floorplans across one, two and three bedroom units.  The multifamily unit mix is comprised of 106 one-bedroom units, 92 two-bedroom units and one three-bedroom unit, with a weighted average size and average in-place rent per unit of 750 square feet and $856 per unit ($1.14 per square foot), respectively.  The Property was 95.5% occupied as of October 31, 2017.

The Property features wood-frame construction on concrete slab foundations, with flat roofing and brick and stucco siding, with ceramic flooring throughout most of the Property.  Public amenities at the Property include a pool, coin-operated laundry machines, a childrens' playground, and a recently renovated on-site leasing office.

 

Multifamily Unit Mix
Unit Type # of Units Unit Square Feet Total Square Feet Rent per Unit Rent per Square Foot
One Bedroom 106 601 63,752 $684 $1.14
Two Bedroom 92 919 84,504 $1,049 $1.14
Three Bedroom 1 1,050 1,050 $1,268 $1.21
Total 199 750 149,306 $856 $1.14
Comparables
For more information, view the Sponsor's Investment Memorandum.
Sales Comps
Property Sale Date # of Units Year Built Purchase Price $ per Unit Cap Rate
Promotory Point  January 2017 228 1983 $19,200,000 $84,211 5.50%
The Legacy December 2016 192 1984 $23,100,000 $120,313 5.80%
Austin 3 Portfolio June 2016 84 1961-1972 $11,000,000 $130,952 5.40%
Westheimer Oaks December 2016 70 1972 $4,850,000 $69,286 6.10%
Pecan Grove December 2016 192 1984 $23,100,000 $120,313 5.80%
Average October 2016 153 1981 $16,250,000 $105,015 5.72%
Subject December 2017 199 1973 $16,100,000 $80,905 5.60%

Above sales comps are per Axiometrics.com.  Subject acquisition cap rate is based on Year One Estimated Financials net operating income adjusted for Year Two fully realized tax increase.

Leasing Comps
Property Year Built Avg. Sq. Ft. / Unit (1 bed) Avg. Rent / Sq. Ft. (1 bed) Avg. Rental / Sq. Ft. (1 bed) Avg. Sq. Ft. / Unit (2 bed) Avg. Rent / Unit (2 bed) Avg. Rent / Sq. Ft. (2 bed)
Mezzo Flats 1971 780 $900 $1.15 931 $1,175 $1.26
Redondo Flats 1983 376 $845 $2.25 753 $1,10 $1.46
Val Dor Flats 1971 630 $908 $1.44 798 $1,025 $1.28
Ibra Urban Flats 1973 695 $899 $1.29 931 $1,075 $1.15
Averages 1975 620 $888 $1.53 853 $1,094 $1.29
Subject - In-Place 1973 601 $684 $1.14 919 $1,049 $1.14
Subject - Expected Post-Renovation 1973 601 $890 $1.48 919 $1,151 $1.25

Above leasing comparables were self-reported by the respective leasing agents of the competitive properties.

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $12,187,000
Equity $6,264,915
Total Sources of Funds $18,451,915
Uses of Funds Cost
Purchase Price $16,100,000
CapEx Reserve $1,865,669
Sponsor Acquisition Fee $161,000
Sponsor Legal & DD Costs $115,350
North Capital Broker Dealer Fee $62,400
Lender Origination Fee $97,496
Working Capital $50,000
Total Uses of Funds $18,451,915
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: CBRE (as a Fannie Mae DUS Lender)
  • Estimated Proceeds: $12,187,000
  • Estimated Rate: 1.76% + US 10-Year Treasury (4.10% all-in as of December 7, 2017)
  • Amortization: 30 years, with two years of interest-only
  • Term: 10 years
  • Prepayment Penalty: During the first 114 months of the loan, the greater of (i) yield maintenance or (ii) 1.0% of total loan proceeds.  From Months 114 - 121 of the loan the prepayment penalty shall be 1.0%.  Thereafter, the loan may be paid off at par.

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 intends to make distributions of operating cash flows to investors (The Company, Other LP investors and the Real Estate Company, collectively, the "Members") as follows:

Operating Income, Refinance, and Sales Proceeds

  1. To the Members, pari passu, all excess operating cash flows to an 8.0% IRR to the Members,
  2. 80.0% / 20.0% (80.0% pro rata to the Members / 20.0% to the Real Estate Company) of excess operating cash flows to a 14.0% IRR,
  3. 65.0% / 35.0% 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 and fees) to the members of The Company (the RealtyMogul.com investors).  The Manager of The Company will receive a portion (up to 10%) of The Real Estate Company's promote.

Distributions are expected to start in June 2018 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the 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 $2,289,381 $2,509,484 $2,626,722 $2,759,910 $2,849,438
Total Operating Expenses $1,333,565 $1,426,038 $1,461,382 $1,498,130 $1,533,917
Net Operating Income $955,816 $1,083,446 $1,165,340 $1,261,780 $1,315,521

Realty Mogul 103, LLC Cash Flows

  Year 0 2019 2020 2021 2022 2023
Distributions to Realty Mogul 103,
LLC Investors
($1,580,000) $88,062 $119,294 $87,716 $111,398 $2,640,160
Net Earnings to Investor -
Hypothetical $50,000 Investment
($50,000) $2,787 $3,775 $2,776 $3,525 $83,549
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 $161,000 The Real Estate Company Capitalized Equity Contribution 1.0% of Property purchase price
Broker-Dealer Fee $62,400 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by The Company
Recurring Fees:
Asset Management Fee 1.0% of effective gross revenues The Real Estate Company Operating Cash Flow  
Construction Management Fee 4.0% of total costs The Real Estate Company Capitalized Equity Contribution  
Management and Administrative Fee 1.0% of amount invested in The Company RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of The Company and a wholly-owned subsidiary of Realty Mogul, Co. (2)

Notes:
(1) Certain employees of Realty Mogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., a Delaware corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to Realty Mogul, Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by Realty Mogul, Co., and North Capital and Realty Mogul, Co. are parties to a profit sharing arrangement.

(2) Fees may be deferred to reduce impact to investor distributions

The above presentation is based upon information supplied by the Sponsor or others.  Realty Mogul, Co., RM Manager, LLC, and 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.

Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $12,187,000
Equity $6,264,915
Total Sources of Funds $18,451,915
Uses of Funds Cost
Purchase Price $16,100,000
CapEx Reserve $1,865,669
Sponsor Acquisition Fee $161,000
Sponsor Legal & DD Costs $115,350
North Capital Broker Dealer Fee $62,400
Lender Origination Fee $97,496
Working Capital $50,000
Total Uses of Funds $18,451,915
Debt Assumptions

The projected terms of the debt financing are as follows:

  • Lender: CBRE (as a Fannie Mae DUS Lender)
  • Estimated Proceeds: $12,187,000
  • Estimated Rate: 1.76% + US 10-Year Treasury (4.10% all-in as of December 7, 2017)
  • Amortization: 30 years, with two years of interest-only
  • Term: 10 years
  • Prepayment Penalty: During the first 114 months of the loan, the greater of (i) yield maintenance or (ii) 1.0% of total loan proceeds.  From Months 114 - 121 of the loan the prepayment penalty shall be 1.0%.  Thereafter, the loan may be paid off at par.

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 intends to make distributions of operating cash flows to investors (The Company, Other LP investors and the Real Estate Company, collectively, the "Members") as follows:

Operating Income, Refinance, and Sales Proceeds

  1. To the Members, pari passu, all excess operating cash flows to an 8.0% IRR to the Members,
  2. 80.0% / 20.0% (80.0% pro rata to the Members / 20.0% to the Real Estate Company) of excess operating cash flows to a 14.0% IRR,
  3. 65.0% / 35.0% 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 and fees) to the members of The Company (the RealtyMogul.com investors).  The Manager of The Company will receive a portion (up to 10%) of The Real Estate Company's promote.

Distributions are expected to start in June 2018 and are expected to continue on a quarterly basis thereafter. These distributions are at the discretion of the 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 $2,289,381 $2,509,484 $2,626,722 $2,759,910 $2,849,438
Total Operating Expenses $1,333,565 $1,426,038 $1,461,382 $1,498,130 $1,533,917
Net Operating Income $955,816 $1,083,446 $1,165,340 $1,261,780 $1,315,521

Realty Mogul 103, LLC Cash Flows

  Year 0 2019 2020 2021 2022 2023
Distributions to Realty Mogul 103,
LLC Investors
($1,580,000) $88,062 $119,294 $87,716 $111,398 $2,640,160
Net Earnings to Investor -
Hypothetical $50,000 Investment
($50,000) $2,787 $3,775 $2,776 $3,525 $83,549
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 $161,000 The Real Estate Company Capitalized Equity Contribution 1.0% of Property purchase price
Broker-Dealer Fee $62,400 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by The Company
Recurring Fees:
Asset Management Fee 1.0% of effective gross revenues The Real Estate Company Operating Cash Flow  
Construction Management Fee 4.0% of total costs The Real Estate Company Capitalized Equity Contribution  
Management and Administrative Fee 1.0% of amount invested in The Company RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of The Company and a wholly-owned subsidiary of Realty Mogul, Co. (2)

Notes:
(1) Certain employees of Realty Mogul, Co. are registered representatives of, and are paid commissions by, North Capital Private Securities Corp., a Delaware corporation ("North Capital"). In addition, North Capital pays a technology provider services fee to Realty Mogul, Co. for licensing and access to certain technology, reporting, communications, branding, entity formation and administrative services performed from time to time by Realty Mogul, Co., and North Capital and Realty Mogul, Co. are parties to a profit sharing arrangement.

(2) Fees may be deferred to reduce impact to investor distributions

The above presentation is based upon information supplied by the Sponsor or others.  Realty Mogul, Co., RM Manager, LLC, and 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.

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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Set New Password