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Multifamily
Montgomery Portfolio - Philadelphia Multifamily
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Completed Equity
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Montgomery Portfolio - Philadelphia Multifamily
Multiple Locations
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Overview
Montgomery Portfolio - Philadelphia Multifamily
Value-add acquisition of a well located multifamily portfolio by an experienced, repeat Real Estate Company.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 12/2018
Estimated Hold Period 5 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1964/1970
# of Units 189
# of Properties 2
Current Occupancy 94.7%
Parking Ratio 1.67/Unit
Amenities Courtyard, pool, dog park, BBQ, laundry facilities, and balconies
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
Deal Highlights
Investment Highlights
Experienced Repeat Real Estate Company: The Real Estate Company operates a $1.2+ billion portfolio of office, retail, and multifamily assets, and RealtyMogul has invested in two prior transactions with the Real Estate Company: Greens at Forest Park and Burlington Court Apartments
Attractive Basis: The Real Estate Company is purchasing the Properties for $111,111 per unit which is below most comparable sales
Well Occupied: The Portfolio was 95% occupied as of March 2018
Potential Upside: In-place rents are about $83 below market according to a comparable lease analysis. Marking rents to market and implementing a $3.2 million capital improvements budget should garner higher rents
Experienced Repeat Real Estate Company: The Real Estate Company operates a $1.2+ billion portfolio of office, retail, and multifamily assets, and RealtyMogul has invested in two prior transactions with the Real Estate Company: Greens at Forest Park and Burlington Court Apartments
Attractive Basis: The Real Estate Company is purchasing the Properties for $111,111 per unit which is below most comparable sales
Well Occupied: The Portfolio was 95% occupied as of March 2018
Potential Upside: In-place rents are about $83 below market according to a comparable lease analysis. Marking rents to market and implementing a $3.2 million capital improvements budget should garner higher rents
Contact Us
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Speak with our Investor Relations team.
Schedule a Call
Management
For more information, view the Sponsor's Investment Memorandum.
AION Partners

AION Partners acts as Operating Partner on core-plus, value-add, and opportunistic real estate investments across the U.S. With over $1.2 billion of assets under management, AION operates a portfolio of office, retail, and multifamily assets located primarily in the New York – Washington D.C. corridor and across the Sunbelt. The company targets well-located office and retail properties in major gateway markets, and multifamily in the suburban infill locations surrounding them.  AION has participated in institutional equity partnerships with Kushner Companies, NorthStar Realty Finance, Related, The Carlyle Group, Lehman Brothers, C-III Capital Partners, China Orient Asset Management, and Clarion Partners.  The firm has operated continuously since 2001, investing actively during the downturn caused by the 2007-09 financial crisis.

AION’s multifamily investment arm focuses on workforce housing opportunities in close proximity to employment centers and demand drivers.  They typically pursue investments in markets with high populations and job growth, often targeting assets that are non-institutionally managed or neglected by current management.  AION currently owns over 9,000 multifamily units with a total capitalization of more than $1 billion.

AION operates an in-house construction management team that efficiently identifies, bids, and oversees robust capital improvement projects.  In addition, they have a centralized accounting team that includes two CPAs with experience in fund management accounting, investor reporting, and audits.

RealtyMogul has invested in two prior transactions with the Real Estate Company, Burlington Court and Greens at Forest Park.

Sponsor Track Record
Schedule of Real Estate
Property Name Location Asset Type Units Occupancy   Capitalization 
Cipriani Club Residences New York, NY Other   100% $1,073,653
One Carnegie Hill Associates, LLC New York, NY Other   100% $1,639,415
80th at Madison Condominium New York, NY Other   100% $2,017,084
11 East 44th Street  New York, NY Office   95% $110,000,000
Park Waverly (f/k/a Adams Run Apartments) Philadelphia, PA Multifamily 498 94% $49,000,000
Middle River Portfolio Middle River & Essex, MD Multifamily 514 93% $49,000,000
One South Broad Street Philadelphia, PA Office   85% $80,000,000
Overlook at Flanders (fka Oakwood Village) Flanders, NJ Multifamily 1,224 94% $220,350,000
Orchard Park Edgewater Park, NJ Multifamily 276 97% $25,466,667
Union Grove Barrington, NJ Multifamily 347 91% $24,586,828
Cedar Brook Pine Hills, NJ Multifamily 255 98% $18,328,378
Fox Pointe Hi-Nella, NJ Multifamily 246 97% $20,784,969
Joralemon Belleville, NJ Multifamily 62 100% $7,598,558
Timber Pointe Deptford, NJ Multifamily 99 99% $7,642,370
Liberty Square Newark, DE Multifamily 297 93% $23,691,713
Liberty Pointe Newark, DE  Multifamily 136 92% $11,691,643
Stonebridge Apartments Harrisburg, PA Multifamily 626 92% $56,000,000
The Bradford Leola, PA Multifamily 238 98% $28,180,934
Lehigh Square Allentown, PA Multifamily 220 93% $20,435,250
The Harrison Somerset, NJ Multifamily 316 93% $71,241,677
Franklin Commons Bensalem, PA Multifamily 703 94% $119,988,555
Valley Park Bethlehem, PA Multifamily 276 95% $36,621,452
Mulberry Station Harrisburg, PA Multifamily 100 86% $10,013,233
Canterbury Court Philadelphia, PA Multifamily 173 95% $19,533,684
Kingsrow Lindenwold, NJ Multifamily 208 97% $18,646,103
Holly Court Pitman, NJ Multifamily 188 93% $21,606,482
Residences of South Hills Baldwin, PA Multifamily 1,050 91% $62,255,471
The Greens at Forest Park Baltimore, MD Multifamily 190 94% $14,931,252
Hunters Crossing Newark, DE Multifamily 680 92% $66,388,726
Burlington Pointe Burlington, NJ Multifamily 210 96% $15,480,248
River Pointe Townhomes Bethlehem, PA Multifamily 211 95% $30,846,522
           
Total     9,343   $1,245,040,867

 

The Sponsor's bio and track record were provided by the Sponsor and have not been verified by RealtyMogul or NCPS

Website
Management Team
Management
Michael Betancourt
Managing Director

Michael Betancourt is a founding partner and Managing Director of AION Partners. Michael heads the Investment Committee of AION and oversees underwriting of all new transactions. He also dedicates his time to AION’s institutional equity relationships and private investors. At AION, he has purchased over $1.5 billion in real estate across multifamily, office, retail, and development deals. Michael began his real estate career with DCD America in 2001. He has also held positions with Prudential Securities and Shearson Lehman Brothers.  Mr. Betancourt is a graduate of Saint Joseph's University with a Bachelor of Science in Finance.

Management
Siraj Dadabhoy
Chairman

Siraj Dadabhoy has over 20 years of experience in finance and real estate investment. He focuses on AION’s overall investment strategy; new real estate opportunities, global marketing, and capital raising. He has a thorough knowledge of the entire investment lifecycle and maintains a high level of attention to detail throughout the process, from the initial structuring of the deal through the development of the investment thesis and design details. He is also the Chairman of AION Global; an owner, operator and developer of real estate in the U.K. Siraj is a 1988 graduate of Indiana University, with a Bachelor of Science in Accounting and Finance. He is also a qualified Certified Public Accountant.

Management
Victor Cole
Principal

Victor Cole is a Principal of AION Partners. Victor heads the Investment Team at AION, focusing on new acquisitions and asset management. He personally oversees several of AION’s large assets in the firm’s portfolio. At AION, Victor has purchased close to $1 billion of real estate in office and multifamily deals.

Prior to joining AION, Victor was a member of JPMorgan's Commercial Mortgage Backed Securities group. He previously worked for NorthMarq Capital where he was involved in debt and equity placement on behalf of real estate investor and developer clients.  Victor received a Bachelor of Science in Business Administration from Bucknell University and a Graduate Certificate in Real Estate from New York University's Real Estate Institute.

 

Management
Sean Belfi
Vice President

Sean Belfi focuses on new acquisitions and asset management responsibilities across AION’s portfolio. He also structures and oversees equity and debt partnerships. Prior to joining AION, Sean was a Vice President at Citi Private Bank. At Citi, he worked with High Net Worth clients and Institutional clients investing in real estate development projects and real estate funds. Prior to Citi, Sean practiced law in New York. Sean received a Juris Doctor from Brooklyn Law School and a Bachelor of Arts from Georgetown University. He received a Professional Certificate in Real Estate Investment and Finance from New York University Schack Institute of Real Estate. He also holds a Chartered Financial Analyst designation.

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

The Portfolio consists of Wellington Apartments and Livingstone Apartments, which are located approximately two miles apart. Built in 1964, Wellington Apartments is a 96% occupied, 150 unit apartment complex with 85 one-bedroom, 59 two-bedroom, and six three-bedroom units. Built in 1970, Livingstone Apartments is a 95% occupied, 39 unit apartment complex with four one-bedroom and 35 two-bedroom units. Both Properties have been well-maintained. Site amenities at both complexes include a courtyard, pool, BBQ, and laundry facilities. Unit amenities include air conditioning, balconies, dishwashers, microwaves, refrigerators, and ranges. Select units in both Properties offer ceramic tile flooring, upgraded appliances, and new cabinetry.

The Properties are situated off of Route 611, near the Willow Grove interchange of the Pennsylvania Turnpike (I-276). The immediate area is a hub for business and employment with 5.3 million square feet of office space in the Horsham/Willow Grove area, featuring several corporate headquarters including Toll Brothers, Bimbo Bakeries, Janssen, and Penn Mutual, among others. Additionally, Best Buy, Target, Walmart Supercenter, and The Home Depot are all within two miles.

Wellington Apartments In-Place Unit Mix
Unit Type # of Units % of Total Unit (Square Feet) Rent Per Unit Rent Per Square Foot
One Bedrooms 85 57% 605 $962 $1.59
Two Bedrooms 59 39% 837 $1,110 $1.33
Three Bedrooms 6 4% 1,200 $1,419 $1.18
Totals/Averages 150 100% 720 $1,039 $1.44
Livingstone Apartments In-Place Unit Mix
Unit Type # of Units % of Total Unit (Square Feet) Rent Per Unit Rent Per Square Foot
One Bedrooms 4 10% 650 $967 $1.49
Two Bedrooms 35 90% 928 $1,125 $1.21
Totals/Averages 39 100% 899 $1,109 $1.23
Comparables
For more information, view the Sponsor's Investment Memorandum.
Sale Comparables
   Blair Mill Village
East 
 Pine Grove Town
homes 
 Jefferson on the Creek   The Woods Apartments   Glenside Terrace Apartments   Averages   Subject (Wellington)   Subject (Livingstone) 
Date  Dec-16 Dec-17 Dec-17 Feb-17 Apr-16   May-18 May-18
Year Built  1971 1971 1971 1974 1966 1975 1964 1970
Occupancy  91% 86% 94% 94% 90% 91% 96% 95%
Purchase Price  $100,000,000 $3,875,000 $63,750,000 $44,275,000 $3,575,000 $43,095,000 $16,600,000 $4,400,000
# of Units  768 22 390 321 30 306 150 39
$/Unit  $130,208 $176,136 $163,462 $137,928 $119,167 $145,380 $110,667 $112,821
Cap Rate  5.70%     5.40%   5.55% 5.29% 5.65%
Distance from Subject  0.3 miles 1.1 miles 3.3 miles 4.4 miles 4.5 miles 2.7 miles    
Lease Comparables (Post-Renovation)
  Village Green Fox Run Apartments The Woods The Glen at Bucks Willow Run Averages Subject (Wellington) Subject (Livingstone)
Occupancy 97% 96% 94% 98% 96% 96% 96% 95%
# of Units 152 196 321 390 172 246 150 39
Year Built 1975 1968 1974 1968 1971 1971 1964 1970
Average SF 875 1037 739 1086 981 947 720 899
Average Rental Rate $1,293 $1,362 $1,385 $1,410 $1,308 $1,367 $1,231 $1,305
Average $/SF $1.48 $1.31 $1.87 $1.30 $1.33 $1.44 $1.71 $1.45
Distance from Subject 1.1 miles 1.1 miles 4.4 miles 2.5 miles 2.3 miles 2.3 miles    

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

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $16,950,000
Equity $9,067,752
Total Sources of Funds $26,017,752
Uses of Funds Cost
Purchase Price $21,000,000
Capital Improvements $3,209,866
Real Estate Company Acquisition Fee $210,000
North Capital Broker Dealer Fee $50,000
Lender Origination Fee $169,500
Closing Costs $516,345
Working Capital $100,000
Escrows $512,041
Interest Rate Cap $250,000
Total Uses of Funds $26,017,752
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Greystone
  • Estimated Proceeds: $16,950,000
  • Estimated Rate (Floating): LIBOR + 1.88%
  • Amortization: 30 years, with three years of interest-only
  • Term: 10 years
  • Prepayment Penalty: 1% of remaining balance

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, the Real Estate Company and Other LP Investors, collectively, the "Members") as follows:  

Operating Income, Refinance, and Sales Proceeds

  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. 75.0% / 25.0% (75.0% to Members / 25.0% to the Real Estate Company) of excess cash flows 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 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 expected to start in December 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
Effective Gross Revenue $2,674,036 $2,972,646 $3,185,956 $3,309,849 $3,391,977
Total Operating Expenses $1,253,506 $1,340,651 $1,384,678 $1,427,220 $1,469,746
Net Operating Income $1,420,530 $1,631,995 $1,801,278 $1,882,629 $1,922,232
RealtyMogul 115, LLC Cash Flows
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Distributions to
RealtyMogul 115, LLC Investors
($1,265,000) $41,141 $88,555 $109,791 $103,805 $1,940,194
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $1,626 $3,500 $4,340 $4,103 $76,687
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 $210,000 Real Estate Company  Capitalized Equity Contribution 1.0% of the Properties purchase price. 
Broker-Dealer Fee $50,000 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by RealtyMogul 115, LLC.
Construction Management Fee 5.0% of costs Real Estate Company Capitalized Equity Contribution  
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Asset Management Fee 1.25% of effective gross revenues Real Estate Company Operating Cash Flow  
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 115, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of RealtyMogul 115, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Property Management Fee 3.0% of effective gross revenue Real Estate Company Operating Cash Flow  

(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.

Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $16,950,000
Equity $9,067,752
Total Sources of Funds $26,017,752
Uses of Funds Cost
Purchase Price $21,000,000
Capital Improvements $3,209,866
Real Estate Company Acquisition Fee $210,000
North Capital Broker Dealer Fee $50,000
Lender Origination Fee $169,500
Closing Costs $516,345
Working Capital $100,000
Escrows $512,041
Interest Rate Cap $250,000
Total Uses of Funds $26,017,752
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Greystone
  • Estimated Proceeds: $16,950,000
  • Estimated Rate (Floating): LIBOR + 1.88%
  • Amortization: 30 years, with three years of interest-only
  • Term: 10 years
  • Prepayment Penalty: 1% of remaining balance

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, the Real Estate Company and Other LP Investors, collectively, the "Members") as follows:  

Operating Income, Refinance, and Sales Proceeds

  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. 75.0% / 25.0% (75.0% to Members / 25.0% to the Real Estate Company) of excess cash flows 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 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 expected to start in December 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
Effective Gross Revenue $2,674,036 $2,972,646 $3,185,956 $3,309,849 $3,391,977
Total Operating Expenses $1,253,506 $1,340,651 $1,384,678 $1,427,220 $1,469,746
Net Operating Income $1,420,530 $1,631,995 $1,801,278 $1,882,629 $1,922,232
RealtyMogul 115, LLC Cash Flows
  Year 0 Year 1 Year 2 Year 3 Year 4 Year 5
Distributions to
RealtyMogul 115, LLC Investors
($1,265,000) $41,141 $88,555 $109,791 $103,805 $1,940,194
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $1,626 $3,500 $4,340 $4,103 $76,687
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 $210,000 Real Estate Company  Capitalized Equity Contribution 1.0% of the Properties purchase price. 
Broker-Dealer Fee $50,000 North Capital (1) Capitalized Equity Contribution 4.0% based on the amount of equity invested by RealtyMogul 115, LLC.
Construction Management Fee 5.0% of costs Real Estate Company Capitalized Equity Contribution  
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Asset Management Fee 1.25% of effective gross revenues Real Estate Company Operating Cash Flow  
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 115, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of RealtyMogul 115, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Property Management Fee 3.0% of effective gross revenue Real Estate Company Operating Cash Flow  

(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.

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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