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Funded
Multifamily
River Pointe (Metro DC) Apartments
Fort Washington, MD
INVESTMENT STRATEGY
Value-Add
INVESTMENT TYPE
Equity
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100% funded
Offered By Aulder Capital
15.1%* TARGET IRR 14.1%-16.1%
8.6%* TARGET AVG CASH ON CASH
1.89x* TARGET EQUITY MULTIPLE
Estimated Hold Period 5 years
Estimated First Distribution 12/2018
*Please carefully review the Disclaimers section below, including regarding Sponsor’s assumptions and target returns
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Project Summary
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Explore this Project
Overview
Value-add acquisition of a multifamily asset by an experienced Real Estate Company in a suburb of Washington D.C.
Property At A Glance
Year Built 1968
Number of Units 170
Occupancy 96% as of March 2018
Parking Ratio 1.25 spaces per unit
Amenities A playground, picnic area, pet park, controlled access, central courtyards and on-site laundry facilities
Acquisition Price

$24,450,482

Investment Highlights
Gentrifying Neighborhood Within the Washington, D.C. Metropolitan Area: The Property is located approximately one and a half miles from the MGM National Harbor. The MGM, a $1.4 billion development, was delivered in 2016 and has over 300 rooms and 150,000 square feet of casino and public event space. The greater National Harbor community is home to approximately 10,000 jobs.
Utility Efficiency Opportunity: The Real Estate Company intends to sub-meter electricity and gas utilities, passing along those expenses directly to the tenants.
Demographics: Average household income is approximately $93,000 annually and $108,000 annually within a one-mile and five-mile radius of the Property, respectively.
Repeat Real Estate Company: The Real Estate Company has purchased more than $208 million of multifamily properties since 2012 and previously invested alongside Realty Mogul for the acquisition of Foxwoods Apartments.
Management
Cumulative Distributions

Aulder Capital

Aulder Capital ("Aulder") is a New York City-based private real estate investment firm focused on investing in multifamily properties throughout New York City and the Northeast. Aulder currently manages a portfolio of over 1,500 units worth approximately $194 million and has sold approximately $14 million of assets since 2014.

Aulder seeks to earn attractive risk-adjusted equity returns for itself and for its investors. The firm is currently focused on the US Northeast, and seeks to identify value-added and opportunistic multifamily opportunities which can be repositioned and stabilized at current market levels. Aulder's in-house acquisition and structuring expertise allow it to quickly evaluate complex transactions in competitive time frames. In addition, the firm’s project and asset management backgrounds are integral in the execution of value-added strategies for their investments.

Realty Mogul previously invested with the Real Estate Company in the Foxwood Apartments transaction, which was acquired in Q4 of 2017.

https://www.aulder.com/
  • Michael Zito
    Managing Partner
  • Lucien Zito
    Managing Partner
  • Igal Shany
    Managing Partner
  • Jonah Bamberger
    Managing Partner
Michael Zito
Managing Partner

Mr. Zito is a Managing Partner of Aulder Capital, and oversees the Acquisitions and Underwriting team. Mr. Zito has over 16 years of experience in the real estate industry. He previously worked at the private equity firm Partners Group, where he co-headed a team charged with identifying, structuring and executing debt/equity real estate transactions throughout the Americas. Prior to that, he was a Vice President at Lehman Brothers in their principal transactions group, where he originated and structured over $1.5 billion of first mortgage, mezzanine and equity real estate investments. While at Lehman Brothers, Mr. Zito also underwrote over $5 billion of investments. Spanning his career, he has invested in more than 80 different transactions including multifamily, office, for-sale residential, hospitality, retail and industrial asset types. In addition, Mr. Zito has directly managed and operated various middle-market multifamily properties in the New York area over the last decade. He holds a Bachelor’s Degree from Cornell University.

Lucien Zito
Managing Partner

Mr. Zito is a Managing Partner of Aulder Capital, and oversees the Asset Management team. He has over 11 years of experience in the real estate industry. Mr. Zito was previously a Mall Operations Manager with Macerich, over-seeing one of their premier retail properties. Prior to his time at Macerich, Mr. Zito worked for Vornado Realty Trust where he managed daily operations and tenant/landlord construction in one of their largest retail malls. Along with managing various departments at the property, he was also responsible for maintaining strict compliance with all NYC agencies. Earlier in his career, Mr. Zito was both a construction supervisor for Pavarini McGovern, where he supervised the construction of luxury residential and hotel properties, and a property manager for Urban American. At Urban American he managed over 1,100 residential units in Brooklyn and led both a violations abatement team and a construction team focused on residential renovations. He holds a Bachelor’s Degree from Cornell University.

Igal Shany
Managing Partner

Mr. Shany is a Managing Partner of Aulder Capital and is active on the investment committee and in the investor relations realm. In addition to his real estate investment activity, he currently serves as CFO of Kenshoo, an international technology company in the online marketing space. Prior to his current role Mr. Shany was the Vice President of Business Development and Marketing for Siemens Solar Thermal business unit where he was responsible for the project financing of several large infrastructure projects, raising several hundred million dollars in senior debt. Mr. Shany has also served as CFO of Solel Solar Systems and CFO of Saifun Semiconductors. As CFO of Solel he led its acquisition by Siemens AG for $420 million, and as CFO of Saifun he led its IPO & secondary offering on the Nasdaq where a total of $270 million was raised. Mr. Shany also serves on the board of Q-Core Medical. He has a Bachelor’s Degree and an MBA from Tel Aviv University and is a licensed CPA.

Jonah Bamberger
Managing Partner

Mr. Bamberger is a Managing Partner of Aulder Capital, and oversees the Finance and Investment Solutions teams. He was previously an investment manager at the Israel Infrastructure Fund, a private equity fund located in Tel Aviv, Israel, with over $1 billion in managed assets. He was responsible for the entire deal cycle from initial analysis and acquisition, through the investment life and concluding with the sale of assets. Prior to IIF, Mr. Bamberger worked at Siemens Solar Thermal business unit as Project Manager, responsible for promoting projects in Israel, including the $900 million bid for the Ashalim BOT project. Previously, Mr. Bamberger was a Manager at TASC Strategic Consulting providing project finance consulting services to the Israeli Ministry of Transportation, the Kazakhstan Ministry of Transportation, and private firms in Israel and Romania in the transportation and energy sectors. He holds a Bachelor’s Degree from Cornell University and an MBA from Tel Aviv University.

Track Record

Currently Owned Multifamily Assets
City State Units Year Acquired Purchase Price
Brooklyn NY 24 2015 $4,000,000
Brooklyn NY 31 2015 $6,250,000
Manhattan NY 90 2015 $15,950,000
Plainfield NJ 57 2016 $5,625,000
New Windsor NY 161 2016 $11,050,000
Albany NY 109 2016 $7,965,000
Manhattan NY 21 2016 $6,400,000
Groton CT 141 2017 $14,650,000
Manhattan NY 133 2017 $35,300,000
Manhattan NY 31 2017 $11,550,000
Bucks County PA 238 2017 $31,250,000
Newark DE 414 2017 $44,500,000
Total   1,450   $194,490,000
Exited/Partially Exited Multifamily Assets
City State Units Year Acquired Purchase Price Year Sold/Partially Sold
Brooklyn NY 6 2012 $1,000,000 2014
Brooklyn NY 12 2013 $2,775,000 2015
Brooklyn NY 25 2014 $3,875,000 2015
Brooklyn NY 8 2014 $2,500,000 2016
Brooklyn NY 6 2014 $975,000 2017
Brooklyn NY 10 2015 $2,600,000 2016
    67   $13,725,000  
Total Assets
  Units Purchase Price
Total 1,517 $208,215,000

The Real Estate Company's biography and track record were provided by the Real Estate Company and have not been verified by Realty Mogul or NCPS.

 
Business Plan

In this transaction, Realty Mogul investors are to invest in RealtyMogul 117, LLC ("The Company"). The Company will subsequently invest in River Pointe Owner LLC ("The Target"), a limited liability company that will, through a 100% wholly-owned subsidiary, hold title to the Property. The Real Estate Company is under contract to purchase the Property for $24,450,482 ($143,826 per unit), and the total project cost is expected to be $29,750,000 ($175,000 per unit).

Aulder Capital (the "Real Estate Company") views the investment as an opportunity to acquire an asset which has been well maintained structurally but has missed opportunities to push rents through unit renovations as well as properly manage expenses by bringing more day-to-day Property functions in-house. The seller of the Property is an out of town institutional real estate owner who used third-party property management to oversee most operations at the Property, increasing overhead expenses. By bringing the management of the Property in-house and sub-metering both electricity and gas to pass those costs along directly to the tenant, the Real Estate Company anticipates being able to reduce expenses at the Property going forward.

The Real Estate Company plans to spend approximately $10,000 per unit renovating up to 153 units (90% of the Property) over the five-year hold at an average pace of approximately seven units per month. The underwriting assumes post-renovation rents that are 16% below the comp set and approximately $146 (10%) above in-place rents.  Unit renovations will include a new appliance package, counters, hardware, painting, flooring and lighting.  Additionally, the Real Estate Company intends to install in-unit washers and dryers throughout the Property.  Common area upgrades, including signage improvement and the addition of a fitness center, community garden, outdoor kitchen and fire pit and are budgeted to cost approximately $900,000.

Realty Mogul previously invested with the Real Estate Company in the Foxwood Apartments transaction, which was acquired in Q4 of 2017.

Property

RealtyMogul.com, along with Aulder Capital (the "Real Estate Company"), is providing the opportunity to invest in the acquisition of River Pointe Apartments, a 170-unit multifamily Property located in Fort Washington, Maryland (the "Property").

The primary objective of this investment is to acquire the Property, perform curb appeal upgrades, interior renovations, and improve management efficiencies via sub-metering gas and electricity expenses directly to the tenants, then sell the Property within approximately five (5) years.

The Real Estate Company sees this investment as an opportunity to capitalize on a well-occupied, well-maintained and well-located asset in an high-demographic and strong market that can be improved through targeted capital improvements and improved management and leasing efforts via the property manager ZPM Management, an affiliate of the Real Estate Company.

Property Details

River Pointe Apartments (the "Property") was constructed in 1968 and is two and three-story masonry construction. The Property is a 170-unit apartment community located in Fort Washington, Maryland, approximately a 17-minute drive (13.5 miles) south of the central business district of Washington, D.C., and approximately 15 minutes (7.3 miles) south east of downtown Alexandria, VA. The Property offers a range of units including 17 one-bedroom units, 84 two-bedroom units, 51 three-bedroom units, and 18 four-bedroom units in 29 three-story buildings across nine acres. Amenities at the Property include a playground, picnic area, pet park, controlled access, central courtyards and on-site laundry facilities.

In-Place Unit Mix
Unit Type # of Units % of Total Unit (SF) Total SF Rent/Unit Rent/SF
1 Bed, 1 Bath 17 10% 542 9,214 $1,202 $2.22
2 Bed, 1 Bath 84 49% 652 54,768 $1,328 $2.04
3 Bed, 1.5 Bath 51 30% 762 38,862 $1,609 $2.11
4 Bed, 2 Bath 18 11% 827 14,886 $1,918 $2.32
Totals/Averages 170 100% 693 117,730 $1,462 $2.11

 

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Comparables

Pre-Renovation Lease Comps
  Wilson Tower Apartments Harbor Place Westwood Place Glen Rock Landing Comp Set Averages Subject - In-Place
# of Units 202 606 246 304 340 170
Year Built 1964 1974 1973 1966 1969 1963
Miles from Subject 0.4 0.6 2.5 2.7 1.5 -
1 Bedroom
# of Units 133 376 160 100 192 17
Average Rent $1,244 $1,348 $1,290 $1,379 $1,315 $1,462
Average $/SF $1.67 $1.64 $1.45 $1.68 $1.61 $2.11
2 Bedroom
# of Units 60 122 8 108 75 84
Average Rent $1,426 $1,423 $1,400 $1,378 $1,407 $1,328
Average $/SF $1.72 $1.50 $1.63 $1.62 $1.62 $2.04
3 Bedroom
# of Units N/A 108 38 8 51 51
Average Rent N/A $1,666 $1,645 $1,620 $1,644 $1,609
Average $/SF N/A $1.58 $1.38 $1.69 $1.55 $2.11
4 Bedroom
# of Units N/A N/A N/A N/A N/A 18
Average Rent N/A N/A N/A N/A N/A $1,918
Average $/SF N/A N/A N/A N/A N/A $2.32

Source - Axiometrics

Post-Renovation Lease Comps
  Harbor Place Riverside Apartments Esplanade Comp Set Averages Subject - Post-Renovation Units
# of Units 606 814 252 557 170
Year Built 1974 1973 2015 1987 1963
Miles from Subject 0.9 5.7 1.1 2.6 -
1 Bedroom
# of Units 376 407 158 314 17
Average Rent $1,380 $1,482 $2,129 $1,664 $1,280
Average $/SF $1.92 $1.85 $2.68 $2.15 $2.35
2 Bedroom
# of Units 122 407 99 209 84
Average Rent $1,650 $1,824 $2,778 $2,084 $1,550
Average $/SF $1.72 $1.61 $2.37 $1.90 $2.38
3 Bedroom
# of Units 108 N/A 9 59 51
Average Rent $1,785 N/A $3,667 $2,762 $1,685
Average $/SF $1.70 N/A $2.40 $2.05 $2.21
4 Bedroom
# of Units N/A N/A N/A N/A 18
Average Rent N/A N/A N/A N/A $2,100
Average $/SF N/A N/A N/A N/A $2.54

Source - Axiometrics

Sales Comps
 

Hanson Creek Manor

Brinkley Manor Apartments Huntington Garden  Glen Rock Landing Comp Set Total / Averages Subject
Date July 2017 June 2017 September 2016 August 2015 - June 2018
# of Units 210 125 113 304 188 170
Year Built 1994 1973 1950 1964 1970 1963
Purchase Price $27,000,000 $15,050,000 $18,500,000 $34,150,000 $23,675,000 $24,450,482
$/Unit $128,571 $120,400 $163,717 $112,336 $131,256 $143,826
Cap Rate 6.4% - 5.3% 6.5% 6.3% 5.8%
Miles from Subject 3.1 5.0 4.7 4.5 4.3 -

Source - Real Captial Analytics

Location

The Property is located in Fort Washington, MD, within the greater Prince George's County. The Property provides tenants with a convenient commute to both Downtown Washington, D.C. (17-minute drive) and downtown Alexandria, VA (15-minute drive).  The Property sits along Indian Head Highway, approximately two miles from the intersection of Indian Head Highway and Interstate 495, maximizing the accessibility of the Property to the surrounding metropolitan areas.  

The Property is located approximately one and a half miles from both the newly developed MGM National and the National Harbor community.  The National Harbor is an approximately 300-acre master-planned development along the Potomac River.  Per the Washington Post, the National Harbor is home to approximately 3,800 people an approximately 10,000 jobs.  The MGM Grand Casino, which was completed in 2016, is a $1.4 billion resort and casino, with 308 rooms, 135,000 square feet in gaming space, retail space, a spa, seven restaurants, a 3,000-seat theater with seven VIP suites, 27,000 square feet of meeting and event space, and a parking garage for 4,800 cars, per the Washington Post.


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Market Overview

Per Axiometrics, effective rent for the Washington-Arlington-Alexandria market increased 2.3% annualized from $1,735 in the fourth quarter of 2018 to $1,741 in the first quarter of 2018. Annual effective rent growth is forecast to be 2.3% in 2018, and average 2.9% from 2018 to 2022. Annual effective rent growth has averaged 3.1% from 1996-2017. The market's occupancy rate was 95.0% in the first quarter of 2018, in-line with the national average of 95.0% in the first quarter of 2018. For the forecast period, the market's occupancy rate is expected to be 95.7% in 2018, and average 95.5% from 2019 to 2022. The market's occupancy rate has averaged 95.7% from 1996-2007.

Submarket Overview

Per Axiometrics, effective rent for the Forest Heights/Oxon Hill increased 2.0% annualized from $1,304 in the fourth quarter of 2018 to $1,310 in the first quarter of 2018. Annual effective rent growth is forecast to be 3.6% in 2018, and average 3.0% from 2018 to 2022. Annual effective rent growth has averaged 3.3% from 2001-2017The market's occupancy rate was 94.4% in the first quarter of 2018, slightly below the national average of 95.0% in the first quarter of 2018. For the forecast period, the market's occupancy rate is expected to be 94.6% in 2018, and average 94.1% from 2019 to 2022. The market's occupancy rate has averaged 94.4% from 2001-2007.

Demographic Information

Demographics
  1 Mile 3 Miles 5 Miles
Population (2017) 9,143 55,538 258,255
Estimated Population (2022) 9,449 57,756 271,851
Population Growth (2010-2017) 0.5% 3.4% 9.4%
Estimated Population Growth (2017-2022) 3.4% 4.0% 5.3%
Average Household Income $92,931 $101,319 $107,984
Median Home Value $267,621 $279,510 $344,818
Average Household Size 2.6 2.7 2.4

Demographic information above was obtained from CoStar.

Photos
Financials
Sources & Uses

Total Capitalization
Sources of Funds Cost
Debt $19,700,000
Equity $10,050,000
Total Sources of Funds $29,750,000
Uses of Funds Cost
Purchase Price $24,450,482
Real Estate Company Acquisition Fee $489,010
Broker Dealer Fee $80,000
Capital Expenditures $2,676,554
Transfer Tax $599,038
Senior Loan Fee $118,200
Buyer's/Seller's Broker Fee $375,000
Lender Costs $65,000
Escrows, Prepaid Costs and Working Capital $454,719
Buyer's Closing, Legal Fees & Due Diligence $441,997
Total Uses of Funds $29,750,000
Debt Assumptions

The terms of the debt financing are as follows:

  • Lender: Berkadia as a Fannie Mae DUS
  • Loan Type: Agency
  • Proceeds: $19,700,000
  • Term: 12 years
  • Rate: 4.77% fixed
  • Amortization: 30 years
  • Interest-Only Period: Four and a half (4.5) years
  • Extensions: None
  • Prepayment: Yield Maintenance through the first 10 years of the loan, after which the loan may be paid off at par
  • Recourse: Non-recourse except for carve-outs

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 all available cash and capital proceeds to investors (The Company, Other LP investors and Real Estate Company, collectively, the "Members") as follows:

  1. Pro rata share of cash flow to an 8% preferred return hurdle;
  2. Return of capital;
  3. Excess balances will be split pro rata 80% to Members and 20% to Real Estate Company to a 15% IRR;
  4. Excess balances will be split pro rata 70% to Members and 30% to Real Estate Company

Note that these distributions will occur after the payment of The Company's liabilities (loan payments, operating expenses and other fees as set forth in the LLC agreement, in addition to any member loans or returns due on member loans).

The Company will distribute 100% of its share of excess cash flow (after expenses and fees) to the members of The Company (the Realty Mogul investors).

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

Targeted Cash Flows
  Year 1 Year 2 Year 3 Year 4 Year 5
Effective Gross Revenue $3,189,056 $3,409,630 $3,520,184 $3,609,251 $3,700,577
Total Operating Expenses $1,553,686 $1,591,458 $1,396,427 $1,425,916 $1,450,699
Net Operating Income $1,635,370 $1,818,172 $2,123,757 $2,183,335 $2,249,878
The Company Cash Flows
  Year 0 2018 2019 2020 2021 2022 2023
Distributions to The Company ($2,020,000) $61,764 $138,099 $188,046 $218,442 $226,193 $2,995,335
Net Earnings to Investor -
Hypothetical $50,000 Investment
($50,000) $1,529 $3,418 $4,655 $5,407 $5,599 $74,142
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 $489,010 Real Estate Company Capitalized Equity Contribution 2.0% of the Property purchase price
Broker-Dealer Fee $80,000 North Capital (1) Capitalized Equity Contribution 4.0% of equity raised by RealtyMogul.com ($50,000 minimum)
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Property Management Fee 4.0% of Effective Gross Income Real Estate Company Affiliate Distributable Cash  
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 117, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of The Company 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.

Disclaimers/FAQs
Disclaimers

Forward-Looking Statements

Investors should not rely on any forward-looking statements made regarding this opportunity, because such statements are inherently uncertain and involve risks. We use words such as “anticipated”, “projected”, “forecasted”, “estimated”, “prospective”, “believes”, “expects”, “plans”, “future”, “intends”, “should”, “can”, “could”, “might”, “potential”, “continue”, “may”, “will” and similar expressions to identify these forward-looking statements.


Non-Transferability of Securities

The transferability of membership interests in The Company are restricted both by the operating agreement for that entity and by U.S. federal and state securities laws. In general, investors will not be able to sell or transfer their interests. There is also no public market for the investment interests and none is expected to be available in the future. Moreover, the estimated investment holding period described herein is only a projection, and there can be no assurance when or if an investment may be liquidated. Persons should not invest if they require any of their investment to be liquid. This is particularly important for persons of retirement age, who should plan carefully to assure that their assets last throughout retirement.


Capital Call Risk

The amount of capital that may be required by the Target from the Company is unknown, and although the Target does not require that the Company and its members contribute additional capital to it, it may from time to time request additional funds in the form of loans or sell additional equity.  The Company does not intend to participate in a capital call if one is requested by the Target, and in such event the manager of the Target may accept additional contributions from other members of Target or from new members.  In the event that the manager of Target advances any capital on behalf of the Company, it will be deemed to be a manager loan at an interest rate that cannot be determined at this time.  Amounts that are contributed by existing or new members will be deemed to be additional capital contributions, in which case the Company's interest in Target will potentially suffer a proportionate amount of dilution.


Interest-Only Loan Period

The Target is expected to obtain a senior loan (the “Loan”) to, in part, acquire the apartment community.  The Loan is anticipated to have an interest-only period during the first four and a half years of the loan term, which means that there will be no reduction in the principal balance during that interest-only period.


*The above is not intended to be a full discussion of all the risks of this investment. Please see the Risk Factors in the Issuer Document Package for a discussion of additional risks. The above presentation is based upon information supplied by the Real Estate Company and 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.

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