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.

Boots on the ground

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.

Detailed Checklists

We have formalized processes and checklists for every private placement deal listed on the platform.

Confidentiality Agreement
To access the Sponsor’s private offering documents for this investment, you must first acknowledge and agree to the below.
By clicking the ‘I Agree’ button below:
Completed Equity
Estimated Hold Period 3 years
Estimated First Distribution 3/2019
FUNDED 100%
...
View Our Due Diligence Process
Offered By
GCG P10, LLC
Investment Strategy Value-Add
Investment Type Equity
Overview
Acquisition of a multifamily asset in Fort Worth, TX at an above-market going-in cap rate.
Property at a glance
Year Built 1970
Year Renovated 1994
Number of Units 184
Occupancy 97%
Parking Ratio 2.25 spaces per unit
Acquisition Price $11,000,000
Investment Highlights
In-Place Occupancy: The Property was over 97% occupied as of May 2018, which could allow for rental rate increases while maintaining high occupancy.
In-Place Yield: The underwritten Year One net operating income for the Property represents a 7.67% cap rate based on the $11,000,000 Property purchase price.
Low Density: The Property is comprised primarily of duplex townhomes and is situated on over 21 acres of total land, creating the possibility that a potential buyer could repurpose the land for other uses in the future.
Location: The Property is located adjacent to the local high school, middle school and elementary school, which is a favorable characteristic for the family-oriented tenant base which townhomes attract.
Management
Cumulative Distributions

GCG P10, LLC

GCG P10, LLC is a newly-formed multifamily acquisition venture established by Glenn Gonzales. Glenn Gonzales has previously acquired a multifamily portfolio of over 3,800 units at a cumulative purchase price of over $178 million via a partnership known as NAPA Ventures, LLC, of which Glenn was a Principal and Co-Founder. In addition to his background with NAPA Ventures, LLC, Mr. Gonzales currently serves as the Chief Executive Officer for Place 10 Residential, Inc., a property management firm with over 6,000 units under management. Place 10 Residential, Inc. is to serve as the property manager for the Property.

Place 10 Residential, Inc. was established in 1969 and is headquartered in Renton, WA with satellite offices in Dallas and Austin Texas.  Place 10 Residential, Inc. is a national U.S. community management firm committed to delivering exceptional service to its apartment communities and residents. Place 10 Residential, Inc. provides community and compliance management services that create positive living environments for residents and build value for clients. Place 10 Residential, Inc.'s corporate team has over 75 years of combined experience. 

Glenn Gonzales of GCG P10, LLC has, through predecessor entities, served as a Sponsor for three other real estate investments offered on the RealtyMogul platform.  Those investments, known as Woodbridge Townhomes, Ravenwood Apartments, and Yardarm Apartments, have all three also employed Place 10 Residential, Inc. as property manager.

https://www.place10residential.com/our-people
  • Glenn Gonzales
    Founder and Managing Member
Glenn Gonzales
Founder and Managing Member

Mr. Glenn Gonzales is an entrepreneurial individual able to leverage 25 years of commercial real estate experience. Glenn served as Treasurer on the Board of Directors for the Washington Multi-family Housing Association, and was elected as President of the association in 2006. From 1994 to 1998, Glenn was a board member for the Utah Apartment Association. He also served a two-year term as the Chairman of the Public Relations Committee and a one-year term as the Secretary-Treasurer for the Institute of Real Estate Management (IREM). Since 1994, Glenn has also been an instructor for the Apartment Associations in his local markets.

Track Record

 

Multifamily Assets Owned via Previous Venture
Property Name Location  Asset Type  Date Acquired # of Units Purchase Price
Encinal San Antonio, TX Multifamily 12/19/2013 201 $4,818,750
Lakeview Apartments Killeen, TX Multifamily 4/4/2014 62 $1,175,000
Morgan Manor San Antonio, TX Multifamily 9/26/2014 157 $3,650,000
Summerlyn Killeen, TX Multifamily 1/6/2015 200 $6,300,000
Sante Fe San Antonio, TX Multifamily 6/30/2015 327 $7,300,000
Montecito Creek Dallas, TX Multifamily 9/30/2015 650 $34,000,000
Oates Creek Mesquite, TX Multifamily 6/30/2016 280 $15,700,000
Parkside Townhomes Arlington, TX Multifamily 7/14/2016 144 $11,500,000
Woodbridge Townhomes Arlington, TX Multifamily 8/24/2016 91 $6,225,000
Westwood Apartments Dallas, TX Multifamily 8/31/2016 187 $7,400,000
Ravenwood Apartments Fort Worth, TX Multifamily 10/12/2016 122 $4,900,000
Brandon Mill Dallas, TX Multifamily 9/26/2016 300 $12,160,000
Eagle Point Dallas, TX Multifamily 11/15/2016 156 $6,961,100
Pleasant Creek Lancaster, TX Multifamily 12/30/2016 159 $8,580,000
Oyster Creek Lake Jackson, TX Multifamily 2/28/2017 201 $15,900,000
Treasure Bay Lake Jackson, TX Multifamily 2/28/2017 200 $15,100,000
Prescott Woods Tulsa, OK Multifamily 5/12/2017 256 $8,300,000
Yardarm Apartments Corpus Christi, TX Multifamily 7/28/2017 150 $8,875,000
      Totals 3,843 $178,844,850

Note - The above track record represents a portfolio for which Glenn Gonzales of the Real Estate Company served as a Principal and Co-Founder.  However, the above portfolio was and is not owned by GCG P10, LLC.  Prior to the acquisition of the Property, GCG P10, LLC will not own any commercial real estate assets.

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

In this transaction, Realty Mogul investors are to invest in RealtyMogul 120, LLC ("The Company"). The Company will subsequently invest in P10 HGH - Village Creek, LLC ("The Target"), a limited liability company that will hold title to the Property. GCG P10, LLC (the "Real Estate Company") is under contract to purchase the Property for $11,000,000 ($59,783 per unit), and the total project cost is expected to be $12,160,000 ($66,087 per unit).

The business plan for the Property entails acquiring the Property at an above-market going-in cap rate, executing on an approximately $608,000 capital expenditure budget focused on curing deferred maintenance and improving the Property's curb appeal, maintaining the strong in-place occupancy throughout the hold period, and selling the Property within approximately three (3) years, market conditions permitting.

Major curb appeal improvements anticipated to be completed as part of the business plan include: the installation of a pool and patio, the renovation of the clubhouse, and the installation of three playgrounds across the Property.

Village Creek Townhomes - Capital Expenditures Budget
CapEx Item $ Amount Per Unit
Pool and Patio Installation $150,000 $815
Clubhouse Renovation $85,000 $462
Concrete, Asphalt and Foundational Repairs $71,950 $391
Masonry Repointing and Repairs $59,500 $323
Plumbing Ugradges $36,800 $200
Repair Exterior Gates $35,000 $190
Adding Three New Playgrounds $35,000 $190
Landscaping $15,000 $82
Miscellaneous Deferred Maintenance $13,750 $75
Painting and Vinly Siding $13,025 $71
Parking Lot Seal Coat and Striping $11,640 $63
Contingency 10.0% $52,666 $286
Construction Management Fee 5.0% $28,967 $157
Total $608,298 $3,306
Property Information

Village Creek Townhomes (the "Property"), which was constructed in 1970 and completely renovated down to the wood frames in 1994, is a 184-unit townhome community located in Southeast Fort Worth, TX approximately 10 minutes from Downtown Fort Worth along the State Highway 820 loop. The Property is currently 97% leased, has an average apartment size of 816 square feet, and offers two, three and four-bedroom townhome layouts.

The Property is situated on 21.4 acres, providing for a low density of 8.6 units per acre.  The Property's 418 parking spaces equates to 2.25 spaces per unit. The Property consists of wood-frame construction duplexes with masonry exteriors and concrete slab foundations. 

The Property is walking distance (less than a quarter mile) to the local primary, middle and high schools and is less than a mile away from Lake Arlington. The other surrounding uses near the Property are primarily single family residential neighborhoods.

In-Place Unit Mix
Unit Type # of Units % of Total Unit (SF) Total SF In-Place Rent Post Renovation Rent
2 Bed, 1 Bath 126 68% 725 91,350 $671 $750
3 Bed, 1.5 Bath 28 15% 975 27,300 $914 $975
4 Bed, 2 Bath 30 17% 1,050 31,500 $965 $1,050
Totals/Averages 184 100% 816 150,150 $756 $833
Comparables

LEASE COMPARABLES (POST CAPITAL EXPENDITURE PROGRAM)
Rental Comparables Antigua Village Heather Village Brentwood Court Quail Ridge Madison Park Averages Subject
Occupancy 93% 88% 100% 95% 97% 95% 97%
# of Units 160 170 42 296 140 162 184
Year Built/Renovated 1973 1977 1966 1970 1978 1973 1970/1994
2x1 - # of Units 53 61 10 80 8 42 126
2x1 - SF 850 987 905 810 868 884 702
2x1 - Rent $799 $795 $780 $725 $835 $787 $750
2x1 - $/SF $0.94 $0.81 $0.86 $0.90 $0.96 $0.89 $1.07
3x2- # of Units -- 11 -- 16 12 13 28
3x2 - SF -- 1,360 -- 1,234 1,050 1,215 900
3x2 - Rent -- $1,060 -- $970 -- $1,042 $975
3x2 - $/SF -- $0.78 -- $0.79 $1.04 $0.87 $1.08
4x2- # of Units -- -- -- -- -- -- 30
4x2 - SF -- -- -- -- -- -- 1,168
4x2 - Rent -- -- -- -- -- -- $1,050
4x2 - $/SF -- -- -- -- -- -- $0.90
Distance from Subject (mi.) 1.0 3.4 2.5 3.0 3.3 2.6 --

Source - Axiometrics

Sales Comps
Sales Comparables Oak Ridge Woodstone Apartments Bridge Hollow Copper Creek Sterling Pointe Averages Subject
Date Nov-17 Apr-17 Mar-17 Mar-17 Dec-17 -- Jul-18
# of Units 28 200 280 274 216 200 184
Year Built/Renovated 1968 1984 1984 1986 1984 1981 1970/1994
Purchase Price $1,600,000 $11,500,000 $18,000,000 $16,500,000 $12,900,000 $14,721,643 $11,000,000
Per Unit $57,143 $57,500 $64,286 $60,219 $59,722 $60,621 $59,783
Cap Rate 6.1% 6.5% 6.1% 6.0% 6.0% 6.1% 7.0%*
Distance 1.8 3.0 3.0 3.2 3.3 2.9 --

*Note:  Subject Cap Rate is representative of T-12 NOI adjusted for reserves.

Source - Real Captial Analytics

Location Information

The Property is located in Fort Worth, TX, within the greater Tarrant County. The Property is located in Southeast Fort Worth, approximately 10 minutes from Downtown Fort Worth along the State Highway 820 loop.  The Property is walking distance (less than a quarter mile) to the local primary, middle and high schools. The Property is less than a mile away from Lake Arlington. The other surrounding uses near the Property are primarily single family residential neighborhoods.

Per CoStar, The Dallas-Fort Worth apartment market has performed well over the last few years, thanks to exceptional demand driven by some of the best in-migration and employment growth in the country. Supply levels are cresting, but the influx of tens of thousands of jobs from corporate moves like those by Toyota and Liberty Mutual is helping drive demand, especially in the northern suburbs along the Dallas North Tollway. Rent growth has cooled from its peak in 2015, with the slowdown most prevalent in pricey, supply-heavy submarkets and in 4 & 5 Star assets. As the market moves towards the late-cycle phase, rising vacancies and slower rent growth can be expected. However, the Dallas-Fort Worth economy continues to fire on all cylinders, and as long as the metro comes close to maintaining its recent job growth numbers, there should be enough demand to keep vacancies below the historical average for at least a few more quarters.

Market Overview

Per Axiometrics, annual effective rent increased 0.1% from $1,003 in 4Q17 to $1,004 in 1Q18, which resulted in an annual growth rate of 3.0%. Annual effective rent growth is forecast to be 3.9% in 2019, and average 2.7% from 2020 to 2022. Annual effective rent growth has averaged 2.3% since 3Q96. The market's annual rent growth rate was above the national average of 2.5%. Out of the 120 markets ranked by Axiometrics nationally, Fort Worth-Arlington, TX Metro Division was 85th for quarterly effective rent growth, and 46th for annual effective rent growth for 1Q18.

The market's occupancy rate decreased from 94.6% in 4Q17 to 94.5% in 1Q18, and was down from 95.1% a year ago. The market's occupancy rate was at the national average of 94.5% in 1Q18. For the forecast period, the market's occupancy rate is expected to be 95.0% in 2019, and average 94.6% from 2020 to 2022. The market's occupancy rate has averaged 93.7% since 3Q95.

Submarket Overview

Per Axiometrics, annual effective rent increased 0.3% from $1,029 in 4Q17 to $1,032 in 1Q18 in the Southeast submarket of the Fort Worth-Arlington market. The submarket's annual rent growth rate of 2.8% was below the market average of 3.0%. Out of the 12 submarkets in the market, the Southeast submarket ranked fourth for quarterly effective rent growth and eighth for annual effective rent growth for 1Q18. Annual effective rent growth is forecast to be 2.5% in 2018, and average 3.1% through 2018 to 2020. The annual effective rent growth has averaged 2.4% per year since 3Q96.

The submarket's occupancy rate increased from 94.9% in 4Q17 to 95.1% in 1Q18, and was down from 95.2% a year ago. The submarket's occupancy rate was above the market average of 94.5% in 1Q18. For the forecast period, the submarket's occupancy rate is expected to decrease to 95.0% in 2018 and average 95.1% from 2018 to 2020. The submarket's occupancy rate has averaged 94.1% since 3Q96.

Demographic Information

Demographics
  1 Mile 3 Miles 5 Miles
Population (2018) 10,988 92,722 238,658
Estimated Population (2023) 11,927 100,167 257,561
Estimated Population Growth (2018-2023) 8.55% 8.03% 7.92%
Average Household Income $43,162 $59,104 $64,847
Median Household Income $32,243 $42,609 $46,261
Median Home Value $81,488 $88,538 $128,642
Average Household Size 2.9 2.9 2.8

Demographic information above was obtained from CoStar.

Cap Stack
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $9,464,000
Equity $2,696,000
Total Sources of Funds $12,160,000
Uses of Funds Cost
Purchase Price $11,000,000
Real Estate Company Acquisition Fee $110,000
Broker Dealer Fee $93,200
Capital Expenditures $608,298
Mortgage Broker Fee $141,960
Buyer's Closing, Legal Fees & Due Diligence $176,542
Working Capital $30,000
Total Uses of Funds $12,160,000
Debt Assumptions

The terms of the debt financing are as follows:

  • Lender: Fannie Mae (Arbor Commercial Funding I, LLC as DUS)
  • Loan Type: Agency
  • Proceeds: $9,464,000
  • Term: 12 years
  • Rate: 10-year US Treasury + 2.15% (5.09% as of 6/20/2018)
  • Amortization: 30 years
  • Interest-Only Period: None
  • Extensions: None
  • Prepayment: Yield Maintenance through the first 11.5 years of the loan, then 1.0% until 90 days from maturity, then none
  • 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, and the Real Estate Company, collectively, the "Members") as follows:

  1. Pari passu to the Members to a 10% IRR,
  2. 85% to the Members pari passu and 15% to the Real Estate Company to a 17% IRR,
  3. 60% to the Members pari passu and 40% to the Real Estate Company to a 20% IRR,
  4. 50% to the Members pari passu and 50% to the Real Estate Company 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 Realty Mogul investors).

Distributions are expected to start in March 2019 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
Effective Gross Revenue $1,773,288 $1,878,358 $1,933,610
Total Operating Expenses $929,851 $959,821 $988,572
Net Operating Income $843,437 $918,536 $945,038
The Company Cash Flows
  Year 0 2018 2019 2020 2021
Distributions to The Company ($2,375,000) $0 $230,633 $220,389 $3,425,371
Net Earnings to Investor -
Hypothetical $50,000 Investment
($50,000) $0 $4,855 $4,640 $72,113
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 $110,000 Real Estate Company Capitalized Equity Contribution 1.0% of the Property purchase price
Disposition Fee 1.0% of Sales Price Real Estate Company Sales Proceeds Subject to a full return of the Company's capital contributions
Broker-Dealer Fee $93,200 North Capital (1) Capitalized Equity Contribution 4.0% of equity raised by RealtyMogul.com
Marketing Fee $25,000 RM Manager, LLC Investor Overraise  
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  
Asset Management Fee 1.5% of Effective Gross Income Real Estate Company Distributable Cash  
Construction Management Fee 5.0% of Total Costs Real Estate Company Affiliate Distributable Cash  
Management and Administrative Fee 1.0% of amount invested in the Target 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.

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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