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Multifamily
Lofts at Midtown
Raleigh, NC
Completed Equity
100% funded
...
Lofts at Midtown
Raleigh, NC
All Investments > Lofts at Midtown
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Overview
Lofts at Midtown
Acquisition of a value add multifamily property near the Raleigh-Durham Research Triangle by a North Carolina focused real estate company.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 3/2019
Estimated Hold Period 4 years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1975
Years Renovated 2016-2018
# of Units 184
# of Buildings 14
Current Occupancy 97% as of July 2018
Parking Ratio 2.0 / 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
Asset Quality and Curb Appeal: The seller of the Property executed a capital expenditure plan of approximately $4.0 million at the Property over the course of the past two years. Of this, approximately $3.5 million was spent on exterior building improvements, deferred maintenance, amenities, etc., and approximately $500,000 was spent on interior improvements.
Location: The Property is located adjacent to the Raleigh-Durham Research Triangle of North Carolina. Anchored by Duke University, The University of North Carolina at Chapel Hill, and North Carolina State University, the Research Triangle comprises 7,000 acres, is home to over 260 companies such as IBM Corporation, Cisco Systems, Inc. and Credit Suisse, and employs approximately 48,000 skilled workers.
Demographics: Per CoStar, the average annual household income is approximately $82,000 and $99,000 in one and three-mile radii from the Property, respectively, which should allow for tenants to afford projected rental increases at the Property during the hold period.
No Deferred Maintenance: The third-party Property Condition Report for the Property recognized no immediate repair items, due primarily to the extensive capital improvements executed by the seller, which could lower necessary capital expenditure and repairs and maintenance expense during the hold period.
Asset Quality and Curb Appeal: The seller of the Property executed a capital expenditure plan of approximately $4.0 million at the Property over the course of the past two years. Of this, approximately $3.5 million was spent on exterior building improvements, deferred maintenance, amenities, etc., and approximately $500,000 was spent on interior improvements.
Location: The Property is located adjacent to the Raleigh-Durham Research Triangle of North Carolina. Anchored by Duke University, The University of North Carolina at Chapel Hill, and North Carolina State University, the Research Triangle comprises 7,000 acres, is home to over 260 companies such as IBM Corporation, Cisco Systems, Inc. and Credit Suisse, and employs approximately 48,000 skilled workers.
Demographics: Per CoStar, the average annual household income is approximately $82,000 and $99,000 in one and three-mile radii from the Property, respectively, which should allow for tenants to afford projected rental increases at the Property during the hold period.
No Deferred Maintenance: The third-party Property Condition Report for the Property recognized no immediate repair items, due primarily to the extensive capital improvements executed by the seller, which could lower necessary capital expenditure and repairs and maintenance expense during the hold period.
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Management
For more information, view the Sponsor's Investment Memorandum.
Willow Creek Partners

Willow Creek Partners ("Willow Creek" or the "Real Estate Company"), is a privately-held, vertically integrated multifamily investment and management firm based in Reston, VA. Over the past three years, Willow Creek has acquired ten assets, nine of which are in North Carolina, four of which are in Greensboro, NC. Willow Creek has also recently opened an office in Raleigh, NC and upsized their team from seven employees to twelve, including a VP of Property Management, two VPs of Construction, and two Regional Managers. Willow Creek primarily targets multifamily, both conventional and student housing, in markets where economic conditions provide for increased real estate demand and aims to be long term investors in income-producing real estate. Willow Creek executes their business plans by employing a proven investment strategy comprised of three major elements: identifying markets with built-in demand drivers, focusing on secondary and tertiary markets where local knowledge can potentially create a competitive advantage, and unlocking value through rigorous underwriting and proactive asset management. RealtyMogul previously invested with Willow Creek in Hawthorne North Ridge, Lofts at Midtown, and Triangle Park Apartments. 

An investment overview of Hawthorne North Ridge can be found here: https://www.realtymogul.com/investment-opportunity/905616

An investment overview of Lofts at Midtown can be found here: https://www.realtymogul.com/investment-opportunity/633421

An investment overview of Triangle Park can be found here: https://www.realtymogul.com/investment-opportunity/477060

 

Sponsor Track Record
Willow Creek Properties Owned
Property Name Location Asset Units Beds Purchase Price Date Acquired
Madison Woods Greensboro, NC Multifamily 180 - $13,350,000 June 2017
Terrace at Olde Battleground Greensboro, NC Multifamily 156 - $13.608.000 June 2017
Terrace Oaks Greensboro, NC Multifamily 120 - $9,924,000 June 2017
Campus East Greensboro, NC Student Housing - 36 $2,150,000 November 2017
Blue Ridge  Raleigh, NC Student Housing - 48 $6,500,000 September 2017
Hunt Club  Winston-Salem, NC Multifamily 128 - $7,680,000 December 2017
Triangle Park  Raleigh, NC Multifamily 120 - $11,500,000 March 2018
Azalea Hill Greenville, SC Multifamily 160 - $19,000,000 June 2018
Lofts at Midtown Raleigh, NC Multifamily 184 - $24,000,000 August 2018
Stonegate & Carlton Scott  Blacksburg, VA Student Housing - 196 $10,948,000 August 2018
Hawthorne North Ridge Raleigh, NC Multifamily 600   $70,000,000 April 2019
Total     1,648 280 $175,052,000  

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

 

Website
Management Team
Management
Matthew Brady
Managing Partner
Management
Giuliano Salvo
Managing Partner
Management
Phat Dang
Partner
Management
Alex Gregory
Managing Director
Property
For more information, view the Sponsor's Investment Memorandum.

Built in 1975 and heavily renovated by the seller from 2016-2018, the Property consists of one, two and three-bedroom loft style floor plans comprising 184 units, 14 apartments buildings, 367 parking spaces (2.0 parking spaces per unit), and 205,615 rentable square feet. The weighted average unit size and rent per unit are 1,117 square feet and $1,034 ($0.93 per square foot), respectively (as of June 2018). The loft style floor plans of the Property create an open and uninterrupted feel. These uncommon floor plans make the units more attractive for prospective tenants. On-site amenities include a 24-hour fitness center, a cyber café, a dog park, and a business center.

In-Place Unit Mix
Unit Type # of Units % of Total Unit (Square Feet) Total Square Feet Rent Per Unit Rent Per Square Foot
1 Bed, 1 Bath 13 7% 800 10,400 $808 $1.01
1 Bed, 1 Bath PR 15 8% 800 12,000 $950 $1.19
2 Bed, 1 Bath Den 22 12% 1,035 22,770 $923 $0.89
2 Bed, 1 Bath Den PR 16 9% 1,035 16,560 $1,080 $1.04
2 Bed, 1 Bath 14 8% 1,045 14,630 $945 $0.90
2 Bed, 1 Bath PR 14 8% 1,045 14,630 $1,085 $1.04
2 Bed, 2 Bath 35 19% 1,250 43,750 $980 $0.78
2 Bed, 2 Bath PR 30 16% 1,250 37,500 $1,185 $0.95
3 Bed, 2 Bath 15 8% 1,335 20,025 $1,100 $0.82
3 Bed, 2 Bath PR 10 5% 1,335 13,350 $1,320 $0.99
Totals/Averages 184 100% 1,117 205,615 $1,034 $0.93
Comparables
For more information, view the Sponsor's Investment Memorandum.
Sale Comparables
  Averelle North Hills Olde Raleigh Mission Triangle Point Triangle Place Regency Place Averages Subject
Date Dec-17 Aug-17 Aug-17 July-17 Feb-17   Aug-18
# of Units 228 228 224 216 180 215 184
Year Built 1986 1994 1999 1985 1985 1990 1975
Purchase Price $25,600,000 $33,500,000 $23,200,000 $22,000,000 $20,750,000 $25,010,000 $24,000,000
$/Unit $112,281 $146,930 $103,571 $101,852 $115,278 $116,217 $130,435
$/Square Foot $155 $145 $119 $100 $137 $130 $117
Cap Rate 5.07% 4.75% 5.15% 5.75% 5.25% 5.19% 4.98%

Sale Comparable information provided via the Property's appraisal, and the Subject's cap rate is based on trailing 12-month net operating income as of June 2018, not adjusted for reserves.

Lease Comparables (Post-Renovation by the Real Estate Company)
  Shellbrook North Oaks Landing Windsor Falls Edwards Mill Averages Subject
# of Units 238 200 276 220 234 184
Year Built 1972 1973 1994 1984 1981 1975
1 BDR            
# of Units 152 50 120 30 88 28
Average Rent $1,045 $1,225 $1,332 $1,000 $1,151 $1,007
Average $/SF $1.41 $1.53 $1.67 $1.26 $1.47 $1.26
2 BDR            
# of Units 86 110 120 152 117 131
Average Rent $1,240 $1,595 $1,559 $1,325 $1,430 $1,321
Average $/SF $1.16 $1.52 $1.39 $1.12 $1.30 $1.16
3 BDR            
# of Units - 40 36 38 38 25
Average Rent - $1,705 $1,925 $1,550 $1,727 $1,555
Average $/SF - $1.42 $1.58 $0.95 $1.32 $1.16

Lease Comparable information provided via Apartments.com asking rents.

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $16,702,000
Equity $10,535,000
Total Sources of Funds $27,237,000
Uses of Funds Cost
Purchase Price $24,000,000
CapEx Reserve $2,050,000
Real Estate Company Acquisition Fee $360,000
Lender Origination Fee $133,616
Buyer's Broker Fee $150,000
Tax and Insurance Reserve $118,194
Other Closing and Pursuit Costs $345,190
Working Capital $80,000
Total Uses of Funds $27,237,000
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Berkeley Point Capital, LLC (Freddie Mac)
  • Estimated Proceeds: $16,702,000
  • Estimated Rate: One-Month LIBOR + 1.85% (3.92% all-in as of July 2018)
  • Required Interest Rate Cap: Three-year cap with maximum interest rate of 6.50%
  • Amortization: 30 years, with five (5) years of interest-only
  • Term: 10 years
  • Prepayment Penalty: One-year lockout period, 1.0% prepayment premium thereafter if paid off after the lockout period. No prepayment premium for last (3) three months of loan term.

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 the Company, WCP Lofts at Midtown LLC, and Midtown Holdings, LLC (together the "Members") as follows:  

Operating Income, Refinance, and Sales Proceeds

  1. To the Members, pari passu until each has received an 8.0% IRR,
  2. 85.0% / 15.0% (85.0% to Members / 15.0% 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 Realty Mogul 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 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. 

Cash Flow Summary
  Year One Year Two Year Three Year Four
Effective Gross Revenue $2,383,781 $2,539,004 $2,805,430 $3,009,810
Total Operating Expenses $958,799 $985,925 $1,016,958 $1,046,714
Net Operating Income $1,424,982 $1,553,078 $1,788,472 $1,963,096
Realty Mogul 104, LLC Cash Flows
  Year 0 2018 2019 2020 2021 2022
Distributions to
Realty Mogul 104, LLC Investors
($1,590,000) $0 $112,020 $104,025 $139,208 $2,411,556
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $0 $3,523 $3,271 $4,378 $75,835
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 $360,000 Real Estate Company  Capitalized Equity Contribution 1.5% of the Property purchase price
Broker-Dealer Fee $40,000 North Capital (1) Investor Overraise 2.6% based on the amount of equity invested by Realty Mogul 104, LLC
Broker-Dealer Fee $25,000 North Capital (1) Real Estate Company 1.6% based on the amount of equity invested by Realty Mogul 104, LLC.  This fee is paid outside of the transaction and has no bearing on Realty Mogul 104, LLC investors' economics.
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 104, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 104, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

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

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

The above presentation is based upon information supplied by the Real Estate Company or others.  Realty Mogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

Sources & Uses
Total Capitalization
Sources of Funds Cost
Debt $16,702,000
Equity $10,535,000
Total Sources of Funds $27,237,000
Uses of Funds Cost
Purchase Price $24,000,000
CapEx Reserve $2,050,000
Real Estate Company Acquisition Fee $360,000
Lender Origination Fee $133,616
Buyer's Broker Fee $150,000
Tax and Insurance Reserve $118,194
Other Closing and Pursuit Costs $345,190
Working Capital $80,000
Total Uses of Funds $27,237,000
Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: Berkeley Point Capital, LLC (Freddie Mac)
  • Estimated Proceeds: $16,702,000
  • Estimated Rate: One-Month LIBOR + 1.85% (3.92% all-in as of July 2018)
  • Required Interest Rate Cap: Three-year cap with maximum interest rate of 6.50%
  • Amortization: 30 years, with five (5) years of interest-only
  • Term: 10 years
  • Prepayment Penalty: One-year lockout period, 1.0% prepayment premium thereafter if paid off after the lockout period. No prepayment premium for last (3) three months of loan term.

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 the Company, WCP Lofts at Midtown LLC, and Midtown Holdings, LLC (together the "Members") as follows:  

Operating Income, Refinance, and Sales Proceeds

  1. To the Members, pari passu until each has received an 8.0% IRR,
  2. 85.0% / 15.0% (85.0% to Members / 15.0% 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 Realty Mogul 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 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. 

Cash Flow Summary
  Year One Year Two Year Three Year Four
Effective Gross Revenue $2,383,781 $2,539,004 $2,805,430 $3,009,810
Total Operating Expenses $958,799 $985,925 $1,016,958 $1,046,714
Net Operating Income $1,424,982 $1,553,078 $1,788,472 $1,963,096
Realty Mogul 104, LLC Cash Flows
  Year 0 2018 2019 2020 2021 2022
Distributions to
Realty Mogul 104, LLC Investors
($1,590,000) $0 $112,020 $104,025 $139,208 $2,411,556
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $0 $3,523 $3,271 $4,378 $75,835
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 $360,000 Real Estate Company  Capitalized Equity Contribution 1.5% of the Property purchase price
Broker-Dealer Fee $40,000 North Capital (1) Investor Overraise 2.6% based on the amount of equity invested by Realty Mogul 104, LLC
Broker-Dealer Fee $25,000 North Capital (1) Real Estate Company 1.6% based on the amount of equity invested by Realty Mogul 104, LLC.  This fee is paid outside of the transaction and has no bearing on Realty Mogul 104, LLC investors' economics.
Recurring Fees
Type of Fee Amount of Fee Received By Paid From Notes
Management and Administrative Fee 1.0% of amount invested in Realty Mogul 104, LLC RM Manager, LLC Distributable Cash  RM Manager, LLC is the Manager of Realty Mogul 104, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)

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

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

The above presentation is based upon information supplied by the Real Estate Company or others.  Realty Mogul, Co., RM Manager, LLC, and The Company, along with their respective affiliates, officers, directors or representatives (the "RM Parties") hereby advise you that none of them has independently confirmed or verified any of the information contained herein.  The RM Parties further make no representations as to the accuracy or completeness of any such information and undertake no obligation now or in the future to update or correct this presentation or any information contained herein.

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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