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Multifamily
Briar Court Apartments
Houston, TX
Completed Equity
100% funded
...
Briar Court Apartments
Houston, TX
All Investments > Briar Court Apartments
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Overview
Briar Court Apartments
Value-add acquisition of a well-maintained multifamily property alongside a strong Real Estate Company with extensive experience in the Houston market.
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Details
For more information, view the Sponsor's Investment Memorandum.
Estimated First Distribution 4/2019
Estimated Hold Period 4 Years
Investment Strategy Value-Add
Investment Type Equity
Year Built 1973
# of Units 201
# of Buildings 12
Current Occupancy 90%
Parking Ratio 2.03 spaces per unit
Sponsor Documents
The offering documents above have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
Deal Highlights
Investment Highlights
The Real Estate Company is purchasing the Property for $85,075 per unit, which represents a going-in cap rate of 6.52% on year one net operating income
The Real Estate Company has budgeted for interior unit renovations of approximately $4,912 per unit, and $721,000 for exterior improvements
The Property will be managed by an affiliate of the Real Estate Company, ParaWest Management, which is vertically integrated and has experience managing more than 40 multifamily properties in Houston
The exit strategy is to sell the Property in four years at an expected cap rate of 6.50%
The Real Estate Company is purchasing the Property for $85,075 per unit, which represents a going-in cap rate of 6.52% on year one net operating income
The Real Estate Company has budgeted for interior unit renovations of approximately $4,912 per unit, and $721,000 for exterior improvements
The Property will be managed by an affiliate of the Real Estate Company, ParaWest Management, which is vertically integrated and has experience managing more than 40 multifamily properties in Houston
The exit strategy is to sell the Property in four years at an expected cap rate of 6.50%
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Management
For more information, view the Sponsor's Investment Memorandum.
ParaWest Group

ParaWest Group (PWG)(1) brings together the collective experience of Curtis Haines, Michael Salkeld, Delane Salkeld, and CRSC Residential, Inc. through its President and CEO, Bryan Krizek. These principals bring to the table decades of experience in multi-family investments and operations both individually and collectively resulting in in-depth knowledge and experience that is unsurpassed in the industry. PWG focuses solely on multi-family properties in select markets. As an investment arm of these principals, PWG is an investment platform that includes ParaWest Management(2), thus creating a fully integrated platform for multi-family investments. This platform extends from sourcing and acquisitions to financing and equity structuring, renovation and operations, and ultimately disposition. ParaWest Group, through its principals, has created a strategic advantage in sourcing, underwriting, and closing opportunistic value-add multi-family properties and since its inception in 2012, has participated in the acquisition and investment in twenty-three properties totaling more than 4,000 units.

As a repeat Sponsor on the RealtyMogul Platform, Bay Island at Lake Ray Hubbard will be ParaWest Group’s fifth transaction with Realty Mogul. The first two deals have now gone full cycle (i.e. through sale) with the first having closed in June 2022, and generated an IRR to Investors of 27%, and the second, currently in escrow and scheduled to close during the third quarter, generating a projected Investor IRR of 24%. Both deals had proforma returns of 15.9% each.

Notes:
1) ParaWest Group, LLC  is a pass-through entity and its principals invest as individuals in single ownership entities on each transaction. 
2) ParaWest Management has been in business since 2003 and is solely owned by Michael and Delane Salkeld.         

Sponsor Track Record

ParaWest Group's Track Record

ParaWest Group Principals - Managing Members - Current SREO
Property Units Location Built  Value   Value/Unit   Debt   Total Equity  Lender Date Acquired MMR2
Idlewood Park1 268 Houston, Texas 1984  $24,460,000  $91,269  $16,710,000  $7,750,000 Berkeley Point Capital (FNMA) Nov-13 MS
Fountain Park 176 Stafford, Texas 1969  $14,960,000  $85,000  $7,100,000  $7,860,000 Berkeley Point Capital (FNMA) Oct-13 CH
Plantation at Quail Valley 124 Missouri City, Texas 2004  $16,415,886  $132,386  $8,118,612  $8,297,274 Keybank Nov-13 CH
Springfield 100 Missouri City, Texas 1977  $8,846,615  $88,466  $2,553,573  $6,293,042 Arbor (FNMA) Sep-14 CH
Briar Court 201 Houston, Texas 1973  $28,200,000  $140,299  $15,200,000  $13,000,000 MF1 Jun-19 MS
Lexington at Champions 89 Houston, Texas 2003  $13,500,000  $151,685  $10,878,750  $2,621,250 Arbor Sep-21 MS
Total/Avg 958      $106,382,501  $689,105  $60,560,935  $45,821,566      
 
ParaWest Group Principals - Managing Members - Exited Deals
Property Units Location Built  Sales Price   Price/Unit   Date Sold  Date Acquired MMR2    
Mirabella Galleria 160 Houston, Texas 1965  $14,700,000  $91,875 Aug-18 Jun-12 CH    
Beverly Palms 362 Houston, Texas 1968  $31,338,000  $86,569 May-18 Aug-12 MS    
Stoney Brook 113 Houston, Texas 1966  $11,550,000  $102,212 Apr-18 Jan-10 CH    
Legacy at Westchase 324 Houston, Texas 1977  $25,000,000  $77,160 Aug-17 Jun-14 MS    
Idlewood Park1 268 Houston, Texas 1981  $22,258,000  $83,052 Jun-17 Oct-13 MS    
Jacinto Palms 128 Houston, Texas 1972  $6,765,000  $52,852 Jan-16 Jun-14 CH    
Barcelona 118 Houston, Texas 1963  $6,500,000  $55,085 Dec-13 Jul-09 CH    
Carrington Court 111 Houston, Texas 1963  $11,000,000  $99,099 Apr-19 Mar-11 CH    
Watermill 192 Houston, Texas 1970  $17,477,000  $91,026 Apr-19 Aug-11 CH    
Quail Valley 176 Missouri City, Texas 1978  $16,192,000  $92,000 Aug-19 Sep-14 CH    
Colonade 192 Grand Prairie, Texas 2001  $22,000,000  $114,583 Dec-18 Oct-15 Other    
Somerset 264 Fort Worth, Texas 1985  $24,245,000  $91,837 Jan-22 Oct-16 Other    
Stratton Park 264 Fort Worth, Texas 1985  $24,245,000  $91,837 Jan-22 Oct-16 Other    
Valencia 263 Fort Worth, Texas 263  $22,345,000  $84,962 Jan-22 Jul-17 Other    
Corners 242 Dallas, Texas 242  $21,250,000  $87,810 Jan-22 Nov-17 Other    
Landmark at Laurel Heights 286 Mesquite, Texas 286  $37,915,000  $132,570 Jan-22 Dec-17 Other    
Briarstone2 97 Rosenberg, Texas 1997  $12,500,000  $128,866 Mar-21 Oct-18 MS    
Tiffany Square 84 Houston, Texas 1971  $7,896,000  $94,000 Feb-22 Dec-12 CH    
Residences 2727 171 Houston, Texas 1995  $23,350,000  $136,550 May-21 Oct-17 CH    
Palms on Westheimer 798 Houston, Texas 1974  $70,224,000  $88,000 Dec-21 Jul-15 CH    
Montclair Estates 113 Garland, Texas 1983  $17,050,000  $150,885 June-22 Oct-19 MS    
Total/Avg 4,726      $445,800,000  $244,982          
 
ParaWest Group Principals -  Co-Managing Member Investors - Current SREO
Property Units Location Built  Value   Value/Unit   Debt   Total Equity  Lender Date Acquired MMR2
Park on Spring Creek 278 Plano, Texas 1983  $45,935,467  $       165,235  $    32,500,000  $13,435,467 NXT Capital Dec-17 Other
Total/Avg 278      $45,935,467  $       165,235  $    32,500,000  $13,435,467      
 
ParaWest Group Principals -  Investors - Current SREO3
Property Units Location Built  Value   Value/Unit   Debt   Total Equity  Lender Date Acquired MMR2
Forest Oaks 164 Arlington, Texas 1980  $24,600,000  $150,000  $8,925,000  $15,675,000 Berkadia (Freddie Mac) Aug-16 Other
Braesridge 542 Houston, Texas 1982  $70,460,000  $130,000  $23,280,000  $47,180,000 Freddie Mac Jun-15 Other
Summer Cove 376 Houston, Texas 1983  $43,240,000  $115,000  $18,160,000  $25,080,000 Holliday Fenoglio Fowler Sep-15 Other
Highland Bluffs 357 Dallas, Texas 1984  $30,345,000  $85,000  $7,631,000  $22,714,000 FNMA Dec-14 Other
Total/Avg 1,439      $168,645,000  $120,000  $57,996,000  $110,649,000      

Notes

1) Idlewood Park was restructured in 2021.

2)"MMR" denotes Managing Member.  CH - Curtis Haines; MS - Michael Salkeld; Other - Non ParaWest Group Managing Member.

3) Individual Principals SREO's (attached) may include properties invested in separately from ParaWest Group.

4) Values are derived from estimated market-based capitalization rates applied to net operating income. Actual values as determined by any future appraisal or sale may vary.

The bio and track record reflect those of ParaWest Group Principals, and were provided by the Sponsor and have not been verified by RealtyMogul

Website
Management Team
Management
Michael Salkeld
Co-Founder / Managing Partner

Prior to cofounding ParaWest in 2003, Mr. Salkeld served as Regional Vice President of Pinnacle Realty Management's Arizona Office between 1990 and 2001, where he developed and supervised a fee management portfolio of more than 6,000 units in Arizona, Nevada, California, and New Mexico.  Before that (1982-1989) he served as Executive V.P. of Property Management and Development for Urban Investment Corporation.

Management
Delane Salkeld
Co-Founder / Partner

Prior to serving as principal for ParaWest, Mrs. Salkeld served as Senior Investment Manager for Pinnacle Realty Management, Inc. (1990-2000).  Mrs. Salkeld is certified as a Licensed Real Estate Broker in AZ, and as a Property Manager (CPM).  She is also a member of the Arizona Multi-Housing Associate Board of Directors.

Management
Curtis Haines
Partner

As of January 2021, Mr. Haines is invested in more than 100 multifamily properties as Key Principal with an aggregate value of more than $1.9 billion. Prior to engaging in multifamily investing, Mr. Haines founded, developed, and sold one of Houston's largest Permanent Placement Firms designated by Inc. Magazine as one of the "Fastest-Growing Private Companies in the U.S." before moving into Apartment Investment and applying the same diligence, fortitude, and insightfulness that has made him one of Houston's most prodigious apartment owner-operators.

Management
CRSC Residential, Inc.
Principal

CRSC Residential, Inc. as an affiliate of CRS, Inc. owns and operates multi-family properties in Virginia, Kansas, and Arizona, and has investment interests in properties in Texas. Total wholly-owned properties together with Investments in Property Operating interests exceed $100 million.

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

Built in 1973, Briar Court Apartments is a Class B apartment community comprised of 72 one-bedroom units, 118 two-bedroom units, and 11 three-bedroom units. Amenities include a swimming pool, onsite laundry facility, gazebo, stainless steel BBQ, and charcoal grills. Unit interiors include laminate and ceramic floors, washer/dryer connections in select units, walk-in closets, and fireplaces. Within one mile of the Property is a Walgreens, Whole Foods, Target, Wells Fargo, LensCrafters, Petco, Office Depot, and an array of dining options. Within two miles there is a Chipotle, Starbucks, HEB, Trader Joe's, and a Walmart. Immediately adjacent to the Property is Club Westside, a 16.5 acre recreational facility that includes 30 tennis courts, three pools, a waterpark, and a bowling alley. Although the Property has been well maintained, it has not undergone any major improvements recently (per Real Estate Company).

In-place/Stabilized Unit Mix
Unit Type # of Units % of Total Unit (square feet) In-Place Rent Post-Reno Rent
1 Bed, 1 Bath 72 36% 717 $748 $840
2 Bed, 2 Bath 40 20% 1,027 $941 $1,179
2 Bed, 2 Bath 34 17% 1,113 $999 $1,224
2 Bed, 2.5 Bath 44 22% 1,177 $1,016 $1,294
3 Bed, 2.5 Bath 11 5% 1,645 $1,336 $1,592
Total 201 100% 997 $920 $1,113
Comparables
For more information, view the Sponsor's Investment Memorandum.

Lease Comparables

  Belvedere at Westchase Cove at Briar Forest Commons at Westchase Abbey at Briargrove Park Total/Averages Subject
# of Units 367 296 282 234 295 201
Year Built 1979 1965 1980 1973 1974 1973
Average SF 832 800 749 896 819 997
Average Rental Rate $945   $1,048   $872   $980 $961 $1,113
Average Rent per SF $1.14 $1.31 $1.16 $1.09 $1.17 $1.12
Distance from Subject 1.1 miles 0.4 miles 1.4 miles 1.3 miles 1.1 miles  

All rents are net effective

Sale Comparables

  Legacy at Westchase Westchase Creek Apartments Lakeside Forest Madison Park at Westchase Waters at Westchase Averages Subject
Date Aug-17 Aug-18 May-18 Jul-18 Jul-17    
Year Built 1977 1983 1975 1978 1979 1978 1973
# of Units 324 456 240 576 260 371 201
Average SF/Unit 752 639 1,024 967 747 826 974
Rentable SF 243,648 291,384 245,760 556,992 194,220 306,537 195,774
Purchase Price $25,000,000 $36,720,000 $20,900,000 $48,000,000 $16,450,000 $29,414,000 $17,100,000
$/Unit $77,160 $80,526 $87,083 $83,333 $63,269 $78,275 $85,075
$/Rentable SF $102.61 $126.02 $85.04 $86.18 $84.70 $96.91 $87.35
Cap Rate   6.85% 6.47%   5.68% 6.33% 6.36%
Distance from Subject 2.4 miles 1.2 miles 0.3 miles 2.1 miles 2.2 miles 1.6 miles  

Sale and lease comps were obtained from CoStar, Axiometrics, and site visit

Financials
For more information, view the Sponsor's Investment Memorandum.
Sources & Uses
Total Capitalization
Sources of Funds Amount
Debt $15,200,000
Equity $4,879,458
Total Sources of Funds $20,079,458
Uses of Funds Amount
Purchase Price $17,100,000
Real Estate Company Acquisition Fee $256,500
Broker Dealer Fee $156,000
Loan Fee $266,000
CapEx Budget $2,130,958
Working Capital $70,000
Interest Rate Cap $30,000
Closing Costs $70,000
Total Uses of Funds $20,079,458

Please note that the Sponsor's equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: MF1 Capital
  • Estimated Proceeds: $15,200,000
  • Estimated Rate (Floating): One Month Libor plus 3.25%
  • Amortization: 30 years
  • Term: 2 years
  • Interest Only: 5 years
  • Exit Fee: 0.5% of loan proceeds
  • Extension Options: Three (3) one-year extension options (no fee for the first, 0.25% for the second and third)

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 to investors (the Company and Real Estate Company, collectively, the "Members") as follows: 

  1. To the Members, pari passu, all excess operating cash flows to a 10.0% IRR to the Members;
  2. 70.0% / 30.0% (70.0% to Members / 30.0% to promote) of excess cash flow to a 15.0% IRR;  
  3. 50.0% / 50.0% (50.0% to Members / 50.0% to promote) of excess cash flow 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 manager of The Company may receive a portion of the promote. Distributions are expected to start in March 2020 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
Effective Gross Revenue $2,305,592 $2,557,961 $2,705,714 $2,833,633
Total Operating Expenses $1,191,513 $1,225,617 $1,306,884 $1,337,795
Net Operating Income $1,114,079 $1,332,344 $1,398,830 $1,495,838
RealtyMogul 131, LLC Cash Flows
  Year 0 2019 2020 2021 2022 2023
Distributions to RealtyMogul 131, LLC Investors ($3,940,000) $69,176 $320,748 $377,662 $411,680 $5,685,896
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $878 $4,070 $4,793 $5,224 $72,156
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 $256,500 Real Estate Company  Capitalized Equity Contribution 1.5% of the Property purchase price
Broker-Dealer Fee $156,000 North Capital Capitalized Equity Contribution Greater of $50,000 and 4.0% of the equity raised by RealtyMogul 131, 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
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 131, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 131, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Asset Management Fee 1.1% of Effective Gross Income Real Estate Company Distributable Cash  
Property Management Fee 3.5% of Effective Gross Income ParaWest Management Distributable Cash  

(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 Amount
Debt $15,200,000
Equity $4,879,458
Total Sources of Funds $20,079,458
Uses of Funds Amount
Purchase Price $17,100,000
Real Estate Company Acquisition Fee $256,500
Broker Dealer Fee $156,000
Loan Fee $266,000
CapEx Budget $2,130,958
Working Capital $70,000
Interest Rate Cap $30,000
Closing Costs $70,000
Total Uses of Funds $20,079,458

Please note that the Sponsor's equity contribution may consist of friends and family equity and equity from funds controlled by the Sponsor

Debt Assumptions

The expected terms of the debt financing are as follows:

  • Lender: MF1 Capital
  • Estimated Proceeds: $15,200,000
  • Estimated Rate (Floating): One Month Libor plus 3.25%
  • Amortization: 30 years
  • Term: 2 years
  • Interest Only: 5 years
  • Exit Fee: 0.5% of loan proceeds
  • Extension Options: Three (3) one-year extension options (no fee for the first, 0.25% for the second and third)

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 to investors (the Company and Real Estate Company, collectively, the "Members") as follows: 

  1. To the Members, pari passu, all excess operating cash flows to a 10.0% IRR to the Members;
  2. 70.0% / 30.0% (70.0% to Members / 30.0% to promote) of excess cash flow to a 15.0% IRR;  
  3. 50.0% / 50.0% (50.0% to Members / 50.0% to promote) of excess cash flow 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 manager of The Company may receive a portion of the promote. Distributions are expected to start in March 2020 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
Effective Gross Revenue $2,305,592 $2,557,961 $2,705,714 $2,833,633
Total Operating Expenses $1,191,513 $1,225,617 $1,306,884 $1,337,795
Net Operating Income $1,114,079 $1,332,344 $1,398,830 $1,495,838
RealtyMogul 131, LLC Cash Flows
  Year 0 2019 2020 2021 2022 2023
Distributions to RealtyMogul 131, LLC Investors ($3,940,000) $69,176 $320,748 $377,662 $411,680 $5,685,896
Net Earnings to Investor
- Hypothetical $50,000 Investment
($50,000) $878 $4,070 $4,793 $5,224 $72,156
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 $256,500 Real Estate Company  Capitalized Equity Contribution 1.5% of the Property purchase price
Broker-Dealer Fee $156,000 North Capital Capitalized Equity Contribution Greater of $50,000 and 4.0% of the equity raised by RealtyMogul 131, 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
Management and Administrative Fee 1.0% of amount invested in RealtyMogul 131, LLC RM Manager, LLC Distributable Cash RM Manager, LLC is the Manager of RealtyMogul 131, LLC and a wholly-owned subsidiary of Realty Mogul, Co. (2)
Asset Management Fee 1.1% of Effective Gross Income Real Estate Company Distributable Cash  
Property Management Fee 3.5% of Effective Gross Income ParaWest Management Distributable Cash  

(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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