EL PASO, TEXAS–(BUSINESS WIRE)–In its inaugural acquisition, RM Adviser, a subsidiary of RealtyMogul,
has acquired two multifamily assets in El Paso, Texas. After investing
in over $2 billion in real estate transactions in diverse markets, these
two assets are the first direct acquisitions for the RealtyMogul family.
These two multifamily assets are situated near major highways,
retailers, schools, and a range of dining options which may make them
attractive for potential renters. The amenities in these assets include
pools, clubhouse, grills and pergolas, and washer/dryer connections in
many of the units. FPI Management will be retained for property
management for both assets.
RM Adviser’s business plan is to improve the properties with a view
toward long-term ownership. “Our business plan is to improve the assets
through a strategic renovation program,” says Michael Schoellhammer,
RealtyMogul Managing Director and head of the direct acquisition
program. “Our “green” plans for the properties include replacing all of
the toilets, showerheads, and aerators with low-flow models, for
resource conservation and cost savings. The unit interior renovations
will take place in conjunction with common area and amenity enhancements
such a new playground, pool furniture, upgraded BBQ areas, and an
outdoor lounge with gazebos.”
RealtyMogul has invested in a number of multifamily assets in Texas over
the past six years and continues to expand its portfolio in the state’s
growing market. “With these acquisitions, we are excited to expand our
footprint in El Paso. We like the market for its job and population
growth, university presence, low cost of living, which attracts people
and businesses alike and solid government job sector. We view El Paso as
a stable, long-term investment market for apartment assets,” says
Schoellhammer.
About RM Adviser
RM Adviser is the direct acquisition arm of RealtyMogul. RealtyMogul is
a private equity firm with investments in over $2 billion of real estate
including historical investments in over 16,000 apartment units. Through
RM Adviser, RealtyMogul targets $10MM-$30MM multifamily assets in stable
and emerging U.S. markets. In addition to direct acquisitions,
RealtyMogul deploys capital in multifamily, office, retail and
industrial properties through joint venture equity, senior, and
subordinated debt investments nationally. RealtyMogul currently manages
two public, non-traded REITs and has a hands-on approach to investments
and asset management. RealtyMogul offers securities through North
Capital Private Securities Corporation, member FINRA/SIPC.
Contacts
RealtyMogul Contact
Jonathan Mo
[email protected]
877-977-2776
