RM Adviser, a subsidiary of RealtyMogul, has acquired two El Paso, Texas-based multifamily assets. No financial terms were disclosed.
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.