CONFIDENTIAL PRIVATE PLACEMENT...

CONFIDENTIAL

$100,000MINIMUMCAPITALCONTRIBUTION

SUMMARYOFOFFERINGThis Private Placement Memorandum (Memorandum) relates to the sale (Offering) of Class AInterestsinMoneilMultifamilyFundLLC,aWyominglimitedliabilitycompany(theCompany).Theindividual Unit price, Minimum and Maximum Dollar Amounts of the Offering are describedbelow.

ClassAInterests PricetoInvestors Seller’sCommissions

ProceedstotheCompany

CostPerUnit $5,000 $0.00 $5,000MinimumDollarAmount $1,000,000 $0.00 $1,000,000MaximumDollarAmount $50,000,000 $0.00 $50,000,000

TheOfferingcommencedonJanuary30,2018.IftheMinimumDollarAmounthasnotbeenraisedbyApril292018ortheclosingdateforthefirstProperty,whicheverislater,theManagerwillnotBreakImpoundsandwillreturnInvestor’sfundswithoutdeduction.TheCompanymaycontinuetheOfferinguntiltheMaximumDollarAmountisraisedorJanuary29,2021(3years),whicheveroccurs first. TheMaximum InvestmentAmount allowedof a singleClassA Investor is less than20% of the Aggregate Contributions of all Investors, which will be calculated at the time theinvestmentismade.

PRIVATEPLACEMENTMEMORANDUMMoneilMultifamilyFundLLC

AWyomingLimitedLiabilityCompany

January30,2018

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IMPORTANTNOTICESTOINVESTORS

FOR THIS OFFERING, THE MANAGER IS RELYING ON AN EXEMPTION FROM SECURITIESREGISTRATIONUNDERTHEFEDERALSECURITIESANDEXCHANGECOMMISSION’SREGULATIOND,RULE506(c)ANDREGULATIONS.

EACHPURCHASERHEREOFREPRESENTSTHATITISPURCHASINGFORITSOWNACCOUNT(ORATRUST ACCOUNT IF THE PURCHASER IS A TRUSTEE) ANDNOTWITH A VIEW TO RESELL THESECURITY. PER RULE 144 OF THE SECURITIES AND EXCHANGE COMMISSION, AFTER INITIALSALE, THE SECURITIESMAYNOTBE RESOLDWITHINONE YEARWITHOUTREGISTRATIONORQUALIFICATIONFORANEXEMPTIONFROMREGISTRATION.

THIS PRIVATE PLACEMENT MEMORANDUM (MEMORANDUM) HAS BEEN PREPARED FORSUBMITTAL TO A LIMITEDNUMBEROF POTENTIAL INVESTORS SO THEY CAN CONSIDER THEPURCHASE OF AN INTEREST IN THE COMPANY. IT IS NOT AUTHORIZED FOR ANY OTHERPURPOSE. IF YOUACCEPTDELIVERYOF THISMEMORANDUMYOUAGREE TO RETURN ITORDESTROYITANDALLENCLOSEDDOCUMENTS,IFYOUDONOTPURCHASEANINTERESTWITHINTHETIMEALLOWED.THISMEMORANDUMMAYNOTBEREPRODUCEDINWHOLEORINPART,OR FORWARDED TO OTHER POTENTIAL INVESTORS. IT MAY ONLY BE DISTRIBUTED ANDDISCLOSED TO THE PROSPECTIVE INVESTORS TO WHOM IT IS PROVIDED DIRECTLY BY THEMANAGER.

THESE SECURITIES ARE OFFEREDONLY TO A SELECT GROUPOF INVESTORSWHOMEET THESTANDARDS SET FORTH IN SECTION 1 HEREOF, AS REQUIRED FOR A REGULATION D, RULE506(c)ORREGULATIONSEXEMPTIONFROMREGISTRATION.THISMEMORANDUMDOESNOTCONSTITUTEANOFFERTOSELLTOORASOLICITATIONOFANOFFERTOBUYFROMANYONEINANYSTATEORINANYOTHERJURISDICTIONWITHINWHICHSUCHANOFFERORSOLICITATIONISNOTAUTHORIZED.

INMAKINGANINVESTMENTDECISION,INVESTORSMUSTRELYONTHEIROWNEXAMINATIONOF THE COMPANY AND THE TERMS OF THIS OFFERING, INCLUDING THEMERITS AND RISKSINVOLVED.THESESECURITIESHAVENOTBEENREVIEWEDORRECOMMENDEDBYANYFEDERALOR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THEFOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THEADEQUACYOFTHISMEMORANDUM.ANYREPRESENTATIONTOTHECONTRARYISACRIMINALOFFENSE.

THIS MEMORANDUM REFLECTS CONDITIONS OF THE COMPANY AS OF THE DATE HEREOF.CONDITIONS REGARDING THE AFFAIRS OF THE COMPANY MAY CHANGE AFTER THE DATEHEREOF.

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THESECURITIESOFFEREDHEREBYARESPECULATIVEANDANINVESTMENTINTHESECURITIESINVOLVESAHIGHDEGREEOFRISK.SEE“RISKFACTORS.” INVESTORSMUSTBEPREPAREDTOBEARTHEECONOMICRISKOFTHEIRINVESTMENTFORANINDEFINITEPERIODOFTIME.THEREIS THE POSSIBILITY THAT THE PROCEEDSOF THISOFFERINGWILL BE INSUFFICIENT TOMEETTHEINVESTMENTOBJECTIVESTHEMANAGERHASESTABLISHED.BEFOREPURCHASINGANYOFTHE UNITS OFFERED THROUGH THIS MEMORANDUM, THE MANAGER RECOMMENDS THATEACH INVESTOR CONSULT WITH AN ATTORNEY, A FINANCIAL ADVISOR, AND/OR ANACCOUNTANTTODETERMINEIFTHISINVESTMENTISSUITABLEFORTHEM.

THIS MEMORANDUM DOES NOT PURPORT TO BE ALL-INCLUSIVE OR CONTAIN ALLINFORMATIONTHATAPROSPECTIVEINVESTORMAYDESIREININVESTIGATINGTHECOMPANY.EACHINVESTORMUSTRELYONHISORHEROWNEXAMINATIONOFTHECOMPANYANDTHETERMS OF THIS OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED IN MAKING ANINVESTMENTDECISIONWITHRESPECTTOTHESECURITIESOFFERED.

INFORMATIONINTHISMEMORANDUMSHOULDNOTBECONSIDEREDTOBELEGAL,BUSINESS,OR TAX ADVICE. EVERY PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN ATTORNEY,FINANCIALADVISOR,ANDTAXADVISORABOUTTHISINVESTMENT.

THE CLASS A UNITS DESCRIBED HEREIN ARE OFFEREDONLY TO INVESTORSWHOMEET THESUITABILITY STANDARDS ESTABLISHED BY THE MANAGER. THERE IS A POSSIBILITY OFCONFLICTS OF INTEREST ARISING BETWEEN THE CLASS A MEMBERS AND THE MANAGER,WHICHWILLOWNCLASSBUNITSINTHECOMPANY.

PRIOR TO MAKING AN INVESTMENT DECISION, A PROSPECTIVE INVESTOR SHOULD REVIEWANDCONSIDERTHISENTIREMEMORANDUM.ANYDOCUMENTSOREXHIBITSATTACHEDTOORREFERENCED IN THISMEMORANDUM ARE IMPORTANT TO YOUR UNDERSTANDING OF THISINVESTMENT. THE MANAGER HIGHLY RECOMMENDS THAT YOU CAREFULLY READ ALLPROVIDED OR REFERENCED DOCUMENTS AND EXHIBITS, WHETHER ELECTRONIC OR HARDCOPY,INADDITIONTOREADINGTHETEXTOFTHISMEMORANDUM.

THISMEMORANDUMISBASEDONINFORMATIONPROVIDEDBYTHEMANAGERANDBYOTHERSOURCES THE MANAGER DEEMS RELIABLE. HOWEVER, THE MANAGER CANNOT PROVIDEASSURANCESWHETHERTHEINFORMATIONPROVIDEDBYTHESEOTHERSOURCESISACCURATEORCOMPLETE.

THISMEMORANDUM(TOGETHERWITHANYEXHIBITS,AMENDMENTSORSUPPLEMENTSANDANY OTHER INFORMATION THAT MAY BE FURNISHED TO PROSPECTIVE INVESTORS BY THEMANAGER) INCLUDESORMAY INCLUDECERTAINSTATEMENTS, ESTIMATES,ANDFORWARD-LOOKINGPROJECTIONSWITHRESPECTTOTHEANTICIPATEDFUTUREPERFORMANCEOFTHECOMPANY. SUCH STATEMENTS, ESTIMATES, AND FORWARD-LOOKINGPROJECTIONSREFLECTVARIOUSASSUMPTIONSOFTHEMANAGERTHATMAYORMAYNOTPROVETOBECORRECTORTHAT MAY INVOLVE VARIOUS UNCERTAINTIES. NO REPRESENTATION IS MADE, AND NOASSURANCE CAN BE GIVEN, THAT THE COMPANY CAN OR WILL ATTAIN THE MANAGER’S

MoneilMultifamilyFundLLC iv PrivatePlacementMemorandum

PROJECTED RESULTS. ACTUAL RESULTS MAY VARY, PERHAPS MATERIALLY, FROM SUCHPROJECTIONS.

ANYADDITIONALINFORMATIONORREPRESENTATIONSGIVENORMADEBYTHECOMPANYORTHE MANAGER IN CONNECTION WITH THIS OFFERING, WHETHER ORAL OR WRITTEN, ARESUPERSEDED IN THEIR ENTIRETY BY THE INFORMATION SET FORTH IN THISMEMORANDUMAND ITS EXHIBITS (ALL OFWHICH ARE INCORPORATED HEREIN BY REFERENCE), INCLUDING,BUTNOTLIMITEDTO,THERISKFACTORSDESCRIBEDHEREIN.

EACH PURCHASER, PRIOR TO HIS OR HER PURCHASE OF THE SECURITIES OFFERED HEREIN,SHALL HAVE THE OPPORTUNITY TO ASK QUESTIONS OF, AND RECEIVE ANSWERS FROM, AREPRESENTATIVE OF THE COMPANY AT ITS PRINCIPAL OFFICE DURING NORMAL BUSINESSHOURS,CONCERNINGTHETERMSANDCONDITIONSOFTHISOFFERINGANDTOOBTAINANYADDITIONAL INFORMATION WHICH THE COMPANY POSSESSES OR CAN ACQUIRE WITHOUTUNREASONABLE EFFORT OR EXPENSE AS NECESSARY TO VERIFY THE ACCURACY OFINFORMATIONFURNISHEDINTHISMEMORANDUM.PROSPECTIVE INVESTORSWHOWISHTOOBTAIN SUCH INFORMATION OR HAVE QUESTIONS SHOULD CONTACT THE FOLLOWINGMEMBERSOFTHEMANAGER:

VinodChopraMoneilInvestmentGroup,LLCPhone:925-766-3518Email:[email protected]

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EXECUTIVESUMMARY

Definitions Capitalized termshereinaredescribed in theDefinitions (Section13ofthisMemorandum). References to Sections (within thisMemorandum)mean sections of thisMemorandum, except in the Section 14 hereof,wherethewordSectionmayrefertoasectionoftheAppendicestotheOperatingAgreement(Agreement).ReferencestoArticlesmeanspecificprovisionsoftheAgreement.

CompanyInformation TheCompanyisamanager-managedWyominglimitedliabilitycompanywithtwoclassesofMembers.ClassAMembersarethosePersonswhopurchase Class A Units via this Offering. The Class AMembers will bepurchasing60%oftheInterestsintheCompany.Class B Members are members of the Manager and/or othersdeterminedbytheManagerwhoprovidemanagementorotherservicesto theCompany.ClassBMemberswill retainownershipof 40%of theInterests inexchange forpast services to theCompanyand formakingthisinvestmentopportunityavailabletoInvestors.

Manager TheManageroftheCompanyisMoneilMultifamilyFundManagerLLC,aWyoming limited liability company, whose role will be to manage theCompany and oversee property management of the Company’sProperties.TheKeyPrincipalsoftheManagerareVinod(Vinney)ChopraandSadashiva(Sada)Yelluru.TheirbiographiesareprovidedinExhibit4.

CompanyObjectives MoneilMultifamilyFundLLC (theCompany) intends topurchasemulti-family properties (Properties) throughout the U.S., particularly in theSoutheasternU.S.andTexas,usingfundsraisedfromthesaleofClassAIntereststoprivateInvestors.The Company was newly formed whose sole purpose is to acquire,operate,andultimatelydisposeoftheProperties,whicharetobetitledinthenameofsinglepurposeentities(Subsidiaries)whosesolememberis the Company. The Company expects to generate Distributable Cash(afterpayingexpensesanddebt service) fromoperationsandeventualsaleofitsPropertiesthatitcansharewithitsMembers.

InvestorQualifications Only Accredited Investors may purchase Class A Interests via thisOffering.SeeSection1.Additionally Non-US Persons (i.e., thosewho are not US Citizens, legalresidents,orlivingintheU.S.)mayinvestinthisOfferingprovidingtheymeet the qualifications for Regulation S including, but not limited tocompleting a Subscription Agreement and a Foreign InvestorQuestionnaireandwiringtheirfundsfromoffshore.

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OfferingTerms The Interests offered herein are exempt from securities registrationunderRegulationD,Rule506(c)of theFederalSecuritiesandExchangeCommissionforprivateplacementofferings.

TheMinimumDollarAmounttoberaisedbythesaleofClassAUnitsis$1,000,000. or the sale of 200Units at $5,000perUnit; theMaximumDollar Amount $50,000,000, or the sale of 10,000 Units at $5,000 perUnit.

CapitalCommitments Investors will each subscribe for the amount of their total CapitalCommitmenttotheCompany.EachprospectiveMembermustmakean initial Capital Contribution of up to 20% of its total CapitalCommitment at the time of its subscription,with the balance to beperiodically calledby theManagerduringa seriesof “CapitalCalls.”CapitalCommitmentsarebindingonInvestorsandwillbeperiodicallycalledbytheManagerasfundsareneededbytheCompany.The minimum Capital Commitment required of a single Investor is$100,000,or thepurchaseof20ClassAUnits at$5,000perClassAUnit.TheManagerreservestherighttoacceptlessthantheminimumCapital Contribution from a limited number of Investors, in its solediscretion.The Maximum Investment Amount allowed of a single Class AInvestor is less than 20% of the Aggregate Contributions of allInvestors, which will be calculated at the time of the Initial orSubsequentClosinginwhichanewMemberisadmitted.

LocationofFunds FundscollectedfromthesaleofClassAUnitswillbedepositedinaWellsFargoBankaccountintheCompany’sname.

TimingoftheOffering;InvestmentPeriod

The sale of Units in the Company will begin January 30, 2018. TheManager, in its sole and absolutediscretion,may continue tohold theOffering open to new Investors until the Maximum Dollar Amount israisedorJanuary29,2021(the“InvestmentPeriod”),whicheveroccursfirst.TheManagerhasthesolediscretiontorescindtheOfferingpriortoBreaking Impounds, or to terminate the Offering prior to raising theMaximumDollarAmount. If theMinimumDollarAmounthasnotbeenraised by April 29, 2018 or the closing date for the first Property,whicheverislater,theManagerwillnotBreakImpoundsandwillreturnInvestor’sfundswithoutdeduction.

InitialandSubsequentClosings

TheCompanywillbeginoperationswiththe“InitialClosing,”concurrentwith its first Property acquisition and continuing with a series of“Subsequent Closings” as the Company acquires additional Properties.PriortoeachnewPropertyacquisition,theCompanywillissueaCapitalCall for funds, which shall be applied in a series of “SubsequentClosings”.OntheoccurrenceofaSubsequentClosing,newClassAMembersmaybeadmittedandpreviouslyadmittedClassAMembersmaybeallowed

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to increase their Capital Commitments (collectively, AdditionalMembers). An Additional Member will be required to (i) pay the pro-ratedportionofitsCapitalCommitmenttonecessarytomakeitsCapitalContribution on admission on par with the percentage of CapitalCommitmentscontributedbyallpreviouslyadmittedMembers,lessthepercentageofpriorDistributionspaidtoMembersofthesamesubclass,plus 8% interest on the contributed amount to compensate previouslyadmittedMembers forappreciation inanyPropertiesacquiredprior toadmissionof theAdditionalMember(s). The8% interest contributed inconnection with each Subsequent Closing will be remitted by theCompany to the previously admittedMembers pro rata. Any amountsremittedtoapreviouslyadmittedMemberwillbetreatedasapaymentdirectly from the Additional Member(s) to the previously admittedMembers.

UseofProceeds Funds raised from this Offering will be used to purchase, improve,operate, andultimately disposeofmulti-family Properties onbehalf ofthe Company, to reimburse the Manager for costs related to duediligence (whether acquired or not), acquisition and operation ofProperties, and to compensate the Manager in the form of Fees formakingthisinvestmentopportunityavailabletoinvestors.

Borrowing Although the Manager will attempt to ensure that all financing foracquisitions will be on a non-recourse basis to the Company, theCompany’sassetsmaybepledgedormadesubjecttoanysecuritydevicetosecuretheindebtednessoftheCompany.

CapitalCalls Capital Commitments will be requested periodically by the ManagerpursuanttowrittennoticeissuedbytheManager(each,aCapitalCall)tothe Members. Capital contributions from each Member (CapitalContributions)intheamountstatedinaCapitalCallwillbeduewithin15daysafterthedateofsuchCapitalCall.If aMember fails tomake all or any portion of a Capital ContributionrequiredpursuanttoaCapitalCallinthepermissibleperiodsetforthinthe Operating Agreement (a Default), and does not cure the DefaultwithinfivedaysafterreceiptofnoticeofDefault,theCompanyshallbeentitled to one or more of the various remedies delineated in theOperatingAgreement.

AllocationofDistributions,ProfitsandLosses

Generally, Distributable Cash, if any, will be split 60/40 between theClassAandBMembers,exceptthattheClassAMemberswillbepaidacumulativePreferredReturnbeforetheClassBMembersarepaidtheirClassBDistributions.PreferredReturnswillbepaidpari-passutoClassAMembers according to their membership in one of three Class AsubclassesasdescribedinSections2.3.1and4hereof.On liquidation of all Properties, Distributable Cash will be split 60/40betweentheClassAandClassBMembers.Distributions are described in Section 4 hereof. Distributions to theMemberswillbeallocatedpro-rata inaccordancewith their respective

MoneilMultifamilyFundLLC viii PrivatePlacementMemorandum

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PercentageInterests.Manager’sCompensation

TheManagerwill be reimbursed for itsout-of-pocketexpenses relatedtothisOfferingandinvestigationoracquisitionofPropertiesonbehalfofthe Company. Further, the Manager will receive Fees as described inSections3,4and5hereof.Additionally,theManager(oritsmembersortheirAffiliates)will retainalloraportionoftheClassB Interests intheCompany,forwhichtheymayreceiveCashDistributionsasdescribedinSection4.

RiskFactorsandConflictofInterest

InvestmentintheCompanyinvolvesvariousrisks,includingcertainrisksassociatedwith the lack of liquidity of the investment, risks associatedwith the real estate industry, regulatory risks, and federal income taxrisks.TheManager,byvirtueof itsClassBDistributionsandFees,mayhaveconflictsofinterestwiththeClassAMembers.

LiquidityandTransferability

An investment in Class A Units may be illiquid. Investors should bepreparedtoleavetheirfundsinvestedintheCompanyuntilsuchtimeasallPropertiesaresold.ClassAMembersmaybeabletotransfertheirInterestsontheirownatafuturedate(subjecttothetermsdescribedintheAgreement),butnoInterestsmaybesoldforat leastoneyearafterpurchase.AllMembersmustcertifythattheyarebuyingtheInterestsfortheirownaccountandnotwithaviewtowardresale.ClassBMembershipsaregenerallyprovidedinexchangeforservicestotheCompanyandmaybegranted,sold,transferred,orconveyedsolelyby action of theManager. As such, Class B Interests are generally notsaleable or transferable and may be revoked solely by action of theManagerwithout regard for thedisassociationor transferprovisionsoftheAgreement.

DurationoftheInvestment

The Manager expects to operate each of the Properties for one to 7years.On saleofallof theCompany’sProperties, theCompanywillbedissolvedunlesstheMembershavevotedtocontinuetheCompany.

IndividualInterestsAreNotSuitablefor1031Exchange

TheInterestsbeingofferedhereinareconsideredbytheIRSaspersonalproperty/partnership interests, which are not suitable for 1031exchange.Investorsseekingtodoa1031exchangeshouldnotinvestinthisOffering.However, during the Investment Period, the Company may elect toexchangeoneormoreofthePropertiesunder1031exchangerules.SeeSection1.4hereof.

THE CLASS A UNITS ARE HEREBY OFFERED TO INVESTORS WHO MEET THE SUITABILITYSTANDARDS ESTABLISHED BY THE MANAGER IN SECTION 1. THE PURCHASE OF CLASS AINVESTMENT UNITS INVOLVES SUBSTANTIAL RISKS. THERE IS THE POSSIBILITY THAT THEPROCEEDSOFTHISOFFERINGWILLBE INSUFFICIENTTOMEETTHE INVESTMENTOBJECTIVESAND POLICIES ESTABLISHED BY THE MANAGER. THERE IS A POSSIBILITY OF CONFLICTS OFINTEREST ARISING BETWEEN THE CLASS A MEMBERS AND THE MANAGER OR CLASS B

MoneilMultifamilyFundLLC ix PrivatePlacementMemorandum

MEMBERS. BEFORE PURCHASING ANY CLASS A UNITS OFFERED THROUGH THISMEMORANDUM, THEMANAGER STRONGLY RECOMMENDS THAT EACH INVESTOR CONSULTWITH AN ATTORNEY, A FINANCIAL ADVISOR, OR A REGISTERED INVESTMENT ADVISOR TODETERMINEIFTHISINVESTMENTISSUITABLEFORTHEM.

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HOW TO REVIEW THIS OFFERING

The Offering Package. This Offering includes a number of documents, which collectivelycomprisetheOfferingPackage.EachdocumentprovidedbytheManagercontainsinformationtheManagerdeems relevant toan Investor’sdecision to investandhas the specificpurposedescribedbelow:

This Private Placement Memorandum (Memorandum)essentially tells the “story” of theinvestment. This Memorandum and its Exhibits are important to an understanding of thesecuritiesbeingoffered to theCompany’sMembers. It outlines theManager’s objectives fortheCompany.Legally,thisMemorandumisthedisclosuredocumentrequiredbytheSecuritiesand Exchange Commission ("SEC") and/or applicable State securities agency for a privateplacement Offering, as described in SEC's Guide 5 for real estate securities offerings.ThisMemorandumdescribessuchthingsasthestructureoftheCompany,projectedDistributionstoInvestors and compensation to the Manager, the risks of investing, potential conflicts ofinterest,andasummaryofhowtheCompanyandthePropertieswillbeoperated,amongotherthings.TherestofthedocumentscomprisingtheOfferingPackageareidentifiedasExhibitstothisMemorandum.Eachof theExhibits identifiedhereinareeitherattached(ifhardcopy)orwill be provided electronically by the Manager, and each Exhibit is hereby incorporated byreferenceasiffullysetforthherein.

TheOperatingAgreement(theAgreement)isExhibit2tothisMemorandum.TheAgreementdescribes how the Company will be run. Legally, itis the governing document for CompanyoperationsanddescribesindetailtherightsanddutiesoftheMembersandtheManager,howmeetingsandvotesoftheMemberswillbeconducted,howandwhenCashDistributionswillbemade,wheretheCompanybooksandrecordswillbekept,howdisputeswillberesolved,allocationandtaxationofProfitsandLosses,andhowtheCompanywillultimatelybedissolved.The Agreement is the enforceable contract between the Members and the Manager as tooperationoftheCompany.EachMember’ssignatureontheSubscriptionAgreementwillalsoconstituteitssignatureontheAgreement.

TheSubscription Agreement is Exhibit 3 to this Memorandum. Each Investor must review,complete,and return theSubscriptionAgreement to theManager inorder to invest. Legally,itcontainsthe Investor’srepresentationsandwarrantiesasto itsqualificationsandsuitabilitytoinvestinthisOfferingandtheamounttheInvestorisplanningtoinvest,andtheManager’sacknowledgmentof the investment.Non-U.S.Personswhowish to investunderRegulationSmustcompleteaSupplementalForeignInvestorQuestionnaire.

Additional Exhibitsthatmaybeprovidedby theManager are identified in Section 11.4. TheInvestment Summary (Exhibit 4) contains information about the Company’s businessmodel.AdditionaldocumentstheManagerdeemsimportanttoyourunderstandingoftheOfferingareattachedheretoasExhibits,ormaybeprovidedbytheManagerassupplementalExhibits.

ReferencesUsedinthisDocument.WheneverreferencesaremadehereintoaSection(whencapitalized), they refer to sections of this Private Placement Memorandum; references to

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Articles(whencapitalized),refertospecificclausesintheAgreement.Thedefinitionsofwordsor phrases capitalized throughout these documents are provided in Section 13 hereof andAppendixCtotheAgreement.

InvestorsMustConductTheirOwnDueDiligence.Beforemakinganinvestmentdecision,eachprospectiveInvestorshould:1)carefullyreadthisMemorandumandeachoftheExhibitsintheordersetforthinSection11.4,2)asktheManageranyquestionstheymayhave,and3)consultwith their financial advisors as they deem necessary to determine the suitability of thisinvestmentopportunityforthem.

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TableofContents

1. SuitabilityStandards........................................................................................................11.1 DurationofInvestment................................................................................................................................................11.2 U.S.InvestorQualifications;VerifiedAccreditedInvestorsOnly..............................................................21.3 Non-U.S.Persons;...........................................................................................................................................................41.4 ERISA;SuitabilityofInvestmentbyRetirementPlans..................................................................................61.5 1031Exchange................................................................................................................................................................71.6 SubscriptionsSubjecttoReviewandAcceptancebytheManager...........................................................8

2. SummaryoftheCompany................................................................................................82.1 LimitedLiabilityCompany.........................................................................................................................................82.2 Manager..............................................................................................................................................................................82.3 Members.............................................................................................................................................................................92.4 TimingoftheOffering...............................................................................................................................................112.5 TermoftheCompany................................................................................................................................................112.6 BlindPoolOffering......................................................................................................................................................112.7 SinglePurposeEntities.............................................................................................................................................122.8 InvestmentObjective.................................................................................................................................................122.9 LimitedVotingRightsofMembers......................................................................................................................122.10 DepreciationMethodtoBeUsed.......................................................................................................................132.11 CompanyisSelf-Liquidating................................................................................................................................132.12 DefinitionofTerms..................................................................................................................................................13

3. SourceandUsesofProceeds..........................................................................................133.1 MinimumDollarAmount.........................................................................................................................................143.2 MaximumDollarAmount.........................................................................................................................................143.3 CashRequiredatClosing..........................................................................................................................................153.4 WorkingCapitalandReserves...............................................................................................................................153.5 DeferralofReimbursementsorManager’sFees...........................................................................................15

4. DistributionstoMembers..............................................................................................164.1 InterestonFundsHeldbytheCompany...........................................................................................................164.2 CashDistributionsduringOperations................................................................................................................164.3 CashDistributionsfromCapitalTransactionswithintheInvestmentPeriod..................................174.4 CashDistributionsfromCapitalTransactionsaftertheInvestmentPeriod.....................................174.5 CashDistributionsonDissolutionandTermination....................................................................................185. Manager’sFeesorOtherCompensation........................................................................185.1 RealEstateCommissions.........................................................................................................................................20

6. ConflictsofInterest........................................................................................................206.1 ManagerMayBeInvolvedinSimilarInvestments.......................................................................................206.2 ManagerMayHaveInterestsinSimilarProperty.........................................................................................206.3 ManagerMayActonBehalfofOthers................................................................................................................206.4 ManagerMayRaiseCapitalforOthers...............................................................................................................206.5 TheManagerMayHireAffiliatesorDelegates...............................................................................................206.6 NoArms-LengthNegotiation.................................................................................................................................21

7. DutiesofManagertotheMembers;Indemnification.....................................................217.1 FiduciaryDutiesoftheManagertotheCompany.........................................................................................217.2 IndemnificationofManager....................................................................................................................................21

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8. RiskFactors....................................................................................................................228.1 RiskFactorsRelatedtotheCompany.................................................................................................................228.2 RiskFactorsRelatingtoMulti-FamilyProperty............................................................................................278.3 RisksRelatedtoOwningRealEstate..................................................................................................................288.4 RiskFactorsInvolvingIncomeTaxes.................................................................................................................319. PriorPerformanceoftheCompany,theManagerandAffiliates.....................................339.1 HistoryoftheCompanyandManager................................................................................................................339.2 FinancialStatementsoftheCompany................................................................................................................339.3 FinancialStatementsoftheManager.................................................................................................................33

10. InvestmentObjectivesandPolicies..............................................................................3310.1 Acquire,OperateandDisposeofMulti-FamilyProperty.......................................................................3310.2 ProvideMemberswithCommercialRealEstateInvestmentOpportunities..................................3310.3 ProvideMemberswithLimitedLiabilityandConfidentiality...............................................................3310.4 AnticipatedPropertyHoldingPeriods............................................................................................................3410.5 ProvideCashDistributionstoMembers.........................................................................................................3410.6 ProvideforSelf-Liquidation.................................................................................................................................3410.7 AllowClassAMembersMinimalInvolvementinManagement...........................................................3410.8 KeepMembersApprisedofPropertyAffairs...............................................................................................35

11. PropertyInformationandExhibits...............................................................................3511.1 TitleInsurance...........................................................................................................................................................3511.2 InsurancePolicies.....................................................................................................................................................3511.3 OtherDocuments......................................................................................................................................................3511.4 ExhibitList...................................................................................................................................................................35

12. FederalTaxes...............................................................................................................3612.1 ReportingStatusoftheCompany......................................................................................................................3612.2 TaxationofMembers..............................................................................................................................................3612.3 BasisoftheCompany..............................................................................................................................................3612.4 BasisofaMember....................................................................................................................................................3712.5 CostRecoveryandRecapture..............................................................................................................................3712.6 DeductibilityofPrepaidandOtherExpenses..............................................................................................3712.7 TaxableGain................................................................................................................................................................37

13. Definitions...................................................................................................................39

14. SummaryofOperatingAgreement...............................................................................4414.1 Purpose(Articles1.8and1.11)..........................................................................................................................4414.2 Capitalization(Article2).......................................................................................................................................4414.3 CashDistributionstoMembers(Article4)....................................................................................................4614.4 Manager’sCompensation(Article5)...............................................................................................................4614.5 RightsandDutiesofManager(Article6).......................................................................................................4614.6 RightsandObligationsofMembers(Article7)...........................................................................................4614.7 ResignationorRemovaloftheManager(Article8)..................................................................................4614.8 MeetingsofMembers(Article9).......................................................................................................................4614.9 AccountingPolicies;MemberAccesstoBooksandRecords(Article10)........................................4714.10 VoluntaryTransfers(Article11).....................................................................................................................4714.11 DisassociationofaMember;WithdrawalProhibited(Article12)...................................................4714.12 InternalDisputeResolutionProcedure(Article13)..............................................................................4814.13 DissolutionandTerminationofCompany(Article14).........................................................................4814.14 DivisionofProfitsandLossesforIncomeTaxPurposes(AppendixB).........................................4814.15 TreatmentofDistributionsofCashforTaxPurposes(AppendixB)...............................................49

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14.16 OtherTaxMatters(AppendixB).....................................................................................................................4914.17 TaxRepresentative(AppendixB)...................................................................................................................4914.18 Definitions(AppendixC)....................................................................................................................................49

15. OfferingExemptfromRegistration...............................................................................49

16. Integration...................................................................................................................50

17. LimitedTimeOffering..................................................................................................50

18. Signatures....................................................................................................................51

MoneilMultifamilyFundLLC 1 PrivatePlacementMemorandum

1. SuitabilityStandardsThe successofagroup investment isoftenenhanced if allof theMembers sharea commoninvestment goal, have similar investment experience, and have similar financial capabilities;therefore theManagerhasestablishedSuitabilityStandards Investorsmustmeet to invest intheCompanyfortheprotectionofallMembers.TheManagerhasestablishedtheseSuitabilityStandards after considering the following factors, which each prospective Investor shouldcarefullyconsiderpriortomakinganinvestmentdecision:

• Aninvestmentinrealestatehasmanyriskfactorsassociatedwithit,thusaninvestmentintheseUnitsinvolvestheriskthatInvestorsmaysufferacompletelossoftheirinvestment.

• An investment in theseUnitshas little, ifany liquidity. It isunlikely thatamarket for theresaleoftheseUnitswillexist.Investorsshouldbepreparedtoleavetheirfundsinvestedinthe Company until the sale of all Properties and the subsequent dissolution of theCompany.

• FederalandStateincometaxeswillhaveanimpactonaMember’sreturnonaninvestmentfromaninvestmentintheseUnits. Investorsshouldconsiderthetaxableincomeor lossesprojected for each of the Properties and should understand the importance of theirmarginaltaxbracketintermsofanyprojectedtaxliabilityorsavings.

• The Company intends to use funds raised from this Offering to purchase Properties onbehalfoftheCompanyinanticipationthattheywillproduceincomeandincreaseinvalueduringtheperiodofownershipbytheCompany.However,itispossiblethatnoincomewillbeproducedandnoincreaseinvaluewillberealizedduetosuchthingsas:

§ FluctuatingrentalorrealestatemarketconditionsintheareaswherethePropertiesarelocated;

§ Greater holding costs than anticipated, including property management, marketing,rehabilitation,and/orclosingcosts;or

§ LackofqualifiedbuyersorinstitutionalfinancingatthetimethePropertiesareplacedonthemarket for sale,whichmaydrivedown thepriceof commercial real estate, and inthatevent,equitymaynotbeavailableforDistributiontoMembersondispositionoftheProperties.

1.1 DurationofInvestment

AninvestmentintheseUnitsshouldbeconsideredlong-terminnature.TheCompanyexpectsto own individual Properties for one (1) to seven (7) years.However,market conditions andunsolicited offersmay require Properties to be sold earlier or held for longer. The Companymay reinvest any proceeds from Properties soldwithin the first three (3) years of Companyoperations.Therefore,InvestorsshouldbepreparedtoleavetheirinvestmentintheCompanyforuptoten(10)years,orindefinitely,untilallCompanyPropertiesaresold.


InvestorsshouldbeawarethattheremightbeadversetaxconsequencesofsellingtheirUnitspriortothedissolutionoftheCompany.

1.2 U.S.InvestorQualifications;VerifiedAccreditedInvestorsOnly

TheCompanyisofferingIntereststoInvestorsunderanexemptionfromsecuritiesregistrationaffordedbyRegulationD,Rule506(c),whichrequirestheManagertotake“reasonablesteps”toverifythateachInvestoris“Accredited,”priortoallowingthemadmissiontotheCompany.Persons who wish to invest in this Offering will be required to provide verification of theirqualifications by attaching a letter from their own CPA, Attorney or Registered InvestmentAdvisorcontainingsimilarinformationasthatprovidedintheAccreditedInvestorCertificationLetterattachedheretoasExhibit5-2,or theycango towww.VerifyInvestor.comandprovidethedocumentssimilartothosedescribedinExhibit5-1.

Thereareeight (8)separatedefinitionsofAccredited Investors,underwhichan Investormayqualify,eachofwhichisprovidedbelow.

1.2.1 AccreditedDefinitionforIndividuals;VerificationDocuments

Definition: Individual Investors who wish to purchase Class A Interests as an AccreditedInvestormustprovideverificationthattheymeetoneofthefollowingSuitabilityStandardsasdefinedbySECRules501and506;17CFR230.501(a);

• Anaturalpersonwhoseindividualnetworthorjointnetworthwiththatperson’sspouse,atthe time of the purchase of the Class A or Class B Interests, exceedsOneMillion Dollars($1,000,000), disregarding any positiveequity in their personal residence. Note, however,that as of February 27, 2012, any Investments against the personal residence taken outwithin the sixty (60) days prior to a subscription and any negative equity in the personalresidence, (as determined by the Investor), must be considered in the calculation of networth;

• A natural personwho had individual income in excess of Two Hundred Thousand Dollars($200,000)ineachofthetwomostrecentyearsorjointincomewiththatperson’sspouseinexcess of Three Hundred Thousand Dollars ($300,000) in each of those years and has areasonableexpectationofreachingthesameincomelevelinthecurrentyear;or

• ForanentitysuchasanIndividualRetirementAccount(IRA)orSelfEmployedPerson(SEP)RetirementAccount,allofthebeneficialownersmustmeetoneoftheabovestandards.ThebeneficialownersmaybeeithernaturalpersonsorotherentitiesaslongaseachmeetsoneofthedefinitionsofanAccreditedInvestorinbullets1or2above.

1.2.2 AccreditedDefinitionforLegalEntities

Definition:Investors(otherthannaturalpersons)whowishtopurchaseClassAInterestsinthisOffering,mustprovideverificationthattheymeetoneofthefollowingSuitabilityStandardsasdefinedbySECRules501and506;17CFR230.501(a);


• A charitable organization, corporation, or partnership with assets exceeding Five MillionDollars($5,000,000).Managementmustprovide:

§ AcopyoftheformationCertificateandAgreement,andacompanyresolutionorotherdocument authorizing the investment signed by the requisite parties identified in theAgreement;and

§ Documentation that the company has over FiveMillion Dollars ($5,000,000) in Assetssuchasabankstatement,orfinancialstatementshowingitsassetsandliabilities.

• A business in which all the equity owners are Accredited Investors. Management mustprovide:

§ AcopyoftheformationCertificateandAgreement,andacompanyresolutionorotherdocument from the entity authorizing the investment, signed by the requisite partiesidentifiedintheAgreement;and

§ Documentation from each of the equity owners demonstrating that all of the equityownersareAccredited Investors,orastatementtothateffect fromaCPA,attorneyorregistered investment advisor who has examined their qualifications within the lastninety(90)days.

• A trust with assets in excess of FiveMillion Dollars ($5,000,000) that was not formed toacquiretheUnits.Thecustodian,trusteeoragentforthetrustmustprovide:

§ A copy of the trust, agency or other agreement and a document authorizing theinvestmentsignedbytherequisitepartiesidentifiedintheAgreement,and

§ DocumentationthatthetrustqualifiesasanAccreditedInvestorbecause:a)ithasoverFiveMillionDollars($5,000,000)inAssets,andb)thatitwasnotformedtoacquiretheInterests.

• A bank, insurance company, registered investment company1, business developmentcompany2,orsmallbusinessinvestmentcompany3.Managementmustprovide:

§ DocumentationprovingitsdesignationassuchandadocumentsignedbytherequisitePersonsauthorizingtheinvestment.

• Anemployeebenefitplan,withinthemeaningoftheEmployeeRetirementIncomeSecurityAct, ifabank, insurancecompany,or registered investmentadvisermakes the investmentdecisions,oriftheplanhastotalassetsinexcessofFiveMillionDollars($5,000,000).

1 PerTheInvestmentCompanyActof1940,Section3.2 PerTheInvestmentCompanyActof1940,Section54. 2 PerTheInvestmentCompanyActof1940,Section54. 3 AprivateinvestmentcompanylicensedbytheSmallBusinessAdministration.


1.2.3 RestrictionsImposedbyRegulationD,Rule506(d);BadActorProhibition

RegulationD,Rule506(d)wasadoptedbytheSECundertheJOBSActonSeptember23,2013.Rule506(d)pertains to Investorswhoacquiremore than twentypercent (20%)of thevoting(equity) interests in companiesseeking an exemption from securities registration under Rule506. Such Investors are deemed “covered persons”. If such Investors have been subject tocertain"disqualifyingevents"(asdefinedbytheSEC),theymusteither:a)disclosesucheventstoother Investors(if thedisqualifyingeventoccurredbeforeSeptember23,2013);orb)ownlessthantwentypercent(20%)ofanyclassofvoting(equity)InterestsintheCompany(ifthedisqualifyingeventoccurredafterSeptember23,2013),andc)andtheymaynotparticipateinmanagement or fundraising for the Company. Disqualifying events are broadly defined toinclude such things as criminal convictions, citations, cease and desist or other finalordersissued by a court, state or federal regulatory agency or FINRA related to financialmatters,Investors,securitiesviolations,fraud,ormisrepresentation.

Investorsorothercoveredpersonswhodonotwishtobesubjecttothisrequirementshould:a)acquire less thantwentypercent (20%)ofanyclassofvoting Interests in theCompany(orensure that the Interests they acquire are non-voting, and b) abstain from participating inmanagementorfundraisingfortheCompany.Coveredpersonshaveacontinuingobligationtodisclose disqualifying events both: a) at the time they are admitted to the Company, and b)when such disqualifying event occurs (if later), for so long as they are participating in theCompany.FailuretodosomaycausetheCompanytoloseitsRule506securitiesexemption.AMemberwhobecomessubjecttothisprovisionandfailstoreport ittotheCompanymayberesponsibleforanydamagestheCompanysuffers,asaresult.

Further, the Manager has determined that it is in the best interests of the Company if allMembers disclose any such disqualifying events, prior to theManager’s acceptance of theirSubscriptions.Thus,allMemberswillberequiredtocompletea“BadActorQuestionnaire”aspartoftheirrequiredSubscriptiondocumentsforthisOffering.

1.3 Non-U.S.Persons;

1.3.1 RegulationSRequirements

• The offer or sale of securities for a Regulation S offering must occur in an “offshoretransaction.” Per Rule 902(h), an offer or sale of securities is made in an “offshoretransaction” if (a)Theofferorsale isnotmadetoaperson intheUnitedStates;and(b)Eitherat the time theSubscriptionAgreement (i.e., “buyorder”) isexecuted, thebuyer isoutside theUnitedStates,or the transaction isexecutedviaa foreign securitiesexchangelocatedoutsidetheU.S.orthroughadesignatedoffshoresecuritiesmarket.

• No“directedsellingefforts”maybemadeintheU.S.bytheissuertonon-U.S.Investorsandno offers and sales be made to “U.S. Persons.” Unless they are subject to another USexemptionfromregistration,suchasRegulationD,Rule506.

• Rule144prohibitsforeigninvestorsfromresellingthesecuritiestoU.S.Personswithinone


yearofpurchase.Theofferingdocumentsmustcontain“legends”describingthisrestriction.The Issuermust refuse to register any transfer of securities in violationof this rule. (Rule902(g)).

• TheIssuermustobtaincertificationandprooffromforeignpurchasersthattheyarenotU.S.Persons.

1.3.2 RestrictionsImposedbytheUSAPATRIOTAct;InvestorIdentificationProgram

Tohelpthegovernmentfightthefundingofterrorismandmoneylaunderingactivities,FederallawrequirestheManagertoobtain,verify,andrecordinformationthatidentifieseachPersonwhosubscribestothisOffering..

Whatthismeansforyou:WhenyousubscribetothisOffering,theManagermayaskforyourname,address,dateofbirth, stateandcountryof residency, andother information thatwillallowthemtoidentifyyou(andeveryInvestorwhomyourfundsrepresent).TheManagermayalsoasktoseeyourdriver's licenseorothergovernment-issuedidentifyingdocuments. Ifyouareanon-USPerson(i.e.,someonewhoisnotaU.S.citizen,aU.S.residentalien,oraPersonliving in theU.S. at the time of Subscription), additional identification information issued byyourcountryofresidencewillberequired. Ifyouareunableorunwillingtoprovidealloftherequestedinformation,theManagermaydenyyourSubscriptiontothisOffering.

Foreign Investorsshould inquireoftheManagerforacomplete listof identifying informationthat will be required.Additionally, foreign Investors may be required to complete aSupplementalOffereeQuestionnaire.

1.3.3 ProhibitedTransactionswithCertainForeignInvestors

TheClassAInterestsmaynotbeoffered,sold,transferredordelivered,directlyorindirectly,toanypersonwho:

• Isnamedonthelistof“speciallydesignatednationals”or“blockedpersons”maintainedbythe U.S. Office of Foreign Assets Control (“OFAC”) athttp://www.ustreas.gov/offices/enforcement/ofac/sdn/ or as otherwise published fromtimetotime;and

• (1)AnagencyofthegovernmentofaSanctionedCountry,(2)anorganizationcontrolledbyaSanctionedCountry,or(3)apersonresidinginaSanctionedCountry,totheextentsubjecttoasanctionsprogramadministeredbyOFAC.A“SanctionedCountry”shallmeanacountrysubjecttoasanctionsprogramidentifiedonthelistmaintainedbyOFACandavailableatthefollowing location http://www.ustreas.gov/offices/enforcement/ofac/sdn/ or as otherwisepublishedfromtimetotime.

NOTE:THEMANAGER(ORATHIRDPARTYACTINGONTHECOMPANY’SBEHALF)MAYCHECKYOURNAME(S)AGAINSTTHESELISTS. IFYOUDONOTMEETTHEREQUIREMENTSDESCRIBEDABOVE, DO NOT READ FURTHER AND IMMEDIATELY RETURN THIS MEMORANDUM TO THE


COMPANYORTHEAPPLICABLEMEMBEROFTHESELLINGGROUP.INTHEEVENTYOUDONOTMEETSUCHREQUIREMENTS,THISMEMORANDUMSHALLNOTCONSTITUTEANOFFERTOSELLINTERESTSTOYOU.

1.4 ERISA;SuitabilityofInvestmentbyRetirementPlans

Subjecttothefollowingdiscussion,theCompanymayormaynotbeasuitableinvestmentforaretirement plan (“plan”), including such things as self-directed Individual RetirementAccounts, (IRAs), Pension plans, qualified plans, self-employment plans, or solo 401k plans.Before investingby suchaplan, thepersonwith investmentdiscretiononbehalfof theplan(whichwouldbethebeneficiaryinthecaseofaself-directedIRA)mustdetermine(i)whetheraninvestmentintheCompanyispermittedunderthegoverninginstrumentsoftheretirementplan,state laws, the InternalRevenueCode(the Code)andtheEmployeeRetirement IncomeSecurityActof1974(ERISA)and(ii)whetheraninvestmentintheCompanyisappropriatefortheplan inviewof itsoverall investmentpolicyandthecompositionanddiversificationof itsportfolio. Among other factors, such a determination is likely to require consideration of (i)whether the investment is prudent, considering thenatureof theCompany, (ii)whether theinvestment satisfies the requirements of ERISA, including the diversification requirement ofERISA, (iii)whether such investmentmay result in the creationofunrelatedbusiness taxableincome(UBTI),whichisnotexemptfromtaxationundertheCode,and(iv)that,theliquidityoftheinvestmentinthattheremaybenomarketinwhichanInterestintheCompanycanbesoldorotherwisedisposed. 

Neither the Company nor the Manager has responsibility for determining whether aninvestmentintheCompanyisaprudentinvestmentforanyplan.Eachfiduciarywhoauthorizesan investment in the Companymust determine for himself whether such investmentwouldconstituteaprohibited transactionand should consultwithhisor its advisoron tax, IRAandERISA issues concerning these matters. Neither the Manager, the Company nor any of itsaffiliatesservesinafiduciarycapacitywithrespecttoapotentialinvestor’sdecisiontoinvestintheCompany.

The Interests offered herein are neither publicly offered nor is the Company an investmentcompanyregisteredundertheInvestmentCompanyActof1940.Inaddition,astheCompany’sprimary business is the investment of capital in real estate; the Company expects to be anERISA-exempt real estate operating company as defined in the U. S. Department of LaborRegulations. Consequently, the Company will not limit investments by retirement plans totwenty-fivepercent(25%)ofthetotalMemberinvestmentintheInterests.

Further,incomeoftheCompanymayfurtherbeconsideredunrelatedtradeorbusinessincomeundertheCodewithrespecttoanyretirementplan. Thepersonwithinvestmentdiscretiononbehalf of a retirement plan should consult his attorney or other tax advisor with regard towhether an investment in the Companywill give rise to “unrelated business taxable income(UBTI).” 


Investing intheCompanydoesnotcreatean IRAorotherretirementplan.ThoseconsideringinvestingintheCompanyonbehalfofaretirementplanmustfirstassurethemselvesthattheplanhasbeenproperlyestablishedandfunded. Thenaftertheconsiderationsdiscussedabovehave been taken into account, the trustee or custodian of a plan who decides or who isinstructedtodosomayinvestintheCompanysubjecttotheapplicableminimumsubscription. The trustee or custodian of the retirement planmust execute a Subscription Agreement onbehalf of the plan, a copy of which may be found attached to this Private PlacementMemorandumasExhibit3.

ACCEPTANCEOFSUBSCRIPTIONSONBEHALFOFIRASOROTHERRETIREMENTPLANSISINNORESPECTAREPRESENTATIONBYTHEMANAGERTHATTHISINVESTMENTMEETSALLRELEVANTLEGAL REQUIREMENTS WITH RESPECT TO INVESTMENTS BY ANY PARTICULAR PLAN. THEMANAGER, HOWEVER, RESERVES THE RIGHT TO REJECT THE SUBSCRIPTIONS OF ANYRETIREMENTPLAN,INITSSOLEDISCRETION,FORANYREASON,INCLUDINGIFITBELIEVESTHATTHEACCEPTANCEOFRETIREMENTPLANSUBSCRIPTIONSMAYJEOPARDIZETHESTANDINGOFTHE COMPANY UNDER APPLICABLE LAW AS A PERMISSIBLE INVESTMENT BY RETIREMENTPLANS.

Therulesandregulationsapplicabletoaretirementplan,includingtheprovisionsofERISAandthe Code, are highly complex, and the foregoing is merely a brief summary of some of therequirements.EachretirementplanmustconsultwithitsowncounselastotheapplicabilityofsuchrulesandregulationspriortoinvestingintheCompany

1.5 1031Exchange

1.5.1 TheCompanyMayElecttoExchangeItsPropertyforAnother

The Manager may elect during the Investment Period, to exchange one or more of theCompany’s Properties for another property, in compliance with the Internal Revenue CodeSection1031.Inthiscase,recognitionofthegainonthesaleofsuchPropertymaybedeferredfor so long as the Company owns the new property, or subsequently exchanges it for yetanother.

1.5.2 ClassAUnitsareUnsuitablefor1031Exchange

WhiletheCompanymayexchangeitsrealpropertyforanotherrealproperty,theClassAUnitsbeing offered for sale via this Memorandum to Investors are considered personal propertyinterests; and as such they are ineligible for a 1031 “like-kind” exchange from or to realproperty interests thatmaybeownedbyan Investoroutsideof theCompany. InvestorswhoareseekingtodefergainonthepurchaseorsaleofrealpropertytheymayownoutsideoftheCompanyshouldnotinvestinthisOffering.


1.6 SubscriptionsSubjecttoReviewandAcceptancebytheManager

TheManagerwill review thedocumentsprovidedbyprospectivepurchasersofClassAUnits(hereinafter“Investor”or“Investors”)toensurethat:

• EachInvestorhasprovidedevidencethat itmeetstheSuitabilityStandardsestablishedbytheCompanysetforthinthisSection;

• Each Investor has executed and returned the signature and contact informationpagesoftheSubscriptionAgreement;and

• Each Investor has completely filled out the Subscription Agreement and that theinformationprovided isconsistentwithprevious informationprovidedto theManagerbytheInvestor.

Documentspresentedby Investorswhodonotmeet theSuitability Standardsestablishedbythe Manager, or which have not been properly completed, will be promptly rejected orreturned forcorrection,asapplicable.Prior toacceptance, theManager reserves theright torefuseasubscriptionfromanyprospectiveInvestorattheManager’ssolediscretionand/ortorequestadditionalinformationtoverifyanInvestor’ssuitabilityfortheOffering.

TheManagerwillindicateacceptanceoftheSubscriptioninwritingbyreturningacopyofthe“ReceiptandAcknowledgement”pagefromtheSubscriptionAgreementforInvestorsitacceptsasClassAMembers(seeExhibit3).

2. SummaryoftheCompany2.1 LimitedLiabilityCompany

ThenameoftheCompanyisMoneilMultifamilyFundLLC,aWyominglimitedliabilitycompany(theCompany).TheprincipalbusinessaddressoftheCompanyis:

MoneilMultifamilyFundLLCc/oMoneilMultifamilyFundManagerLLC2340ETrinityMillsRd,Suite233,Carrollton,TX75006

orsuchotherplaceastheManagershalldetermine.

TheCompanycommencedonfilingofitsArticlesofOrganizationandshallbeperpetualunlesssoonerterminatedundertheprovisionsfoundinArticle14oftheAgreement.

2.2 Manager

The initial Manager of the Company is Moneil Multifamily Fund Manager LLC, a Wyominglimitedliabilitycompany(theManager).ItsmanagerisMoneilInvestmentGroup,LLC,aTexas


limited liability company, whose manager is Vinod (Vinney) Chopra; and Real Gem AssetManagement LLC, a Wyoming limited liability company managed by Sadashiva (Sada) RaoYelluru. Vinod Chopra and Sadashiva Yelluru are the Key Principals who will be makinginvestment decisions on behalf of the Company. The biographies of Vinod Chopra andSadashivaYelluruare included in the InvestmentSummary,attachedheretoasExhibit4.TheKeyPrincipalsmayadmitAdditionalMemberstoMoneilMultifamilyFundManagerLLCastheydeemappropriate.

TheaddresswhereallcorrespondencefortheManagershouldbesentis:

MoneilMultifamilyFundManagerLLCP.O.Box1986Frisco,TX75034

2.3 Members

TheCompanywillhavemultipleclassesofMembersasfurtherdescribedbelow:

2.3.1 ClassAMembers

The Company will sell investment units (Units) or Interests to Investors to capitalize theCompany.InvestorswhoacquireInterestsintheCompanywillbecomeClassAMembersoftheCompany.

ClassAUnitssoldviathisMemorandumwillcomprisesixtypercent(60%)ofthetotalInterestsintheCompanyatanygiventimeandwillbeentitledtosixtypercent(60%)oftheDistributableCash,ifany,remainingafterpayingPreferredReturnstoClassAandmakingCashDistributionstoClassB,asdescribedinSection4hereof.

EachClassAInvestorwillberequiredtocommitaminimumofOneHundredThousandDollars($100,000)orthepurchaseoftwenty(20)ClassAUnitsatFiveThousandDollars($5,000)each(theCapitalCommitment), although theManagermayaccept less than theminimumCapitalCommitmentofasingleInvestoratitssolediscretion.TheAggregateContributionsallowedofasingle Class A Investorwill be limited to less than twenty percent (20%) of the total CapitalContributionsofallClassAMembers,tobecalculatedatthetimeoftheinvestment.

Therearethree(3)subclassesofClassAMembers,eachofwhomwillbeentitledtoanannual,cumulativepreferred return (thePreferredReturn) fromDistributableCashgeneratedby theCompany. The amount of the Preferred Returnwill be calculated based on the amount of aClassAMember’sAggregateContributionatthetimetheDistributionismadeandassociatedsubclass,asfollows:


Class AggregateContribution PreferredReturn

ClassA-1 ≥$500,000Investment 10%

ClassA-2 $250,000-$499,000 9%

ClassA-3 $100,000-$249,000 8%

ThefollowingconditionsshallapplytoallpurchasersofClassAUnits:

• Each purchaser of Class A Unitswill be required to commit aminimum of OneHundredThousandDollars($100,000)orthepurchaseoftwenty(20)ClassAUnitsatFiveThousandDollars($5,000)perUnit(theCapitalCommitment),althoughtheManagermayacceptlessthan the minimum Capital Commitment of a limited number of Investors at its solediscretion.

• Each Class AMemberwill be required to contribute at least twenty percent (20%) of itsCapitalCommitmentpriortotheInitialClosing,whichshalloccuronApril28,2018,orsuchlater Initial Closing date as may be specified by the Manager and communicated toInvestors.

• TheAggregateContributionallowedofasingleClassAMemberwillbelimitedtolessthantwenty percent (20%) of the Aggregate Contributions of all Class A Members, to becalculatedatthetimeofeachClassAMember’sinvestment.

2.3.2 ClassBMembers

Onstartupof theCompany,MoneilMultifamilyFundManagerLLC (or itsmembersandtheirAffiliates,orotherswhomtheManagermayadmitasClassBMembers)willretainownershipofforty percent (40%) of the Membership Interests in the Company in the form of Class BInterestsinexchangeforatotalCapitalContributionofOneThousandDollars($1,000)andformakingnoncapitalcontributionsintheformofpastservicestheyhavecontributedtomakethisinvestmentopportunityavailabletotheClassAMembers.

RESTOFPAGEINTENTIONALLYLEFTBLANK


2.4 TimingoftheOffering

TheOfferingcommencedonJanuary30,2018.TheCompanymustsellandissueClassAUnitsto equal aMinimumDollar Amount of leastOneMillionDollars ($1,000,000) by the later ofApril 29, 2018, or the first closingon a Property, before itmayhold the Initial Closing, afterwhichtheCompanymaybeginusingInvestorfunds.AftertheInitialClosing,theCompanymaycontinue to sell and issue Class A Units up to theMaximum Dollar Amount of FiftyMillionDollars ($50,000,000), or such lesser amount as the Manager may determine, in the solediscretionoftheManager.

TheManager, in its sole and absolutediscretion,may continue tohold theOfferingopen tonewInvestorsuntiltheMaximumDollarAmountisraisedorJanuary29,2021(theInvestmentPeriod),whichever occurs first.. TheManager has the sole discretion to rescind theOfferingpriortoBreakingImpounds,ortoterminatetheOfferingpriortoraisingtheMaximumDollarAmount.

2.5 TermoftheCompany

TheCompanycommenceduponthefilingofitsArticlesofOrganizationandshallbeperpetualunlesssoonerterminatedundertheprovisionsfoundinArticle14oftheAgreement.

2.6 BlindPoolOffering

TheCompany intendstoacquiremulti-familyproperties (theProperties) throughouttheU.S.,butiscurrentlyfocusedonPropertiesincertainmarketsintheSoutheasternU.S.andTexasasdescribedintheCompany’sInvestmentSummaryattachedtoheretoasExhibit4.

2.6.1 InvestmentPeriod

The first three (3) years of Company operations shall be known as the Investment Period.DuringtheInvestmentPeriod,solelyatthediscretionoftheManager,theCompanymay:

• AcquirenewProperties.

• Use the sales proceeds from any Properties sold by the Company to purchase newPropertiesfortheCompany.

• Elect to exchange one or more of its Properties for another under the 1031 exchangeprogram.

2.6.2 LiquidationPhase

AftertheInvestmentPeriod,asPropertiesaresold(i.e.,theliquidationphaseoftheCompany),the Company will pay one hundred percent (100%) of the Distributable Cash to Class AMemberspro-rata,asareturnofcapital,afterwhichanyarrearages inPreferredReturnswillbemadeup.


2.6.3 Financing

TheCompanyanticipatesobtaininginstitutionalfinancingwithwhichtoacquiretheProperties,with the remaining contributions coming from the sale of Class A Units to Investors via thisPrivatePlacementMemorandum.TheproceedsfromthesaleofIntereststoClassAMemberswillbeusedtopayforthebalanceofthepurchasepriceremainingafterobtaininginstitutionalfinancing, plus the closing costs, other costs of purchase, and Manager’s Fees andreimbursements.

2.7 SinglePurposeEntities

Title to eachCompanyPropertywill beheld in thenameof a singlepurpose limited liabilitycompany(theSubsidiary).TheManagerexpectsthateachSubsidiarywillbewholly-ownedbytheCompany,whowillbeitssolemember,withtheManageroftheCompanyastheManagerof theSubsidiary.Therefore, theCompanywillownthePropertiesvia itsSubsidiaries.Profitsand Losses, from each Property will be carried up to the Company where allocations andDistributionswillbemadetotheMembers.

Note:IndividualClassAinvestorswillnotbeinvestinginaspecificProperty.AllMembersoftheCompanywillownaportionoftheCompany,whichexpectstoownmultipleProperties.Thus,returns from all Propertieswill be consolidated and distributed from the Company, and notfrom the Property or Subsidiary level. The Investment Summary (Exhibit 4) describes theManager’sbusinessmodelthatwillbeusedtoidentifyadditionalPropertiesfortheCompanytopurchase.

2.8 InvestmentObjective

TheprimaryinvestmentobjectiveoftheCompanyistoacquire,finance,manage,anddisposeofmulti-familypropertiesthroughouttheU.S.,andparticularlyinSoutheasternU.S.andTexas,insuchamannerastoprovide itsMemberswithareturnontheir investment.TheManageranticipatesthattheCompanywillowneachofthePropertiesforone(1)toseven(7)yearsormore,priortoresale.SeetheInvestmentSummaryattachedheretoasExhibit4forasummaryoftheManager’sinvestmentstrategiesfortheCompany.TheCompany’sinvestmentobjectivesandpoliciesareprovidedinSection10hereof.

2.9 LimitedVotingRightsofMembers

The Class A Units offered for sale to prospective Members of the Company via thisMemorandum have limited voting rights. There are limited events on which the Class AMemberscanvote.Avoteofseventy-fivepercent(75%)oftheClassAMembers’Interestswillbe required to remove the Manager for Good Cause (as defined in the Agreement), or todetermineapreferredexitstrategyforthePropertiesotherthanasale.AunanimousvoteoftheClassAandClassBMemberswillberequiredtosubstantivelyamendtheAgreement.OthermattersmayrequireavoteofMembersrepresentingamajorityofallInterests.Thematterson


which Class AMembersmay vote and the requisite Percentage Interests are summarized inArticle7.4oftheAgreement.

2.10 DepreciationMethodtoBeUsed

TheCompanywillapplythecurrentcostrecoverydepreciationrulestotheimprovedportionofeachPropertyaccordingtotherelevantInternalRevenueCodesections,namely:straight-line,using a 27.5-year useful life for residential property and thirty-nine (39) years for non-residential property; however the Manager may elect an accelerated depreciation option ifappropriate for theCompany.TheManagermayelect tousethecostsegregationmethodofdepreciation for anypersonalproperty associatedwith realproperty it acquiresonbehalfofthe Company,which allows the Company to use a shorter useful life for certain Assets. TheapplicationofthoserulestoeachMember’sInterestisfurtherdescribedinSection12.5hereof.

2.11 CompanyisSelf-Liquidating

The investment objectives and policies of the Company are provided in Section 10 of thisMemorandum, state that theCompanywill be self-liquidating, in that, upon sale of all of itsproperty,theCompanywillbedissolved.

2.12 DefinitionofTerms

ThecapitalizedtermsorphrasesusedinthisMemorandumaredefinedinSection13hereof.

3. SourceandUsesofProceedsThefollowingtablesummarizesthesourceandusesofproceedsfromthisOffering.



TABLE3.1SOURCESANDUSESOFPROCEEDS

MAXIMUMDOLLARAMOUNTOF$50,000,000

Description

MinimumDollarAmount

(SeeSection3.1)

Percent

MaximumDollarAmount(SeeSection

3.2)

Percent

CapitalCommitmentsofInvestors/ProceedsoftheOffering

$1,000,000 100.00% $50,000,000 100.00%

Legal/OrganizationExpenses $22,500 2.25% $22,500 0.05%

ProceedsInvested $977,500 97.75% $49,977,500 99.96%

TotalApplicationofProceeds $1,000,000 100.00% $50,000,000 100.00%

*SeeTable5.1regardingFeesandotherreimbursableexpensesthatmaybeassociatedwithacquisitionofPropertiesorCompanyoperations;theamountsofwhichcannotbedeterminedatthistime.

3.1 MinimumDollarAmount

TheMinimum Dollar Amount of OneMillion Dollars ($1,000,000) shown in Table 3.1 abovereflects thedollar amountof theminimumnumberof ClassAUnits (200) thatmust be soldbeforetheManagermayBreakImpoundsanduseInvestorfunds. IfonlytheMinimumDollarAmountisraised,theManagerwilldeferreimbursementfor itsexpensesandcollectionof itsFees(SeeTable5.1)untilsufficientcashisavailable,withoutforfeitinganyrighttocollect,andtheManager may Advance funds, or obtain a loan from anotherMember or third party asnecessarytocloseonaProperty,onceithasraisedtheMinimumDollarAmount.

DeferredreimbursementsandFees,orManager loanswillbetreatedasaManagerAdvance.ThirdpartyloansmayearnacommerciallyreasonableratenegotiatedbytheManager.IftheMinimumDollarAmountisnotraisedwithinthetimedesignated,allfundswillbereturnedtoInvestorsplusanyinterestaccrued,ifany.

3.2 MaximumDollarAmount

TheMaximumDollarAmountofFiftyMillionDollars ($50,000,000) shown inTable3.1abovereflectsthedollaramountofthemaximumnumberofClassAUnits(10,000)thatmaybesoldviathisOffering.TheManagerreservestherighttoterminatetheOfferingpriortoraisingtheMaximumDollarAmount.


3.3 CashRequiredatClosing

At the timeof theCompany’s InitialClosing, theManagerandanyapplicableAffiliatewillbereimbursed(throughtheissuanceofaCapitalCall)forthelegal,accountingandothercostsoforganizingtheCompanyandtheManager.TotalcoststobereimbursedincludesuchthingsasCompany formation, legal documentation, and preparing and circulating thisMemorandum,andarenotexpectedtoexceedThirtyThousandDollars($30,000).TheCompanyisresponsibleforallCompany-relatedexpenses,including,butnotlimitedtoduediligence,travelandout-of-pocket expenses incurred in connectionwith potential Properties (whether or not acquired),the formation and organization of the Manager and the Company, and the evaluation,acquisition,ownership,sale,improvements,exchange,financing,insurance,oroperationofanyProperties, all litigation related expenses, indemnification expenses and administrativeexpensesoftheCompany.NosalarieswillbepaidasanexpenseoftheCompany.Someoftheproceedswillbeusedtopayforand/ortoreimbursetheManageroritsAffiliatesforexpensesrelatedtoacquisition,improvements,oroperationoftheProperties,includingbutnotlimitedto such things as travel to theProperties, duediligence, closingor loan fees associatedwithacquisition of the Properties, earnest money deposits, loan guarantee fees, legal fees,Manager’sFeesandothermiscellaneousexpenses,thecostsofwhichcannotbedeterminedatthis time. Actual closing costsmay bemore or less than the amounts itemized in Table 3.1above or in Exhibit 4, depending on the actual loan amount and other factors beyond theManager’scontrol.

Additionally,theManagerwillbereimbursedforlegalandorganizationalexpensesassociatedwithsettinguptheCompanyandraisingcapitalfromInvestorsforthisOfferingandwillbepaidanorganizationanddueDiligenceFeefor itsefforts in findingProperties fortheCompanytoacquire, conducting due diligence andmaking this opportunity available to Investors. Actualamounts for line itemsshown inTable3.1abovewillbedependentontheactualacquisitioncostsforeachPropertyandtheamountofcapitalneededforeachInvestment.

3.4 WorkingCapitalandReserves

TheManagerwill determine the amount to be held in the Company’s operating account forWorking Capital and Reserves or capital improvements. Such funds will earn the returnsdescribedinSections4.2through4.4hereof.

IfonlytheMinimumDollarAmountisraisedthenadditionalWorkingCapitalandReservesmayneed to be accumulated from cash flow during operation of the Properties and any capitalimprovementsorDistributions to theMembersmaybedeferreduntil such timeas sufficientReserveshavebeenaccumulated,attheManager’ssolediscretion.

3.5 DeferralofReimbursementsorManager’sFees

If only the Minimum Dollar Amount is raised, the Manager may defer collection of itsorganizationorduediligence Fees and reimbursementof its expenseswithout forfeiting anyrighttocollect.


4. DistributionstoMembersThe Members may receive Distributable Cash from the Company as authorized in theAgreement. In general, the Manager intends to operate the Properties, the Company’sSubsidiaries, and the Company, in such amanner as to generateDistributable Cash that theCompany can share with its Members. Distributable Cash shall be determined in the solediscretion of the Manager after withholding sufficient Working Capital and Reserves.DistributionstoClassAMembers,whenmade,willbeallocatedamongtheminproportiontotheirPercentageInterestsintheClassAUnits.DistributableCash,ifanywillbedistributeduntilexpended,intheorderdescribedinSections4.2through4.5below,dependingonthephaseofoperationof theCompany.Distributionswillbeevaluatedonaquarterlybasis.TheManagerexpectsthatthefirstreturnstoInvestorswillbepaidwithinninety(90)daysofclosingoneachProperty.

4.1 InterestonFundsHeldbytheCompany

During the Company’s acquisition phase, which includes the first three (3) year InvestmentPeriod,anyfundswhichhavenotbeendeployedforpurchaseofaPropertymaybeheldinasavingsaccount in theCompany’snamewillearnonepercent (1%)simple interestas furtherdescribedinArticle4.1oftheAgreement.

4.2 CashDistributionsduringOperations

DuringoperationoftheProperties,DistributableCashwillbeevaluatedonaquarterlybasisandwhen Distributions are made, they will be disbursed in the order provided below untilexpended.AllCashDistributionswillbedeterminedandcalculatedonaquarterlybasis(i.e.,aClassA-3Memberwouldbeentitledtoatwopercent(2%)quarterlyreturnbeforetheClassBDistributionisdetermined.)

• FirsttotheClassAMembers,acumulativeannualizedpreferredreturncalculatedagainsttheUnreturnedCapitalContributionsof theClassAMembers (thePreferredReturn), thepercentageofwhichwillbedeterminedbysubclass (i.e.,ClassA-1,A-2,orA-3),allocatedamongstallClassAMembersprorata,asshownbelow:

§ ToClassA-1(>$500,000Investment),aPreferredReturnoftenpercent(10%);

§ ToClassA-2($250-$499,000Investment),aPreferredReturnofninepercent(9%);

§ ToClassA-3($100,000-$249,000 Investment),aPreferredReturnofeightpercent (8%);and

• Second,ClassBMemberswillbeentitledtoacumulativedistributionequivalenttoa40%ofavailable Distributable Cash (the Class B Distribution) calculated against the “averagereturn”paidtotheClassAMembers.IntheeventthereisinsufficientDistributableCashtopaytheClassBDistributionfromoperations,theClassBMembersmaydefercollectionofallorpartofthisamountuntilsufficientcashisavailable.


• Third, remainingDistributable Cash, if any,will be split 60/40with the Class AMembersgettingsixtypercent(60%)(splitpro-rataamongsttheClassAsubclasses),andtheClassBMembersgettingfortypercent(40%).

ForthepurposesofCashDistributioncalculationsonly,CashDistributionstoClassAandClassBMembers from operations will be treated as a return on investment. The amount ofcompensation theClassAorClassBMembersmay receive from the first yearof operationscannotbedeterminedatthistime.

4.3 CashDistributionsfromCapitalTransactionswithintheInvestmentPeriod

DuringtheInvestmentPeriod,theCompanymayusetheproceedsfroma“CapitalTransaction”suchasarefinanceorsaleoftheCompany’sPropertiestoacquireadditionalProperties.Butintheevent theCompanyelectsnot toacquireadditionalPropertieswith the saleor refinanceproceeds, Distributable Cash from such Capital Transactions, if any, will be distributed toMembersasdescribedinSection4.4below.

4.4 CashDistributionsfromCapitalTransactionsaftertheInvestmentPeriod

DistributableCash,ifany,fromaCapitalTransaction,willbedistributedintheorderprovidedbelowuntilexpended:

• FirsttheClassAMemberswillreceivealloftheDistributableCashpro-ratauntiltheyhavereceivedarefundofonehundredpercent(100%)oftheirUnreturnedCapitalContributions;

• Second,theClassAMemberswillreceiveanyarrearagesinthePreferredReturnsdescribedinSection4.2above;

• Third,theClassBMemberswillreceiveanyarrearagesintheClassBDistributionsdescribedinSection4.2above.

Forexample:Duringaparticularquarter,ClassA-1receivesa2.5%PreferredReturn;ClassA-2receivesa2.25%PreferredReturn,andClassA-3receivesa2%PreferredReturn.TheAggregateCapitalContributionsofClassAMemberstodateis$10,000,000.Question1:WhatistheaveragereturnpaidtoClassAMembersduringthatquarter?

!.!!!.!"!!!

=2.25%

Question2:WhatistheamountpaidtoClassAMembersduringthatquarter?$10,000,000 ∗ .0225 = $225,000

Question3:IfClassAreceives$225,000,representing60%oftheDistributableCash,howmuchisowedtheClassBMembersfora40%equivalentshareastheirClassBDistribution?

$""#,!!!!

= 0.60/0.40;0.60𝑥 = $90,000; 𝑥 = $150,000


• Fourth,any remainingDistributableCashwillbe split60/40 so that theClassAMemberswillreceivesixtypercent(60%)andtheClassBMembersreceivefortypercent(40%).

For the purposes of Cash Distribution calculations only, all Distributions from CapitalTransactionswillbetreatedasareturnofcapitaluntiltheClassAMembershaveeachreceivedonehundredpercent(100%)oftheirUnreturnedCapitalContributions,afterwhichanyfurtherreturnswillbeconsideredareturnoninvestment.

4.5 CashDistributionsonDissolutionandTermination

UpondissolutionoftheCompany,theAssetsoftheCompanywillbedistributedasdescribedbelow:

• First, to pay the creditors of the Company, including theManager, aMember, or a thirdparty who has loaned or advanced money to the Company or has deferred anyreimbursementsorFees;

• Second,toestablishReservesagainstanticipatedorunanticipatedCompanyliabilities;and

• Third,totheMembersasdescribedinSection4.4hereof.

5. Manager’sFeesorOtherCompensationIn addition to the Cash Distributions described in Section 4, the Manager, its members orAffiliates may earn additional compensation in the form of Fees, commissions,reimbursements,interest,orothercompensationasfurtherdescribedinTable5.1below.Suchcompensationwill be paid as an expense of the Company prior to determiningDistributableCash.Manager’sFeesareauthorizedinArticle5.2oftheAgreement.TheManagerreservestherighttodefercollectionofanycompensationfromthetimeitisearneduntilsufficientcashisavailable without forfeiting any right to collect, and may earn interest on any deferredcompensation.



Table5.1Manager’sFeesorOtherCompensation

Description Frequency BasisforFee WhenEarned

Amount

ExpenseReimbursement

Onstartupandincidentallythereafter

Paymentofdocumentedout-of-pocketexpensespaidbytheManageroritsmembersonbehalfoftheCompany.

Startupreimbursementsdueonbreakingofimpounds,orincidentallythereafter.

Indeterminate.

Manager’sOrganizationandDueDiligenceFee

One-timeFee CompensationforeffortsoftheManagerinconductingduediligenceoneachProperty,procuringtheacquisitionloans,andmakingtheinvestmentopportunityavailabletoInvestors.

OnacquisitionofeachProperty.

4%ofthepurchasepriceofeachProperty.

AssetManagementFee

MonthlyorQuarterly

TheManagerwillearnanAssetManagementfeetohelpcoveritsoverheadexpensesinadministeringtheCompany.

Monthly Uptotwopercent(2%)ofthegrosscollectedrevenuefromeachProperty.

RefinanceFee One-timeFee CompensationtotheManagerforitseffortsinobtainingrefinancingforaProperty.

OnrefinanceofaProperty.

Upto1%ofthenewloanamount.

DispositionFee One-timeFee CompensationtotheManagerforitseffortsinmarketingeachPropertyforsale.

OnsaleofaProperty.

Upto1%ofthegrosssalespriceofeachProperty.

InterestonManagerAdvances/Loans

Monthly TheManagermayearninterestonanydeferredFees,ManagerAdvances,orunpaidreimbursementsthatarenotcollectedwhenearnedordue.

10%ofthedeferredAdvanceorFee.

PropertyManagementFees

Recurring,monthlyFee

MaybepaidtoathirdpartyoranaffiliateoftheManager(MoneilManagementGroup,LLC).IfpaidtoanAffiliateoftheManager,membersoftheManagermayearnaportionofthesefees,theamountofwhichcannotbedeterminedatthistime.

DuringPropertyoperationsandcapitalimprovements.

Aratecommensuratewithlocalratesforsuchservices.

Broker-DealerCommissions

Onstartupandincidentallythereafter

Fees/commissionsmaybepaidtoregisteredbroker-dealerswhomayassisttheCompanyinobtainingInvestors.TheCompanyisnotexpectingtohireanybroker-dealersatthistime,butreservestherighttodoso.

OnBreakingImpoundsandincidentallyasUnitsaresoldthroughabroker-dealer.

Unabletodeterminetheamountatthistime.Tobepaidtoathirdparty,ifapplicable.


5.1 RealEstateCommissions

VinodChopra(aKeyPrincipaloftheManager),isalicensedCaliforniarealestatebroker,butwillnotparticipateinrealestatecommissionsintheacquisitionorsaleofCompanyProperties.

6. ConflictsofInterestItispossiblethatconflictsofinterestwillarisebetweentheCompanyandtheManagerand/orAffiliatesoftheManager.Potentialconflictsmaybe,butarenotlimitedtothefollowing:

6.1 ManagerMayBeInvolvedinSimilarInvestments

The Manager may act as a manager or be a member in other limited liability companiesengagedinmakingsimilarinvestmentstothosecontemplatedtobemadebytheCompany.Tothe extent its time is required on other business and ownershipmanagement activities theManager may have diminished ability to be involved in the day-to-day monitoring of theCompany’soperations.

6.2 ManagerMayHaveInterestsinSimilarProperty

TheManagermayownormaycometoownaninterestinapropertythatmaycompetewithProperties owned by the Company for tenants or resources. The Manager will attempt tooperatethePropertiesinamannerthatdoesnotshowfavoritismtoonepropertyoveranotherand believes that cross-referrals from other properties it owns or managesmay provide anadvantage,insteadofadetrimenttotheProperties.

6.3 ManagerMayActonBehalfofOthers

TheManagermayactinsuchcapacityforotherInvestors,companies,partnerships,orentitiesthatmaycompetewiththeCompanyforInvestorsanditstimeandresources.

6.4 ManagerMayRaiseCapitalforOthers

TheManager,whowillraiseinvestmentfundsfortheCompany,mayactinthesamecapacityforotherinvestors,companies,partnerships,orentitiesthatmaycompetewiththeCompany.

6.5 TheManagerMayHireAffiliatesorDelegates

The Manager may hire an Affiliate of the Manager or a Member, or other unaffiliateddelegates,contractors,vendorsorsupplierstoprovideservicestotheCompanyonitsbehalf.Fees for such services will be commensurate with rates charged by local providers of suchservices.


6.6 NoArms-LengthNegotiation

Neither theAgreementnoranyof theagreements,contractsandarrangementsbetweentheCompany and the Manager, were or will be the result of arm’s-length negotiations. Theattorneys,accountantsandotherswhohaveperformedservicesfortheManagerinconnectionwiththisOffering,andwhowillperformservicesfortheManagerinthefuture,havebeenandwill be selected by the Manager. No independent counsel has been retained to representInvestors’ interests, or the interests of the Company, and the Agreement has not beenreviewedbyanyattorneyontheInvestors’behalf.EachprospectiveInvestorshouldconsultitsowncounselastothetermsandprovisionsoftheAgreementandallExhibitshereto.

7. DutiesofManagertotheMembers;Indemnification7.1 FiduciaryDutiesoftheManagertotheCompany

Thefiduciaryduties theManagerowestotheCompanyandtheotherMembers includeonlythedutyofcare,thedutyofdisclosureandthedutyofloyalty,assetforthintheAgreement,Article6.9.AMemberhasarighttoexpectthattheManagerwilldothefollowing:

• UseitsbesteffortswhenactingontheMember’sbehalf,

• NotactinanymanneradverseorcontrarytotheMember’sinterests,

• Notactonitsownbehalfinrelationtoitsowninterests,and

• Exercisealloftheskill,care,andduediligenceatitsdisposal.

In addition, theManager is required tomake truthful and complete disclosures so that theMemberscanmake informeddecisions.TheManager is forbidden toobtainanadvantageatthe expense of any of the Members, without prior disclosure to the Company and theMembers.

7.2 IndemnificationofManager

TheAgreementprovidesanindemnificationoftheManagerforliabilitiestheManagerincursindealingswiththirdpartiesonbehalfoftheCompany.TheCompanyisboundtoindemnifyandhold the Manager harmless for any acts or omissions within the authority granted to theManager,includingreimbursementforitslegalexpenses,unlesstheManagerengagesinwillfulmisconduct,badfaith,orfraud.Further,theAgreementcontainsaprovisionthateachoftheMembersshall indemnifyandholdharmlesstheManagerforanyliabilityassociatedwithanymisrepresentation(s)bythemastotheirsuitabilityformembershipintheCompany,basedontheSuitabilityStandardsestablishedbytheManagerinSection1hereof.

This indemnificationwillprovidetheMemberswithamorelimitedrightofactionagainsttheManagerthantheywouldhaveiftheindemnificationwerenotintheAgreement.ThisprovisiondoesnotincludeindemnificationforliabilitiesarisingundertheSecuritiesActof1933,as,inthe


opinionoftheSecuritiesandExchangeCommission(“SEC”),suchindemnificationiscontrarytopublicpolicy.

ThecompleteindemnificationprovisionsarecontainedinArticle6.11oftheAgreement.

8. RiskFactorsAn investment in theCompany involves the risk of a complete loss of theMembers’ capital.Potential Investors should carefully consider each of the following factors and discuss themwith their own financial advisors, which may include attorneys, accountants, investmentadvisors,orothers,astheydeemnecessary.

8.1 RiskFactorsRelatedtotheCompany

8.1.1 TheCompanyHasNoTrackRecord

TheCompany(MoneilMultifamilyFundLLC)isnewlyformedandhasnooperationalhistory.Itwill be managed by the Manager, whose members have prior experience in multi-familysyndications. See Section 9 below. An Interest in the Company is a speculative investmentinvolvingrisk.

8.1.2 SuccessoftheCompanyDependsontheManager’sAbilities

ThesuccessoftheCompanydependsupontheManager’sabilitytoacquire,operate,manage,finance and dispose of the Properties in a manner that produces Distributable Cash forDistributiontotheMembers.TheKeyPrincipalshaveexperiencewithsimilarProperties.

TheCompanywillbeparticularlydependentupontheefforts,experience,contactsandskillsofcertainofficersoftheManager.Thelossofanysuchindividualcouldhaveamaterial,adverseeffect on the Company, and such loss could occur at any time due to death, disability,resignationorotherreasons.

8.1.3 ManagerIsNotActingasaRealEstateBrokerinThisTransaction

Unless specifically stated in the Fees Section of this Memorandum, regardless of licensure(activeorinactive)byanyPersonwhoisamemberofand/orAffiliatedwiththeManager,nosuchPersonisactingasarealestatebrokerwithrespecttothistransaction.TheManageranditsmembersareacquiringanInterestintheCompanyfortheirown,personalaccount,andaretherefore,actingintheirownbehalfwithrespecttothepurchaseorsaleofaProperty.

8.1.4 NoRegistrationasanInvestmentAdvisororanInvestmentCompany

TheManagerdoesnotbelievethat it isnecessary toregisterasan investmentadvisorundertheInvestmentAdvisersActof1940,asamended,ortoregistertheCompanyasanInvestmentCompanyundertheInvestmentCompanyActof1940,asamended,oranysimilarstatelawsorregulations (collectively, the “Investment Acts”). Therefore, certain of the provisions and


safeguards of the Investment Acts are not available to Members that might otherwise beavailable if theManagerwerean investmentadvisor to theCompany.TheManagerbelievesthatregistrationundertheInvestmentActsisnotrequired,butthereisnoassurancethattheManager iscorrectwithrespecttothismatterorthataregulatoryagencymightnotassertacontrary position regarding the Manager and/or the Company itself. Due to the cost andburdenofcompliancewiththeInvestmentActs,thefinancialandbusinessperformanceoftheCompany could be materially adversely affected, and the risks involved could substantiallyincreaseifregistrationunderanyInvestmentActisrequired.

Neither the Manager nor its counsel can assure prospective Investors that, under certaincircumstances, changed circumstances or changes in the law, theManager or the Companywon'tbecomeor isnotnowsubjecttothe InvestmentActsorotherburdensomeregulationsand/orenforcementactionsthatmaybeimposedbyregulatorsand/orotherduetolitigationbyotherInvestors.

8.1.5 LackofControlandLimitedVotingRightsoftheClassAMembers

TheClassAMemberswillhavenocontrolovertheCompany’sday-to-dayoperations,andwillbeabletovoteonlyoncertain,specifieddecisions includingreplacementoftheManagerforGood Cause, amendment of the Agreement, and other limited decisions as summarized inArticle7.4oftheAgreementandasdescribedinvariousArticlesoftheAgreement.

If theClassAMembersareunhappywith theservicesof theManager, theClassAMemberscomprisingatleastseventyfivepercent(75%)oftheClassAInterestsmustaffirmativelyvotetoterminate and replace the Manager for Good Cause, which is defined in the Agreement.Removal or resignation of theManagerwill require proration of Fees between the removedandreplacementManagerasoftheremovaldate,however,theremovedManagerwillstillbeentitled to CashDistributions resulting from the ownership of Class B Interests,which itwillretainevenafterremoval,asdescribedintheAgreement,Articles4and8.5.

8.1.6 LimitedTransferabilityorLiquidityofClassAUnits

The Interests are being offered and sold without registration under the Securities Act, andwithoutregistrationorqualificationunderthesecuritieslawsofanystate,inrelianceupontheexemptionsfromregistrationprovidedbysection4(2)oftheSecuritiesAct,RegulationD,Rule506(c)andRegulationS,andsuchapplicablerulesandregulationspromulgatedthereunderandcertainexemptionsfromregistrationand/orqualificationunderapplicablestatesecuritieslawsandregulations.WhensubscribingforInterests,eachMemberagreestonotresellorofferforresaleanyof the Interests forat leastone (1)yearunless the Interestsareregisteredand/orqualifiedundertheSecuritiesActandapplicablestatesecurities lawsorunlessanexemptionfrom such registration andqualification is available. Furthermore, theManagermay prohibittransfersthatwouldterminatetheCompanyfortaxpurposes,thatwouldviolatetheSecuritiesActoranyrulesorregulationsthereunder,oranyapplicablestatesecuritieslawsoranyrulesorregulations thereunder, that would subject the Company to the reporting or registration


requirementsoftheSecuritiesExchangeActof1934,orthatwouldresult inthetreatmentoftheCompanyasanassociationtaxableasacorporation.

There is no public market for the Interests and it is extremely unlikely that any will everdevelop.Asaresult,theinvestmentintheCompanyisilliquidshouldaClassAMemberdesiretoliquidatetheirInterestpriortodissolutionorterminationoftheCompany.AnInvestormaybeunableto liquidatetheir investment intheCompanyeven inanemergency.TheCompanyhas no obligation, and does not intend, to cause the Interests to be registered under theSecuritiesActorregisteredorqualifiedunderthesecuritieslawsofanystateortocomplywithany other provision of law that would permit the Interests to be readily marketable by anInvestor.Membershavenorighttorequireregistration,tocausetheCompanytocomplywithany exemption, or to cause the Company to supply information necessary to enable theMemberstomakesales.Foralloftheforegoingreasons,theInterestsshouldbeacquiredonlyasalong-terminvestment.

ThereisariskthatnomarketfortheClassAUnitsexistsandIfaClassAMemberattemptstosell theirClassAUnitsprior to thedissolutionof theCompany, there isnocertainty that theClassAUnitscanbesoldforfullmarketvalueorthattheUnitsmaybesoldatanyprice.

8.1.7 LackofCapitalCouldInhibitMeetingCompanyObjectives

ThereisariskthattheamountofcapitalraisedinthisOfferingwillbeinsufficienttomeettheinvestment objectives or operational requirements of theCompany. If there is a shortageofcapital,theManagerwilluseitsbesteffortstoobtainfundsfromathirdparty.Obtainingfundsfrom a third partymay require an increase in the amount of financing the Companywill beobligated to repay. In addition, there is no certainty that funds from a third party will beavailable at a reasonable cost, requiring a Capital Call from all Members if approved by aMajorityofInterests(perArticle2.6oftheAgreement). IftheManagerorrequisiteMembersdonotapprovesuchavote,theManager’sonlyrecoursewouldbetoprovideanAdvanceofitsownfunds,orobtainaloanfromaMemberorathirdparty,whichmayormaynotbeavailableontermsadvantageoustotheCompany.

IfinsufficientcapitalisraisedfromthisOffering,CapitalimprovementsplannedbytheManagerwillbedelayeduntilsufficientcashflowisgeneratedfromoperationoftheProperties,ifever.This could impact the ability of theCompany to achieve someof its “investment objectives”identifiedinSection10hereof.

8.1.8 RiskofNotReceivingAnyDistributableCash

CashflowDistributionswillonlybeavailabletotheextentthereiscashflowfromrentalsandotheroperationsoftheProperties.Additionally,even if there iscashflowfromoperationsofProperties, theManager of the Company, in its sole discretion, may cause the Company toretain someor all of such funds forWorking Capital purposes, further renovation and otherreserves.Therefore,therecanbenoassuranceastowhenorwhethertherewillbeanyCashDistributions from the Company to the Members. It is possible that the Company will not


achieveanyDistributableCashandthattheMembersmaynotreceiveanyCashDistributionsatall.

8.1.9 LackofDiversification

TheCompanywillacquiremulti-familypropertiesthroughouttheU.S.,butiscurrentlyfocusedon Properties in certain markets in the Southeastern U.S . The Company has no plans todiversifyitsinvestmentsintootherpropertytypes.ThesuccessoftheCompany,therefore,willbetotallydependentonsuccessfulmanagementandoperationoftheCompany’sPropertiesbytheManager.

8.1.10 UnderwritingRisksforInvestorsWhoAcquire20%orMoreoftheEquityInterests

ThelenderforaPropertymayrequireunderwritingofInvestorswhopurchasetwentypercent(20%)ormoreoftheInterestsintheCompany.ThiscouldrequirethatsuchInvestorsprovideindividual financial statementsandsign loandocumentsonbehalfof theCompany. Investorswho do notwish to be subject to this requirement should acquire less than twenty percent(20%)oftheInterestsintheCompany,whichmaybeavariableamount,dependingonwhethertheAggregateContributionsofallInvestorsatthetimeofaSubsequentClosing.

8.1.11 InvestorsNotRepresentedbyIndependentCounsel

TheprospectiveInvestorsinthisCompanyhavenotbeenrepresentedbyindependentcounselin connection with formation of the Company or this Offering. The Agreement andamendments thereto have been prepared by counsel for the Manager (or certain of itsmembers),SyndicationAttorneys,PLLC,whoowesnodutiesofanykindtoanyotherMembersoftheCompany.InvestorsshouldseektheirownlegalcounselwithrespecttotheirproposedparticipationintheCompany.

8.1.12 RisksRelatedtoInvestmentsbyRetirementPlans

As the Company’s primary business is the investment of capital in real estate; the Companybelieves it is an ERISA-exempt real estate operating company (REOC) as defined in theU. S.DepartmentofLaborRegulations.Consequently,theCompanymayhavenowormaycometoallowplanIntereststocumulativelyexceedtwenty-fivepercent(25%)ofthetotalInterestssoldintheCompany.

IfatanytimetheManager,initssolediscretion,determinesthatthecontinuedparticipationbyaretirementplanintheCompanywouldormaycausetheCompany’sassetstobeconsideredplan assets not exempt fromEmployeeRetirement Income SecurityAct of 1974 (ERISA), theManagermayunilaterallydisassociatesuchplaninwholeorpartfromtheCompany.

ItisfurtherpossiblethattheIRSorDepartmentofLaborcoulddeterminethataninvestmentintheCompanyisnotasuitableinvestmentforanInvestor’splan,orthattheCompanydoesnotmeettherequirementsforaREOCexemptionfromERISA.Insuchcase,thetax-exemptbenefits


that such plans generally afford could be disallowed and/or the Investor’s entire plan couldbecomesubjecttotaxationatordinaryincomeand/orcapitalgainsrates.

8.1.13 DataBreachesCouldCompromisePersonalInformationandPrivacy

The Companymay receive, store and process personal information and other Investor data.Further, theCompanymayenablesuchthirdparties tosharesuchpersonal informationwitheachotherasnecessarytoachievetheCompany’sobjectiveswithrespecttothisOffering.

Therearenumerousfederal,stateand local lawsaroundtheworldregardingprivacyandthestoring, sharing,use,processing,disclosureandprotectionofpersonal informationandotheruser data on the Internet and mobile platforms, the scope of which are rapidly changing,subjecttodifferinginterpretations,andmaybeinconsistentbetweencountriesormayconflictwith other rules. The Company (and the third parties it may use) intends to comply withindustry standards and are subject to the terms of the Company’s own privacy policies andprivacy-related obligations to third parties (including voluntary third-party certificationbodies).TheCompanywill strive to complywith all applicable laws, policies, legal obligationsand certain industry codes of conduct relating to privacy and data protection, to the extentreasonably attainable. However, it is possible that these obligationsmay be interpreted andappliedinamannerthatisinconsistentfromonejurisdictiontoanotherandmayconflictwithotherrulesorourpractices.

AnyfailureorperceivedfailurebytheCompanytocomplywithourintendedprivacypolicies,our privacy-related obligations to users or other third parties, or our privacy-related legalobligations,oranycompromiseofsecuritythatresultsintheunauthorizedreleaseortransferofpersonally identifiable informationorotheruserdata,mayresult inpiracyofan Investor’spersonal information, governmental enforcement actions, litigation, or public statementsagainst the Company or theManager by consumer advocacy groups or others, which couldhaveanadverseeffecton theCompanyoran Investor’spersonalcredit.Additionally, if thirdparties theCompanyworkswith,suchascrowdfundingplatforms,broker-dealers,vendorsordevelopers, violate applicable laws or our policies, such violations may also put Investor’sinformationatriskandcouldinturnhaveanadverseeffectontheCompany.

8.1.14 CompanyGrowthDependsontheSuccessofRelationshipswithThirdParties

The Company’s success depends on the Manager’s relationships with various third parties,includingattorneys, sellers, brokers, vendors, suppliers, contractors, lenders, andotherswhoprovide services to themarina and resort industry. Identifying, negotiating anddocumentingrelationshipswiththirdpartiesmayrequiresignificanttimeandresources,asdoesintegratingthird-party content and technology, aswell as compensating sales partners. Any agreementswith such third parties may be non-exclusive and do not prohibit them from working withcompetitors or from offering competing services. Competitorsmay be effective in providingincentives to these parties to favor their operations or may prevent the Manager fromdevelopingstrategicrelationshipswithanysuchparties.Inaddition,thesethirdpartiesmaynotperformasexpectedandtheCompanyoritsManagermayinthefuturehavedisagreementsor


disputeswith these parties,which could negatively affect Company operations. It is possiblethat these thirdpartiesmaynotbeable todevote the resources theCompanyneeds to therelationship. If theManager is unsuccessful in establishing ormaintaining relationships withthese third parties, the Company’s ability to compete in the marketplace or to increase itsrevenue could be impaired, and operating results would suffer. Even if successful, theserelationshipsmaynotresultinimprovedoperatingresults.

8.1.15 SecuritiesMaybePurchasedbyPartiestotheCompany

The Manager and its officers, directors, and affiliates, and employees may purchase or begrantedsecurities in thisOffering. Investors in thisOfferingshouldunderstandandrecognizethat not all subscribers may have made an independent investment decision and certainsubscribersmayberelatedpartiesorAffiliatesoftheManageroritsmembers.

8.2 RiskFactorsRelatingtoMulti-FamilyProperty

8.2.1 DueDiligenceMayNotUncoverAllMaterialFacts

TheManager,throughitsmembers,hashadextensivepriorexperienceinrealestateprojectsandwilldoitsbesttoobtainandverifymaterialfactsregardingthePropertiesithasidentifiedforpurchase.It ispossible,however,thattheManagerwillnotdiscovercertainmaterialfactsaboutaProperty,becauseinformationpresentedbythesellersmayhavebeenpreparedinanincompleteormisleading fashion, andmaterial facts related to aPropertymaynot yethavebeendiscovered.

8.2.2 FinancialProjectionsMayBeWrong

Certain financial projections concerning the future performance of the Project have beendeliveredtopotential InvestorsintheInvestmentSummaryattachedtothisMemorandumasExhibit4,andincorporatedhereinbyreference.Theseprojectionsarebasedonassumptionsofanarbitrarynatureandmayprovetobemateriallyincorrect.Noassuranceisgiventhatactualresultswillcorrespondwiththeresultscontemplatedbytheseprojections.

These and all other financial projections, and any other statements that have or may beprovided to an Investor or Members relating to the Company or its prospective businessoperations thatarenothistorical facts,are forward-lookingstatements that involve risksanduncertainties. Sentencesorphrases thatuse suchwordsas "believes," "anticipates," "plans,""may," "hopes," "can," "will," "expects," "is designed to," "with the intent," "potential" andothersindicateforward-lookingstatements,buttheirabsencedoesnotmeanthatastatementisnotforward-looking.

AlthoughsuchstatementsarebasedontheManager’scurrentestimatesandexpectations,andcurrentlyavailablecompetitive, financial,andeconomicdata, forward-lookingstatementsareinherentlyuncertain.Avarietyoffactorscouldcausebusinessconditionsandresultstodiffermateriallyfromwhatiscontainedinanysuchforward-lookingstatements.


ItispossiblethatactualresultsfromoperationofaPropertywillbedifferentthanthereturnsanticipatedby theManager and/or that these returnsmaynot be realized in the timeframeprojectedbytheManager,ifatall.

8.2.3 RisksRelatedtoLeveragingRealEstate

TheCompanyintendstouseinstitutionalfinancingtoacquireandrefinanceitsProperties.TheCompany’suseofleverageincreasestheriskofaninvestmentintheCompany,asitispossiblethatrentalincomefromaPropertyinanygivenmonthwillbeinadequatetopaythemonthlydebt service requiredon loansagainst it.A resultof theCompanybeingunable tomake therequiredfinancingpaymentsonaPropertymaybethatalendercouldforecloseandsomeoralloftheCompany’sinvestmentinthatPropertycouldbelost.

ThereisalsotheriskthatatthetimeofsaleofaProperty,thesalesproceedsmaybelessthanthe amount needed to pay off the total remaining balance of the financing and, as a result,someoralloftheCompany’sinvestmentinsuchPropertywillbelost.

There isa risk that ifat theendof theof the loan, theCompanymaynotbeable tosellorrefinance a Property so that the proceeds generated would allow the loan to be paid off,resultinginashortsaleorforeclosure.(Insuchacase,theClassAMemberscouldsufferatotallossofallcapitalinvestedinaProperty.)However,ifsuchPropertyisultimatelysoldformorethan the loanbalance, theMembersmaybe entitled to recover thedifference. Because theCompanyexpects toacquiremultipleProperties,however, theeffectsofone low-performingPropertymaybeoffsetbyhigherperformingProperties,thustemperingtheeffects.Thereisnoguarantee,however,thattheManagerwillacquireanyProperty,ormorethanoneProperty.

8.2.4 Regional,StateandLocalEconomicConditions

PerformanceofaPropertyislikelytobedependentupontheconditionoftheeconomyintheareawheresuchPropertyislocated.TheManagerexpectstoholdeachPropertyforone(1)toseven(7)years.However,thereisariskthatatthetimeoftheprojectedsaleofaProperty,themarketplacemaybedifferentthanprojected,whichmayrequireaPropertytobeheldlongerthan anticipated, or sold at a loss.Despite theManager’s projections, an Investor should bepreparedtoleavetheirCapitalContributionwiththeCompanyuntilallPropertiesaresold.

8.3 RisksRelatedtoOwningRealEstate

8.3.1 GeneralRisksofRealEstateInvesting

Factors which could affect the Company’s ownership of income-producing Property mightinclude,butarenotlimitedtoanyorallofthefollowing;changingenvironmentalregulations,adverse use of adjacent or neighboring real estate, changes in the demand for or supply ofcompeting properties, local economic factors which could result in the reduction of the fairmarketvalueofaProperty,uninsuredLosses,significantunforeseenchangesingeneralorlocaleconomicconditions, inabilityoftheCompanytoobtainanyrequiredpermitsorentitlements


forareasonablecostoronreasonableconditionsorwithinareasonabletimeframeoratall,inabilityoftheCompanytoobtaintheservicesofappropriateconsultantsattheproposedcost,changesinlegalrequirementsforanyneededpermitsorentitlements,problemscausedbythepresence of environmental hazards on a Property, changes in Federal or state regulationsapplicable to real property, failure of a lender to approve a loan on terms and conditionsacceptabletotheCompany,lackofadequateavailabilityofliabilityinsuranceorall-riskorothertypes of required insurance at a commercially-reasonable price, shortages or reductions inavailableenergy,actsofGodorothercalamities.Furthermore,therecouldbealossofliquidityinthecapitalmarketssuchthatrefinancingorsaleofaPropertymaybehindered.

The Company's investment inmulti-family Propertieswill be additionally subject to the risksandotherfactorsgenerallyincidenttotheownershipofrealproperty,includingsuchthingsastheeffectsofinflationordeflation,inabilitytocontrolfutureoperatingcosts,inabilitytoattracttenants,vandalism,rentstrikes,collectiondifficulties,uncertaintyofcashflow,theavailabilityand costsofborrowed funds, thegeneral levelof real estatevalues, competition fromotherproperties,residentialpatternsanduses,generaleconomicconditions(national,regional,andlocal), the general suitability of a Property to itsmarket area, governmental rules and fiscalpolicies,actsofGod,andotherfactorsbeyondthecontroloftheCompany.

8.3.2 UninsuredandUnderinsuredLosses;AvailabilityandCostofInsurance

TheCompanyexpectstoacquirePropertiesintheSoutheasternU.S.andTexas,howeveritmayacquirePropertiesanywhereintheU.S.Thesegeographicareasmaybeatriskfordamagetoproperty due to certain weather-related and environmental events, including ice, drought,wind,severethunderstorms,tornadoes,wildfires,hurricanes,earthquakes,andflooding.Totheextentpossible, theManagerwill attempt toacquire insuranceagainst fireorenvironmentalhazards.However,suchinsurancemaynotbeavailableinallareas,norareallhazardsinsurableassomemaybedeemedactsofGodorbesubjecttootherpolicyexclusions.

Alldecisionsrelatingtothetype,qualityandamountof insurancetobeplacedonaPropertywill bemadeexclusively by theManager. Certain typesof losses, generally of a catastrophicnature (suchashurricanes,earthquakesand floods)maybeuninsurable,not fully insuredornot economically insurable. This may result in insurance coverage that, in the event of asubstantial loss,would not be sufficient to pay the full prevailingmarket value or prevailingreplacement cost of a Property. Inflation, changes in building codes and ordinances,environmentalconsiderations,andotherfactorsalsomightmakeitunfeasibletouseinsuranceproceeds to replace a Property after it has been damaged or destroyed. Under suchcircumstances,theinsuranceproceedsreceivedmightnotbeadequatetorestoreaProperty.

Recently, the cost of certain types of extraordinary insurance coverage for such things ashurricanes, floods and earthquake has risen substantially. These types of losses are notgenerallycovered ina standardhazardand liability insurancepolicy. Incertain locations, thistypeof insurancemaybeunavailableorcost-prohibitive.TheCompanymayproceedwithoutinsurancecoverageforcertainextraordinaryrisksifitcannotsecureanappropriatepolicyorif


theManager believes that the cost of the policy is too highwith respect to the risks to beinsured.

Furthermore,an insurancecompanymaydenycoverageforcertainclaims,and/ordeterminethatthevalueoftheclaimislessthanthecosttorestoretheProperty,andalawsuitcouldhavetobeinitiatedtoforcethemtoprovidecoverage,resultinginfurtherLossesinincometotheCompany.Additionally,aPropertymaynowcontainorcometocontainmold,whichmaynotbecoveredbyinsuranceandhasbeenlinkedtohealthissues.

8.3.3 LiabilityforEnvironmentalIssues

Under various federal, state and local environmental andpublic health laws, regulations andordinances, the Company may be required, regardless of knowledge or responsibility, toinvestigateand remediate theeffectsofhazardousor toxic substancesorpetroleumproductreleases(includinginsomecasesnaturalsubstancessuchasmethaneorradongas)andmaybeheld liableunder these lawsor common law toa governmental entityor to thirdparties forproperty,personal injuryornaturalresourcesdamagesandfor investigationandremediationcosts incurred as a result of the real or suspected presence of these substances in soil orgroundwaterbeneathaProperty.ThesedamagesandcostsmaybesubstantialandmayexceedinsurancecoveragetheCompanyhasforsuchevents.

BuildingsandstructuresonaPropertymayhavecontainedhazardousor toxicsubstances,orhave released pollutants into the environment; or may have known or suspected asbestos-containingbuildingmaterials,leadbasedpaint,mold,orinsectinfestations(suchasroachesorbedbugs),thattheCompanymayberequiredtomitigate.

TheManagerwillattempttolimitexposuretosuchconditionsbyconductingduediligenceonaProperty,however,allorsomeoftheseconditionsmaynotbediscoveredoroccuruntilafteraPropertyhasbeenacquiredbytheCompany.

8.3.4 Federal,StateandLocalRegulationsMayChange

ThereisariskofachangeinthecurrentFederal,StateandLocalregulationsasitmayrelatetooperationsofaPropertyintheareaoffuelorenergyrequirementsorregulations,constructionandbuildingcode regulations,approvedpropertyuse, zoningandenvironmental regulations,orpropertytaxes,amongotherregulations.

8.3.5 TitleInsuranceMayNotCoverAllTitleDefects

TheManagerwill acquire title insurance on each Property it acquires, but it is possible thatuninsured title defects could arise in the future,which theCompanymayhave todefendorotherwise resolve, the cost of which may impact the profitability of a Property and/or theCompanyasawhole.


8.3.6 CompliancewithAmericanswithDisabilitiesAct

Under the AmericanswithDisabilities Act of 1990 (the ADA), all public accommodations arerequiredtomeetcertainfederalrequirementsrelatedtoaccessandusebydisabledpersons.AdeterminationthattheaPropertyisnotincompliancewiththeADAcouldresultinimpositionof finesoranawardofdamages toprivate litigants. If substantialmodificationsaremade tocomply with the ADA, the Company’s ability to make distributions to its Members may beimpaired.

8.4 RiskFactorsInvolvingIncomeTaxes

8.4.1 TheManagerWillNotObtainanIRSRuling

TheCompanywill elect to be treated as a partnership for Federal income tax purposes. TheManagerhasdeterminednot toobtaina ruling fromthe InternalRevenueService (IRS)as tothetaxstatusofthegroup.

8.4.2 TaxLiabilityMayExceedCashDistributionsfromOperations

TheManagermay require the suspension of CashDistributions due to a need tomaintain ahigher level of cash Reserves and/or to complete additional renovations, repairs orimprovements, alongwithother events. As such, there is a risk that in any tax year, the taxliabilityowedbyaMemberwillexceeditsCashDistributioninthatyear.Asaresult,someorallofanInvestor’sincometaxesmaybeanoutofpocketexpenseoftheMember.

8.4.3 TaxLiabilityMayExceedCashDistributionsonPropertyDisposition

ThereisariskthatonthedispositionofaProperty,thetaxliabilityoftheMembermayexceedtheDistributableCashavailable.IntheeventofaninvoluntarydispositionofaProperty,thereisthepossibilityofaMemberhavingalargertaxliabilitythantheamountofcashavailableforDistributionatthetimeoftheevent,oratanytimeinthefuture.

8.4.4 RiskofAuditofMember’sReturns

There isariskthatanauditof theCompany’srecordscouldtriggeranauditof the individualMember’staxrecords.

8.4.5 RiskThatFederalorStateIncomeTaxLawsWillChange

There is a risk associatedwith the possibility that the Federal or State income tax lawsmaychangeaffectingtheprojectedresultsofan investment intheCompany.There isapossibilitythatinthefutureCongressmaymakesubstantialchangesintheFederaltaxlawsthatapplytotheCompanyanditsMembers.


8.4.6 RiskThatIncomeTaxReturnsMayNotBeTimelyPrepared

If theCompany is unable to prepare anddeliver its Federal or State income tax returns in atimelymannertheMembersmaybeforcedtofileanextensionontheirindividualincometaxreturns andmay incur a cost to do so, including possible penalties to the Federal and Stategovernments.IftheCompanyisunabletoprepareanddelivertheFederalorStateincometaxreturns at all, the Members may be required to incur additional expenses in employingindependentaccountantstocompletethereturns.

8.4.7 LossesLimitedtoAmountsatRisk

The extent to which aMembermay utilize losses from the Company will be limited to theamounttheMemberisfoundtobe"atrisk"withrespecttotheCompany.

8.4.8 LimitationsonUseofPassiveLosses

Lossesfromapassiveactivityarenotallowedtooffsetothertypesof income,suchassalary,activebusinessincome,and"portfolioincome,"andmayoffsetincomeonlyfromotherpassiveactivities. The Company anticipates that most of the net income (if any) allocated to theMembersmay be used by theMembers to offset the "passive activity losses," if any, of theMembers.

8.4.9 RiskofIncludingForeignInvestors

The Companymay accept Subscriptions fromNon-U.S. Persons, inwhich case there is a riskthat:thepropertaxwithholdingamountswillnotbewithheldorpaidbytheNonU.S.Personasrequired by the Foreign Investor in Real Property Tax Act of 1980 (FIRPTA) and that theCompanycouldremainliableforaNon-U.S.Person’sindividualtaxliabilitiestotheIRS.ThereisafurtherriskthataNon-U.S.PersonInvestorcouldbenamedonthelistofSpeciallyDesignatedNationals, Blocked Persons, or Sanctioned Countries or Individuals, which, if undiscovered,could result in an enforcement action against the Company by the U.S. Department of theTreasury and/or other federal agencies. In order tomitigate these possibilities, theManagerwillconductduediligenceoneachNon-U.S.PersonitconsidersadmittingtotheOffering,andwillattempt todeterminewhether thereareanysecurity restrictionson itsadmissionat thetimeof itsSubscription.Further, if theManageradmitsNon-U.S.PersonstotheOffering, theManagerwillemployaCPAversedininternationalinvestmentsonwhichitwillrelytocalculateand remit the appropriate withholding amounts. At the time of publication of thisMemorandum,theManagerwasnotcontemplatingincludinganyspecificNon-U.S.PersonsasInvestorsintheOffering.


9. PriorPerformanceoftheCompany,theManagerandAffiliates

9.1 HistoryoftheCompanyandManager

TheCompanyisnewlyformedspecificallyforthepurposesstatedhereinandintheCompany’sInvestmentSummary(attachedheretoasExhibit4)andhasnoexperienceraisingandinvestingfunds in any company or Property or in any investments of the type contemplated by thisOffering. However, the Key Principals of the Manager have prior experience in negotiating,purchasing, and selling commercial real estate, including experience with other groupinvestments.

9.2 FinancialStatementsoftheCompany

TheCompanyisnewlyformedanddoesnothaveanauditedfinancialstatement.TheManagerwill obtainunaudited financial statements for theCompany at the endof the Fiscal Year fordistributiontotheMembers.

9.3 FinancialStatementsoftheManager

TheManagerwillnotmakeitsfinancialstatementsavailablefortheMemberstoreview.

10. InvestmentObjectivesandPolicies10.1 Acquire,OperateandDisposeofMulti-FamilyProperty

The investment objectives and policies of the Company are the acquisition, operation anddisposition ofmulti-family properties throughout theU.S. in such amanner as to produce areturnoninvestmentforitsMembers.

10.2 ProvideMemberswithCommercialRealEstateInvestmentOpportunities

One of the specific investment Company objectives is to provide the Members with anopportunity to participate in commercial real estate investment opportunities as part of agroup,inordertoavailthemselvesofgroupownershipbenefits,suchascommercialpropertyownership, limitedliability,professionalpropertymanagement,andtaxbenefitsthatmaynototherwisebeavailabletoindividualInvestors.TheCompany’spolicyistooperate,manage,anddisposeofitsPropertiesonbehalfoftheMembers.

10.3 ProvideMemberswithLimitedLiabilityandConfidentiality

Oneof the specific investmentobjectives is toprovide theMemberswith limited liability foreventsinvolvingtheProperties,theCompany,and/oractionsoftheManager.TheCompany’s


policywillbetooperatetheCompanyinsuchamannerthateachMemberremainsapassiveInvestorinordertominimizetheirpotentialliabilityregardingoperationoftheCompanyandtooperate theCompany insuchamanneras toafford liabilityprotectionandconfidentiality tothe outside assets of the Members to the extent allowed under Wyoming limited liabilitycompanylaws.

10.4 AnticipatedPropertyHoldingPeriods

TheCompany’sinvestmentobjectiveistooperateeachofitsPropertiesforone(1)toseven(7)years,atwhichtimetheywillbesoldandtheproceedsdistributed.However,theManagerwillcontinuallyexploreopportunities for resale,whichmayoccurearlier than theprojectedholdtime.IfallCompanyPropertiesaresoldearlierthananticipated,itmayresultinanearlyreturnoftheMembers’CapitalContributions.

Ifmarket conditions preclude disposition of the Properties at the end of the projected holdtime, the lifeof theCompanymaybeextendedandoperationsof theCompanywillneed tocontinueuntilmorefavorablemarketconditionsoccurwhenthePropertiescanbesold.

10.5 ProvideCashDistributionstoMembers

An investment objective of the Company is to generate Distributable Cash from operations,improvementand/orresaleofPropertiesfor“Distribution”totheMembers.Distributionswillbeevaluatedonaquarterlybasis.

10.6 ProvideforSelf-Liquidation

An investment objective of the Company is tomanage the Company so that it will be self-liquidating. The Company policy will be to dissolve the Company at such time as all of itsPropertieshavebeensold,unlessalloftheMembershaveelectedtocontinuetheCompany.

10.7 AllowClassAMembersMinimalInvolvementinManagement

AninvestmentobjectiveoftheCompanyistoprovidetheClassAMemberswithaninvestmentthatrequiresminimalinvolvementinpropertyorassetmanagement.TheCompanypolicywillbefortheManagertomakealldecisionsregardingthePropertiesonbehalfoftheCompany.

MoneilMultifamilyFundManagerLLCistheinitialManageroftheCompanyandshallmanageallbusinessandaffairsoftheCompanyunlessitisremovedforGoodCause(asdefinedintheAgreement)orresigns.TheManagershalldirect,manage,andcontroltheCompanytothebestofitsabilityandshallhavefullandcompleteauthority,power,anddiscretiontomakeanyandall decisions and to do any and all things that the Manager shall deem to be reasonablyrequired toaccomplish thebusinessandobjectivesof theCompany.The rightsanddutiesoftheManageraredescribedinArticle6oftheAgreement.


10.8 KeepMembersApprisedofPropertyAffairs

The Manager intends to furnish Members with periodic financial status reports for theCompany.TheManagerwillprepareanannualinformationpackagethatitexpectstodeliverbyMarch1stofeachyear.Theannual informationpackagewill includesuchthingsasanannualoperationsupdate,financialstatements,K-1forms,andacopyoftheCompanytaxreturn,asapplicable.

The Manager intends to conduct periodic teleconferences and/or email updates with theMembers,astheManagerdeemsnecessarytokeepthemapprisedaboutaffairsinvolvingtheCompany.Themembersof theManagerwillbeavailable toanswerquestionsduringnormalbusinesshoursviatelephoneoremail.

11. PropertyInformationandExhibits11.1 TitleInsurance

TheCompanyintendstoobtaintitleinsuranceforeachoftheProperties,namingtheCompanyasthebeneficiary.

11.2 InsurancePolicies

TheCompanywillattempttoobtainproperty,casualtyandliabilityinsurancepoliciescoveringeachPropertyasappropriatetoprotectitsInterestinthePropertiesandnamingtheCompanyasthebeneficiaries.

11.3 OtherDocuments

TheManagerexpectsthattheCompanywillenterintootherlegallybindinginstrumentsthat,intheManager’sbusiness judgment,areprudentwith respect to theCompany’s interest in thePropertiesorineffectingtheCompany’soperationorinvestmentobjectives.

11.4 ExhibitList

The following Exhibits provide additional relevant information about the Company and itsproposedinvestments,eachofwhich isprovidedelectronically(orhardcopyonrequest)andincorporatedhereinbyreferenceasiffullysetforthherein:

• Exhibit1containstheArticlesofOrganizationfortheCompany.

• Exhibit2istheOperatingAgreement.AMember’sexecutionoftheSubscriptionAgreementalsoconstitutesacceptanceandexecutionoftheOperatingAgreement.

• Exhibit 3 is the Subscription Agreement, which must be completed and signed by eachprospectiveMemberoritsfinancialadvisor.


• Exhibit4istheManager’sInvestmentSummarycontaininginformationaboutthePropertiesandtheCompany’sinvestmentstrategiesforeachProperty.

• Exhibit5isanAccreditedInvestorCertificationLetterthatcanbeusedtoobtaincertificationfrom a third party such as the Investor’s own financial advisor, Attorney or CPA. asdetermined by the Investor. Alternatively, Investors can obtain verification fromwww.VerifyInvestor.comandprovidetheirverificationformtotheManager.

Other Exhibits, such as due diligence documents for the Properties, may be posted on theManager’swebsiteatwww.MoneilMultifamilyFund.comormaybemadeavailableonrequest.TheManagermaysupplementtheExhibitsduringtheperiodoftheOfferingbysendingnoticetoallrecipientsoftheOfferingdocumentswithinstructionsonhowtoaccessthem.

12. FederalTaxesThe potential Investor should be aware of the material Federal income tax aspects of aninvestment intheClassAUnits,effectiveasofthedateofthisdocument.AnInvestorshouldconsultwiththeirtaxprofessionaltodeterminetheeffectsofthetaxtreatmentoftheClassAUnitswithrespecttotheirindividualsituation.

12.1 ReportingStatusoftheCompany

Theadoption,bytheIRS,in1996,oftheso-called‘check-the-box’regulationssetspartnershipstatus as the default Federal tax classification for limited liability companies being formedtoday.NofurtheractionneedbetakenbytheCompanytoobtainpartnershipstatus.

The Company will elect to be treated as a partnership for State income tax purposes. BymaintainingpartnershiptaxstatustheCompanywillnotreportincomeorlossattheCompanylevel,butwillreporttoeachMembertheirproratashareofProfitsandLossesfromoperationsanddispositionaccordingtoAppendixBoftheAgreement.ThisprocesswillmaketheCompanyapassthroughentityfortaxpurposes.

12.2 TaxationofMembers

TheCompanywillbetreatedasapartnershipforFederaltaxpurposes.Apartnershipisnotataxable entity. A Member will be required to report on their Federal tax return theirdistributable share of partnership profit, loss, gain, deductions, or credits. CashDistributionsmayormaynotbetaxable,dependingonwhethersuchCashDistributionisbeingtreatedasareturnofCapitalorareturnoninvestment.TaxtreatmentofthedistributionswillbetreatedaccordingtoappropriatetaxaccountingprocedureasdeterminedbytheCompany’sCPA.

12.3 BasisoftheCompany

AnoriginaltaxbasiswillbeestablishedfortheCompanybyincludingthetotalacquisitioncostofeachProperty, includingitspurchasepriceandclosingcosts.ThetaxbasisoftheCompany


will be adjusted during the operations of the Company by the addition of any capitalizedexpenditures.

12.4 BasisofaMember

AMember will establish their original tax basis based on the amount of their initial CapitalContribution.EachMember’s taxbasiswillbeadjustedduringoperationsof theCompanybythe addition of any Capital Contributions they make. AMember may deduct their share ofCompanyLossesonlytotheextentoftheadjustedbasisoftheirInterestintheCompany.

12.5 CostRecoveryandRecapture

The Manager will apply the current cost recovery rules to the improved portion of theProperties according to the relevant Internal Revenue Code sections, namely: straight-line,using a 27.5-year useful life for residential property and thirty-nine (39) years for non-residential property. The Manager may elect to use the cost segregation method ofdepreciation for anypersonalproperty associatedwith realproperty it acquiresonbehalfoftheCompany.

TheannualcostrecoverydeductionsthatmustbetakenbytheCompanywillbeallocatedtothe Members based on their Percentage Interests in the Company. The cost recoverydeductionswillbeavailable to theMembers toshelter theprincipal reductionportionof thedebtservicepaymentsandpartofthecashflowdistributedbytheCompany.

According to the current tax code, cost recoverydeductions takenduringoperationsmayberequiredtobereportedonthesaleofaPropertyandmaybetaxedata twenty-fivepercent(25%)marginalrate,notthemorefavorablelong-termcapitalgainsrates.

12.6 DeductibilityofPrepaidandOtherExpenses

The Company will incur expenditures for legal fees in association with the set-up of theCompany. These expenditureswill be capitalized andwill be deducted on dissolution of theCompany.

TheCompanywill incurexpendituresforaccountingfeesassociatedwiththepreparationandfiling of the annual informational return and the preparation of Schedule K-1 reports to bedistributedtotheMembers.Theseexpenditureswillbedeductedonanannualbasis.AllothernormaloperatingexpenseswillbedeductedonanannualbasisbytheCompany,whichwilluseacalendaraccountingyear.

12.7 TaxableGain

Members may receive taxable income from Company operations, from the sale or otherdispositionofaMember’sInterests,fromdispositionofaProperty,orfromphantomincome.Presently, the maximum Federal tax rate on cost recovery recapture is twenty-five percent


(25%).Thebalanceofthetaxablegainwillbetaxedatthecapitalgaintaxrateineffectatthattime.

12.7.1 FromOperations

AccordingtotheCompanyInvestmentObjectivesandPolicies,theManager isprojectingthattherewillbetaxableincometodistributetotheMembersontheScheduleK-1reportprovidedtoeachMemberannually.

12.7.2 FromDisposition,DissolutionandTermination

On disposition of all of its Properties, the Company will be dissolved. On dissolution andtermination of the Company, the Members may be allocated taxable income that may betreated as ordinary income or capital gain. Article 4 of the Agreement describes CashDistributions from disposition of a Property, and Article 14 describes Cash Distributions ondissolutionandterminationoftheCompany.

Inaddition,theMembersmayreceiveanadjustmentintheirCapitalAccount(s)thatwilleitherincreaseordecreasethecapitalgaintobereported.TheAgreementdescribestheoperationofCapitalAccountsfortheCompanyandtheMembers.

12.7.3 FromSaleorOtherDispositionofaMember’sInterests

AMembermaybeunabletoselltheirInterestsintheCompany,astheremaybenomarket.Ifthereisamarket, it ispossiblethatthepricereceivedwillbelessthanthemarketvalue.It ispossiblethatthetaxespayableonanysalemayexceedthecashreceivedonthesale.

UponthesaleofaMember’sInterest,theMemberwillreporttaxablegaintotheextentthatthesalepriceoftheInterestexceedstheMember’sadjustedtaxbasis.AportionoftaxablegainmaybereportedasarecaptureofthecostrecoverydeductionallocatedtotheMemberandwillbetaxedatthecostrecoverytaxrateineffectatthattime.

12.7.4 PhantomIncome

ItmayoccurthatinanyyeartheMemberswillreceiveanallocationoftaxableincomeandnotreceiveanyCashDistributions.Thisevent iscalledreceivingphantomincomeastheMemberhas income to report,but receivesno cash. In thisevent, theMembersmayowe taxon thereportableincome.

12.7.5 UnrelatedBusinessIncomeTax(UBIT)

An InvestorwhoacquiresClassAUnits through their IndividualRetirementAccountsmaybesubject to Unrelated Business Income Tax (UBIT). The Manager recommends that InvestorscontacttheirCPAortaxadvisortodeterminehow/whethertheapplicationofUBITmayapplytothem.


13. DefinitionsDefinedtermsarecapitalizedherein.Thesingularformofanytermdefinedbelowshallincludethepluralformandthepluralformshallincludethesingular.WhenevertheyappearcapitalizedinthisMemorandum,thefollowingtermsshallhavethemeaningssetforthbelowunlessthecontextclearlyrequiresadifferentinterpretation:

Act shallmean theWyoming Limited Liability CompanyAct, codified in Title 17, Chapter 29,articles1through11,sections17-29-101through17-29-1105oftheWyomingStatutes,asmaybeamendedfromtimetotime,unlessasupersedingActgoverninglimitedliabilitycompaniesis enacted by the state legislature and given retroactive effect or repeals this Act in such amannerthatitcannolongerbeappliedtointerpretthisMemorandum,inwhichcaseActshallautomaticallyrefertothenewAct,whereapplicable,totheextentsuchre-interpretationisnotcontrarytotheexpressprovisionsofthisMemorandum.

Additional Member shall mean any Person that is admitted to the Company as a new oradditionalmemberaftertheInitialClosing.

Articles of Organization shall mean the Articles of Organization filed with the WyomingSecretaryofStatepursuanttotheformationoftheCompany,andanyamendmentstheretoorrestatementsthereof.

Advanceshallmeananydeferredexpense reimbursementorFeeearnedby theManager,asdescribedinArticle3.1oftheAgreement.

Affiliate or Affiliated shall mean any Person controlling or controlled by or under commoncontrolwiththeManageroraMemberwhereintheManagerorMemberretainsgreaterthanfiftypercent(50%)controloftheAffiliateifanentity.

AggregateContributionsshallmeanthecumulativeamountofCapitalContributionsmadebyasingleClassAInvestorpursuanttothisOfferingand/orthetotalCapitalContributionsmadebyallInvestorspursuanttothisOffering,dependingonthecontext.

Agreement or Operating Agreement, when capitalized, shall mean the written operatingagreement, which constitutes the contractual agreement between the Members and theManager.ItspurposeitistogoverntheaffairsoftheCompanyandtheconductofitsbusinessinanymannernotinconsistentwithlawortheCompany’sArticlesofOrganization,includingallamendmentsthereto.NootherdocumentorotheragreementbetweentheMembersshallbetreatedaspartorsupersedingtheOperatingAgreementunlessithasbeensignedbyalloftheMembers.TheOperatingAgreementisattachedheretoasExhibit2.

ArticlewhencapitalizedandfollowedbyanumberreferstosectionsoftheAgreement.

AssetorCompanyAssetshallmeananyrealorpersonalpropertyownedbytheCompany.


BreakImpounds,BreakingImpounds,oranyiterationthereof,shallmeantheManager’suseofInvestor’sfunds,whichshallnotoccuruntiltheMinimumDollarAmounthasbeenraised.

Capital Account shallmean the amountof the capital interest of aMember in theCompanyconsisting of that Member’s original Contribution, as (1) increased by any additionalContributionsandby thatMember’s shareof theCompanyProfits,and (2)decreasedbyanyDistributiontothatMemberandbythatMember’sshareoftheCompany’sLosses.

Capital Callmeans the amount(s) periodically called by theManager as funds are needed tomeettheobjectivesoftheCompany.

CapitalCommitment shallmean the investment committedbya singleClassA Investor in itssubscription to the Company; the minimum of which is One Hundred Thousand Dollars($100,000), or thepurchaseof twenty (20)Units at Five ThousandDollars ($5,000) perUnit.InvestorsmaycommittopurchaseadditionalUnitsinOneThousandDollar($1,000)incrementspriortotheInitialClosingand/ormaybeallowedtoincreasetheirCapitalCommitmentsduringSubsequentClosings.

CapitalTransactionshallmeantherefinance,saleorotherdispositionofaCompanyAsset.

ClassAshallrefertothoseMemberswhohavepurchasedClassAUnits.

ClassAInterestsshallmeanInterestsintheCompanypurchasedbytheClassAMembersintheformofClassAUnits.TheClassAInterestsshallcomprisesixty(60%)ofthetotalInterestssold.

ClassAPercentageInterestshallbedeterminedbycalculatingtheratiobetweeneachClassAMember’sCapitalAccountinrelationtothetotalcapitalizationoftheCompanyprovidedbytheClassAMembers.

ClassAUnitsshallmeantheUnitsofferedforsaletoInvestorsviathisMemorandum.

ClassBDistributionsshallmeantheCashDistributionspaidtoClassBMembers,asdescribedinSection4hereof.

ClassBInterestshallmeanfortypercent(40%)ofthetotalInterestsintheCompany,whichtheClass B Members shall purchase for One Thousand Dollars ($1,000) plus their noncapitalContributionstotheCompany.

Class BMembers shall initially meanMoneilMultifamily FundManager LLC (or its Affiliatesand/or members), but may include others to whom the Manager may grant or allows topurchaseClassB Interests. ClassB Interests are irrevocable, even ifMoneilMultifamily FundManagerLLCisremovedastheManageroftheCompany.

CodeshallmeantheInternalRevenueCodeof1986,asamendedfromtimetotime.

CompanyshallrefertoMoneilMultifamilyFundLLC,aWyominglimitedliabilitycompany.


ContributionshallmeananycontributiontotheCompanymadebyaMemberincash,property,orservices,whenevermade.

DefaultshallmeanthefailureofaClassAMembertocomplywithaCapitalCallissuedbytheMemberinthetimeframedescribedintheAgreement.

DistributableCashmeansallcashoftheCompanyderivedfromPropertyoperationsorCapitalTransactions andmiscellaneous sources (whether or not in the ordinary course of business)reducedbytheamountnecessaryforthepaymentof:(a)reasonableandcustomaryoperatingexpenses, including but not limited to Manager Fees, broker commissions, propertymanagementfees,marketingfees,utilities,closingcosts,holdingcosts,constructioncosts,etc.,incurredbyoronbehalfoftheCompany,(b)allcurrentinstallmentsofinterestand/orprincipaldue and owingwith respect to third party debts and liabilities of the Company during suchperiod, (c) repayment of Advances orMember loans plus interest thereon (per their agreedterms);and(d)suchadditionalreasonableamountsastheManager, intheexerciseofsoundbusiness judgment, determines to be necessary or desirable as Working Capital and/orReserves for Property improvements or operation of the business and future or contingentliabilities or expenses of the Company. Distributable Cashmay be generated through eitheroperationsorCapitalTransactions.

Distribution,DistributionsorCashDistributionsshallmeanthedisbursementofcashorotherpropertytotheManagerorMembersinaccordancewiththetermsoftheAgreement.

EconomicInterestshallmeanaPerson’srighttoshareintheincome,gains,Losses,deductions,credit,orsimilaritemsof,andtoreceiveDistributionsfrom,theCompany,butdoesnotincludeanyotherrightsofaMember,including,withoutlimitation,therighttovoteortoparticipateinmanagement,exceptasmaybeprovided in theAct,andanyright to informationconcerningthebusinessandaffairsoftheCompany.

Fee shall mean an amount earned by theManager as compensation for various aspects ofoperationoftheCompany,ifapplicable,describedinArticle5.2oftheAgreementandSection5,Table5.1hereof.

FiscalYearshallmeantheCompany’sfiscalyear,whichshallbethecalendaryear.

InitialClosingshallmean the laterof thedateonwhich theCompanyhas raisedOneMillionDollars($1,000,000)fromtheCapitalContributionsofitsClassAMembersand/orclosesonthefirstPropertyacquiredbytheCompany.

InterestorMembership InterestshallmeanaMember’s rights in theCompany, includingtheMember’sEconomic Interest,plusanyadditional right tovoteorparticipate inmanagement,andanyrightto informationconcerningthebusinessandaffairsoftheCompanyprovidedbytheActand/ordescribedintheAgreement.


InvestmentPeriodshallmeantheintervalbetweenthecommencementdateonthefrontcoverhereof,andtheearlierof:(i)thedateonwhichtheMaximumDollarAmounthasbeenraised,(ii) theendof thethree(3)yearperiodafter the InitialClosing,or (iii) thedateonwhichtheManagerdeterminestoterminatetheofferingofClassAUnits.

InvestorshallmeanaPersonwhoiscontemplatingthepurchaseofClassAUnits.

KeyPrincipal(s)shallmeanVinod(Vinney)ChopraandSadashiva(Sada)RaoYelluru.

Lossesshallmean,foreachFiscalYear,thelossesanddeductionsoftheCompanydeterminedinaccordancewithaccountingprinciplesconsistentlyappliedfromyeartoyearunderthecashmethodof accountingandas reported, separatelyor in theaggregateas appropriateon theCompany’sinformationtaxreturnfiledforFederalincometaxpurposes.

Majority of Interests shall mean Members whose collective Percentage Interests representmorethanfiftypercent(50%)oftheInterests,whetherintheCompanyorinaparticularClass,asspecifiedinspecificprovisionsoftheAgreement.Wherenoclassisspecified,aMajorityofInterestsreferstoMembershavingamajorityofthetotalinterestsintheCompany,regardlessofclass.

Manager shall initially refer to Moneil Multifamily Fund Manager LLC, a Wyoming limitedliability company and each of its members, officers, shareholders, directors, employees andagents or any other Person or Persons, as well as any of its Affiliates that may become aManagerpursuanttotheAgreementoranyotherManagerwhoshallbequalifiedandelectedpursuanttoArticle8oftheAgreement.SeealsoSection2.2hereof.

MaximumDollarAmountshallmeanFiftyMillionDollars($50,000,000),whichisthemaximumamountofCapitalContributionsthatwillbeacceptedfromClassA InvestorspursuanttothisOffering.

MaximumInvestmentAmountshallmeanthemaximumamountofCapitalContributionsthatwillbeacceptedfromasingleClassAInvestorpursuanttothisOffering.

Member means a Person who: (1) has been admitted to the Company as a Member inaccordancewiththeArticlesofOrganizationandtheAgreement,oranassigneeofanInterestintheCompanywhohasbecomeaMember;(2)hasnotresigned,withdrawn,orbeenexpelledasaMemberor,ifotherthananindividual,beendissolved.MemberdoesnotincludeaPersonwho succeeds to theEconomic Interestof aMember,unless suchPerson is admittedby theManager as a new, substitute, or AdditionalMember, in accordancewith the provisions forsuchadmissionasprovidedintheAgreement.

Memorandum shall mean this Private Placement Memorandum, its Exhibit(s) and anysupplementsoraddenda.


MinimumDollarAmount shallmeanOneMillionDollars ($1,000,000),which is theminimumamountofCapitalContributionsthatmustberaisedfromthesaleoftheClassAUnitsbeforetheManagermayBreakImpoundsanduseInvestorfunds.

Non-U.S.PersonshallmeanaPersonwhoisnotaU.S.Citizen,notalegalU.S.Resident,ornotlivingintheUnitedStates.

Offering,when capitalized, shallmean the offer for sale of Class A Units in the Company inexchange for a Percentage Interest in the Company, pursuant to thisMemorandum and theAgreement.

OrganizationExpensesshallmeanlegal,accounting,marketing,andotherexpensesincurredinconnectionwiththeformationoftheCompany.

Percentage Interest shallmean the ownership Interest in the Company of aMember,whichshallbethecalculatedbydividingtheAggregateContributionsofaMemberbytheAggregateContributionsofallClassAMembers.SeeArticle2.3oftheAgreement;seealsodefinitionofClassAPercentageInterestsaboveandAppendixA,attachedtotheAgreement.

Personmeans an individual, a partnership, a domestic or foreign limited liability company, atrust,anestate,anassociation,acorporation,oranyotherlegalentity.

PreferredReturnmeanstheeightpercent (8%)annualized,cumulativepreferredreturnsthatmaybepaidtoClassAMemberspriortomakingpaymentstoClassBMembersasdescribedinSection4

Profits shallmean, foreachFiscalYear, the incomeandgainsof theCompanydetermined inaccordancewith accounting principles consistently applied from year to year under the cashmethodofaccountingandas reported, separatelyor in theaggregateasappropriate,on theCompany’sinformationtaxreturnfiledforFederalincometaxpurposes.

Property or Properties shallmeanmulti-family properties the Company expects to purchasethroughout theU.S., particularly in SoutheasternU.S. and Texas, as described in Section 2.6hereof.

PropertyManager shallmeanMoneilManagement Group, LLC, or a professional real estatebrokerageorotherqualifiedPersonhiredbytheCompanytomanagerentalandmaintenanceofitsPropertiesduringownershipbytheCompany.

Section,whencapitalizedandfollowedbyanumberreferstosectionsofthisPrivatePlacementMemorandum.

SubsequentClosingshallmeantheclosingonanyPropertybeyondthefirstPropertyacquiredbytheCompany.


Subsidiary or Subsidiaries shall mean the single purpose entities, wholly owned by theCompany,tobeformedbytheManagertotaketitletoindividualProperties.

Suitability Standards shall mean the qualifications established by theManager for InvestorswhowishtoinvestinthisOffering,asdescribedinSection1hereof.

Unit shall mean the incremental dollar amount established by the Manager for sale of theInterestspursuanttothisOffering,whichInvestorsmaypurchaseinordertobecomeMembersof the Company. Note: Units issued by the Company are “personal property” and not “realproperty” Interests, thus, may be ineligible for exchange under Federal tax law or “1031exchange”rules.

UnreturnedCapitalContributionsmeansallCapitalContributionsmadebyaClassAMemberlessanyreturnedcapital.

WorkingCapital,WorkingCapitalandReserves,ReserveorReservesshallmean,withrespecttoany fiscal period, funds set aside or amounts allocated during such period that shall bemaintainedinamountsdeemedsufficientbytheManagerforworkingcapitalandtopaytaxes,insurance,debtservice,orothercostsorexpensesincidentaltotheimprovementorownershipofthePropertyorforoperationoftheCompany’sbusiness.

14. SummaryofOperatingAgreementThe following is only a summary of the Operating Agreement (the Agreement). An InvestorconsideringpurchasingUnitsintheCompanyshouldreadtheentireAgreement.

14.1 Purpose(Articles1.8and1.11)

The Manager has formed a Wyoming limited liability company to facilitate the acquisition,operation, and disposition multi-family properties throughout the U.S. on behalf of theCompany.TheCompanyiscurrentlyfocusedonacquiringProperties incertainmarkets intheSoutheasternU.SandTexas.

14.2 Capitalization(Article2)

Class A Members will contribute capital to the Company through Contributions of cash inexchange for the purchase of Class A Units issued by the Company. Class B Members willcontribute both capital and services in exchange for their Interests. Member CapitalContributions shallbemade in totalwhenbecomingaMember. TheManagerwill direct theestablishmentandmaintenanceofaCapitalAccountforeachMember.

TheCompanywillbeginoperationswiththe“InitialClosing”,concurrentwithitsfirstPropertyacquisition and/or the date onwhich theMinimumDollar Amount of theOffering has beenraised and continuing with a series of “Subsequent Closings” as the Company acquires


additionalPropertiesand/oradmitsAdditionalMembers.TheCompanywillperiodicallyissueaCapitalCallforfundsagainsteachClassAMember’sCapitalCommitmment.

InvestorswilleachsubscribefortheamountoftheirtotalCapitalCommitmenttotheCompany.CapitalCommitmentsarebindingonInvestorsandwillbeperiodicallycalledbytheManagerasfunds are needed by the Company. Theminimum Capital Commitment required of a singleInvestor isOneHundredThousandDollars ($100,000),orthepurchaseoftwenty(20)ClassAUnits at Five ThousandDollars ($5,000) per Class AUnit. TheManager reserves the right toaccept less than theminimumCapitalContribution froma limitednumberof Investors, in itssolediscretion.

The Maximum Investment Amount allowed of a single Class A Investor is less than twentypercent (20%)of theAggregateContributionsofall Investors,whichwillbecalculatedat thetimeoftheInitialorSubsequentClosinginwhichanewMemberisadmitted.

New Class A Members or previously admitted Members who wish to increase their CapitalCommitments (collectively Additional Members), will be allowed to join the Company onSubsequentClosings.AnAdditionalMemberwillberequiredto(i)contributeitsproportionateshare of all the Capital Commitments made by previously admitted Members, less priorDistributionsmadetoClassAMembersofthesamesubclass,and,(ii)inaddition,payachargeequivalenttoeightpercent (8%)perannumonsuchproportionatesharecalculatedfromtheInitialClosingtothedateoftheSubsequentClosing.The interest contributed in connection with each Subsequent Closing will be distributed tothoseMemberswho participated in prior closings in proportion to their contributed capital.Anyamountsdistributed toaMember, to theextent it represents a recoveryof contributedcapital,willbetreatedasapaymentdirectlyfromtheAdditionalMember(s)tothepreviouslyadmittedClassAMembers.

CapitalCommitmentswillbedrawndownperiodicallypursuant towrittencapitalcalls issuedbytheManager(each,aCapitalCall)totheMembers.CapitalContributionsfromeachMemberintheamountstatedinaCapitalCallwillbeduewithinfifteen(15)daysafterthedateofsuchCapitalCall.

IfaMember fails tomakealloranyportionofaCapitalContribution requiredpursuant toaCapitalCallinthepermissibleperiodsetforthintheOperatingAgreement(aDefault),anddoesnotcuretheDefaultwithinfive(5)daysafterreceiptofnoticeofDefault,theCompanyshallbeentitled to one or more of the various remedies delineated in the Operating Agreementincluding, among other things, a twenty percent (20%) reduction in its Percentage Interests,whichshallbespreadamongsttheothernon-DefaultingMembers,oraforcedsaleforapre-determinedpriceoffiftypercent(50%)ofitsUnreturnedCapitalContributions.


14.3 CashDistributionstoMembers(Article4)

TheMembers and theManager (as a Class BMember)may receive Class B Distributions asauthorizedinArticle4oftheAgreement(seealsoSection4hereof).

14.4 Manager’sCompensation(Article5)

Additionally,theManager(oritsmembersorAffiliates)willreceiveadditionalcompensationinthe form of Fees, reimbursements, interest, or other compensation as further described inArticle5(seeSection5,Table5.1hereof,andArticle5oftheAgreement).

14.5 RightsandDutiesofManager(Article6)

TheManagershallmanageallbusinessandaffairsoftheCompany.TheManagershalldirect,manage, and control theCompany to thebest of its ability and shall have full and completeauthority,power,anddiscretiontomakeanyandalldecisionsandtodoanyandallthingsthattheManagershalldeemtobereasonablyrequiredtoaccomplishthebusinessandobjectivesoftheCompany.

MoneilMultifamilyFundManagerLLCistheManageroftheCompany.TheManagershallholdofficeuntilasuccessorManagerhasbeenelectedandqualified.SuccessorManager(s)neednotbearesidentoftheStateofWyomingoraMemberoftheCompany.

14.6 RightsandObligationsofMembers(Article7)

The Interestsbeingsoldhave limitedvoting rights.Asummaryof thevoting rightsofClassAMembersisprovidedintheAgreement,Article7.4.

14.7 ResignationorRemovaloftheManager(Article8)

TheManagermayresignonsixty(60)days’noticetotheMembers.TheManagermayonlyberemovedforGoodCauseasdefinedintheAgreement,byavoteofClassAMembersholdingseventy five percent (75%) of the Class A Interests. The removal procedures are specified inArticle8oftheAgreement.

14.8 MeetingsofMembers(Article9)

Ameeting of theMembers may be called at any time and for any purpose whatsoever byMembersrepresentingaMajorityofInterests.WhenaMemberwishestocallameeting,heorshe shall notify the Manager, who shall promptly give notice of the meeting to the otherMembers.Noticeshallbegivenatleastthree(3)daysandnotmorethansixty(60)daysbeforethedateofthemeeting.Avotetakenatameetingwithlessthanthree(3)days’noticewillonlybevalidifalloftheMembersprovideunanimouswrittenconsent.


14.9 AccountingPolicies;MemberAccesstoBooksandRecords(Article10)

Foraccountingandincometaxpurposes,theCompanyshalloperateonaFiscalYear,whichwillbe the calendar year, endingDecember 31,making such income tax elections and using themethodsofdepreciationdeterminedbytheManager.

TheManager shall maintain and preserve all accounts, books, and other relevant CompanydocumentsatitsprincipalplaceofbusinessduringthetermoftheCompanyandforseven(7)years thereafter. A Member shall have the right, during ordinary business hours uponreasonable written request (per Article 10.2 of the Agreement), to inspect and copy suchCompany documents at the Member’s expense. The Company may impose a reasonablecharge,limitedtothecostsoflaborandmaterialforcopiesofsuchrecordsfurnished.

To the extent allowed by law, theManager shall honor requests ofMembers to keep theircontactinformationconfidential.

14.10 VoluntaryTransfers(Article11)

Voluntary transfers, or assignmentof aClassAMember’sUnits, however,maybeallowed ifperformed in accordance with the procedures specified in the Agreement. Generally, theAgreement states that when a Class A Member receives an acceptable offer to sell theirinvestmentUnitstoathirdparty,theManager,followedbyotherMembersoftheCompany,willhave the firstandsecond rightsof refusal topurchase the investmentUnitsat thesamepriceofferedbythethirdparty.

Note, however, that pursuant to Rule 144under the SecuritiesAct, theUnits offered hereinmaynotberesoldortransferredinanyeventforatleastone(1)yearfromthedateofinitialsaleandsuch transfermayrequireanattorney’sopinion thatsuchresaleor transferwillnotviolateapplicablesecuritieslaws.

Where an Interest is assigned or bequeathed by a Class A Member, upon approval of theassignmentbytheManager,theassigneewillbeentitledtoonlytheEconomicInterestsoftheClassAMember, and shall not be allowed to exercise anyother rights of a ClassAMember(e.g.,votingrights)unlesstheManageracceptssuchPersonasaSubstituteMember(asdefinedintheAgreement).

14.11 DisassociationofaMember;WithdrawalProhibited(Article12)

Conditions under which a Member must or may be disassociated from the Company aredescribed inArticle12of theAgreement. In general, if aMemberengages inwillful conductadverse to theCompany; it becomesunlawful for theMember to continueas aMember,orotherwisebreachestheAgreement;theMembermaybedisassociatedbyjudicialorder,oronapplicationofanotherMemberor theManager.AMembermayalsobedisassociated in theeventofothercircumstancesdescribedinArticle12oftheAgreement.


AMembermaynotvoluntarilywithdrawfromtheCompanyexceptasdescribedinthetransferprovisionssetforthinArticle11oftheAgreement.

14.12 InternalDisputeResolutionProcedure(Article13)

BecausethefundamentalnatureoftheCompanyistoprovideanopportunityforMemberstoreceive CashDistributions fromProfits on Company operations, it is imperative that internaldisputesarising fromor inanywayrelatedtothisOffering, theAgreement,or theCompany,(whetherbetweenaMemberandtheManager,betweenMembers,orforquestionsrelatedtojudicial dissolution, declaratory relief, or any othermatter), are not allowed to extinguish ordiminishtheProfitsavailabletootherMembers.Thus,Article13oftheAgreementcontainsadetailedinternalDisputeResolutionProcedure(inlieuoflitigation)whichrequiresthepartiestoanydisputetoengageingoodfaithnegotiationfornolessthansixty(60)days,followedbyaminimumof three (3) face-to-facemediations, andas a last resort, bindingarbitration, all ofwhichshallbeperformedinaccordancewiththerulesoftheAmericanArbitrationAssociationandshalltakeplaceinWyoming,unlessotherwiseagreedbytheparties.

In the event of a dispute between a Member and the Manager, the Member is limited toseeking theirUnreturnedCapitalContributionsplusanyDistributableCash towhich theyareentitled.Eachpartyshallbeartheirownattorney’sfeesandcostsregardlessoftheoutcome.Intheeventarbitrationisrequired,“discovery”ofinformationwillbelimited,andbysigningtheAgreement,thepartiesaregivinguptheirrightstoajurytrial.TheManagerwillberequiredtomaintainthestatusquowithrespecttoOperationsandCashDistributionsduringthependencyofanydispute,except foranyCashDistributions to thecomplainingMember,whichshallbeheld in trust pending theoutcomeof theproceeding. TheMembers are encouraged to seektheirownlegalcounselastotheeffectofthisprovision.

14.13 DissolutionandTerminationofCompany(Article14)

TheCompanyshallbedissolveduponanelectionofamajorityofalloftheMemberstodissolvetheCompanyoronthesaleofallofitsPropertiesbyactionoftheManager(seeArticle14.1ofthe Agreement). The Company will observe the mandatory requirements of the Act ondissolutionoftheCompany.Ondissolution,allAssetsoftheCompany,includingDistributableCash,willbedistributedasdescribedinArticle4.5oftheAgreement.

14.14 DivisionofProfitsandLossesforIncomeTaxPurposes(AppendixB)

Profits and Losses of the Company fromoperationswill generally be allocated tomatch themanner in which the Members share in Cash Distributions. Profits and Losses from CapitalTransactionswillbespeciallyallocatedtomatchthemannerinwhichtheMemberwillshareintheCashDistributionsoftheproceedsfromCapitalTransactions.


14.15 TreatmentofDistributionsofCashforTaxPurposes(AppendixB)

TheInterestssoldhereinarepersonalpropertyinterests,andforIRSpurposesaretreatedthesame as partnership interests. As such, these Interests are not eligible for individual 1031exchange. However, the Company could elect to exchange a Property for another eligiblepropertyunderInternalRevenueCodesection1031.

14.16 OtherTaxMatters(AppendixB)

Othertaxmatters,suchasforeignpersonwithholding,companytaxreturnsandtaxtreatmentofadditionalorsubstituteMembers,areaddressedinAppendixBoftheAgreement.

14.17 TaxRepresentative(AppendixB)

TheManagershallserveasthe“TaxRepresentative”forfederal incometaxpurposes. IntheeventtheManagerisnolongeramemberintheCompany,theManagermayappointanotherTax Representative. Additional information regarding the rights and duties of the TaxRepresentativeareaddressedinAppendixBoftheAgreement.

14.18 Definitions(AppendixC)

ThedefinitionspertainingtotheAgreementareprovidedinAppendixCoftheAgreement.

15. OfferingExemptfromRegistrationTheUnitsbeingsoldinthisOfferingarea“security”asdefinedbyFederalsecuritiesLaws.ThisOffering isconductedunderFederalLawsprovidinganexemptionfromsecuritiesregistrationas a “privateplacementoffering”pursuant toRegulationD,Rule506(c) andRegulation S, aspromulgatedbytheFederalSecuritiesandExchangeCommission(SEC)and/orotherapplicablestatesecuritiesagencies.OtherthanfilingtherequisitenoticeswithFederalandstatesecuritiesagencies on behalf of the Company, theManager does not intend to qualify or register thisOfferingwithanygovernmentalsecuritiesagency.

This investment is limitedtoInvestorsmeetingtheSuitabilityStandardsprovidedinSection1hereof. Inaccordancewiththe“privateplacement”exemption,all Investorsmusthaveapre-existingpersonalorbusinessrelationshipwiththeManagerorbeabletoattestthattheydidnot receive information about the Offering through any means of general solicitation. AMemberisprohibitedfromsellingtheirInterestsforatleastone(1)yearandthenitmustbedoneinaccordancewiththetransferprovisionsprovidedintheAgreement.

The Interests offered have not been registered with the SEC nor qualified with any Statesecuritiesagencies.Nopermitshavebeenobtainedfromanygovernmentalagency.NoreportswillbemadetoanygovernmentalagencyunderanyFederalorStatesecuritieslawsotherthaninformationalreportsandnoticesofthesaleofsecuritiesasmayberequiredpursuanttotheapplicableprivateplacementexemption.


16. IntegrationThisMemorandumistobedistributedonlybytheManagerandonlytoindividualswhoattestinwritingthattheymeettheSuitabilityStandardsestablishedbytheManagerforInvestorsinthisOffering.

ThisMemorandumrepresentsthecompletepackageofinformationanddisclosuresregardingtheCompany. Investors shouldnot relyonany verbal informationprovided fromany sourcethatisnotsetforthinwritingwithinthisdocument, itsExhibits,oranysupplementalExhibitsthatmaybeprovidedbytheManager.

17. LimitedTimeOfferingThisisalimitedtimeOffering.SubscriptionstopurchaseClassAUnitsintheCompanywillbeacceptedonafirst-come,firstserved,basisfromInvestorswhomeettheSuitabilityStandardsestablishedinSection1hereof.

An Investor who desires to purchase Class A Units must complete and sign a SubscriptionAgreement(Exhibit3) (whichalsoconstitutes itssignatureontheOperatingAgreement),andreturn it to the Manager. The Manager will review the Subscription Agreement andaccompanying documents provided by the Investor (or a third party verification service) toensure that ithas reasonableassurance thatallprospectiveClassAMembersareAccreditedInvestors, and reserves the right to request additional, substantiating information from anInvestorpriortoacceptanceordenialofadmission.

SIGNATUREPAGEFOLLOWS


18. Signatures By:MoneilMultifamilyFundLLC,

AWyominglimitedliabilitycompany

By:ItsManager,MoneilMultifamilyFundManagerLLC,AWyominglimitedliabilitycompany

By:Itsmanager,

MoneilInvestmentGroup,LLC,AWyominglimitedliabilitycompany

ATexaslimitedliabilitycompany

Dated:January30,2018 ___________________________________By:VinodChopra,itsmanager

By:ItsManager,RealGemAssetManagementLLC,

AWyominglimitedliabilitycompany

Dated:January30,2018 ___________________________________By:SadashivaRaoYelluru,itsmanager

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