09/23/2024 | Press release | Distributed by Public on 09/23/2024 13:26
Filed Pursuant to Rule 253(g)(2)
File - 024-11754
Supplement No. 34 to Offering Circular dated March 17, 2023
Cityfunds I, LLC
1315 Manufacturing Street
Dallas, TX 75204
972-445-7320
Best Efforts Offering of Membership Interests
This Offering Circular Supplement No. 34 (the "Supplement") relates to the Offering Circular of Cityfunds I, LLC (the "Company"), relating to the Company's public offering under Regulation A of Section 3(b) of the Securities Act of 1933, as amended, for Tier 2 offerings, pursuant to which the Company is offering membership interests of each individual series listed below on a "best efforts" basis.
We are offering the following membership interests in individual series of our Company:
● | Series #Austin: up to $7,000,000 in membership interests at a price of $11.03 per membership interest; | |
● | Series #Dallas: up to $7,000,000 in membership interests at a price of $11.69 per membership interest; | |
● | Series #Miami: up to $7,000,000 in membership interests at a price of $11.70 per membership interest; | |
● | Series #Tampa: up to $7,000,000 in membership interests at a price of $11.78 per membership interest; | |
Series #Denver up to $7,000,000 in membership interests at a price of $10.22 per membership interest; | ||
● | Series #Houston: up to $7,000,000 in membership interests at a price of $10.51 per membership interest; | |
● | Series #Phoenix: up to $7,000,000 in membership interests at a price of $10.00 per membership interest; | |
● | Series #Los Angeles: up to $7,000,000 in membership interests at a price of $10.00 per membership interest. | |
● | Series #Nashville: up to $7,000,000 in membership interests at a price of $10.00 per membership interest; and | |
● | Series #Las Vegas: up to $7,000,000 in membership interests at a price of $10.00 per membership interest. |
With respect to the following series, the NAV have been revised to reflect new NAV calculated as of August 31, 2024, which NAV for this series will become the series offering price per membership interest for the next six months (unless the Manager determines, in its sole discretion, to update the NAV earlier or later), effective as of September 23, 2024 at 10:00 pm CST, as indicated below:
● | Series #Phoenix: up to $7,000,000 in membership interests at a price of $10.21 per membership interest. |
The remaining nine series will each continue to be offered at the prices indicated below:
● | Series #Austin: up to $7,000,000 in membership interests at a price of $11.03 per membership interest; | |
● | Series #Dallas: up to $7,000,000 in membership interests at a price of $11.69 per membership interest; | |
● | Series #Miami: up to $7,000,000 in membership interests at a price of $11.70 per membership interest; | |
● | Series #Tampa: up to $7,000,000 in membership interests at a price of $11.78 per membership interest; | |
● | Series #Denver up to $7,000,000 in membership interests at a price of $10.22 per membership interest; | |
● | Series #Houston: up to $7,000,000 in membership interests at a price of $10.51 per membership interest; | |
● | Series #Los Angeles: up to $7,000,000 in membership interests at a price of $10.00 per membership interest. | |
● | Series #Nashville: up to $7,000,000 in membership interests at a price of $10.00 per membership interest; and | |
● | Series #Las Vegas: up to $7,000,000 in membership interests at a price of $10.00 per membership interest. |
NAVs for each series are determined using a process that reflects, among other matters, (1) an estimated value of the series' investments, including related liabilities, based upon reports of the underlying residential real estate assets provided by an independent valuation expert or automated valuation models, (2) the price of liquid assets for which third party market quotes are available, (3) accruals of our periodic distributions on interests in the series and (4) estimated accruals of the revenues, fees and expenses of the series.
The following table provides a breakdown of the major components to the NAV for the following series for which NAV has been revised to reflect NAV for these series as of August 31, 2024.
Components of NAV | Series #Phoenix | |||
Investments in real estate | $ | 136,800 | ||
Cash and cash equivalents | 8,284 | |||
Restricted Cash | 11,111 | |||
Accounts receivable | 6,646 | |||
Notes issued | 0 | |||
Mortgage notes and term loans | (54,000 | ) | ||
Current liabilities | (13,282 | ) | ||
Management/tech fee payable | (139 | ) | ||
Net asset value | $ | 95,420 | ||
Number of outstanding interests | 9,350 | |||
NAV per membership interest | $ | 10.21 |
The NAV components for the remaining nine series will be reported when NAV is revised from their current prices.
This Supplement should be read in conjunction with the Offering Circular and is qualified by reference to the Offering Circular except to the extent that the information contained herein supplements or supersedes the information contained in the Offering Circular and may not be delivered without the Offering Circular.
INVESTING IN OUR SECURITIES INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD CAREFULLY READ AND CONSIDER THE "RISK FACTORS" BEGINNING ON PAGE 9 OF THE OFFERING CIRCULAR.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Offering Circular or this Supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this Supplement No. 34 to Offering Circular is September 23, 2024.