UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 1-U

 

CURRENT REPORT PURSUANT TO REGULATION A

 

Date of Report (Date of earliest event reported): October 31, 2022

 

LANDA APP 3 LLC

(Exact name of issuer as specified in its charter)

 

Delaware   87-1767314
(State or other jurisdiction of
incorporation or organization)

 

 

 (I.R.S. Employer
Identification No.)

 

6 W. 18th Street

New York, NY 10011

(Full mailing address of principal executive offices)

 

646-905-0931

(Issuer’s telephone number, including area code)

 

Membership Interests:

 

Landa App 3 LLC - 6696 Mableton Parkway SE Mableton GA LLC   Landa App 3 LLC - 1363 Hancock Street Brooklyn NY LLC  
Landa App 3 LLC - 996 Greenwood Ave NE Atlanta GA LLC   Landa App 3 LLC - 132 Cornelia Street Brooklyn NY LLC   
Landa App 3 LLC - 24 Ditmars Street Brooklyn NY LLC  Landa App 3 LLC - 368 Irwin Street NE Atlanta GA LLC  

 

(Title of each class of securities issued pursuant to Regulation A) 

 

 

 

 

 

 

Item 9. Other Events

 

The table included as Exhibit A hereto supersedes the Master Series Tables found in the previously filed offering circular (the “Offering Circular”) of Landa App 3 LLC (the “Company”) and reflects the updated information set forth below regarding the series of the Company (collectively and individually the “Series”) and their underlying properties (the “Properties” and each a “Property”).

 

Lease Updates

 

New Lease Agreements; Renewals

 

The following Series either entered into a lease agreement (“Lease Agreement”) with a new tenant or renewed with an existing tenant for its underlying Property. See the Master Series Table included as Exhibit A hereto for updated leasing status.

 

Series    Address 
Landa App 3 LLC - 368 Irwin Street NE Atlanta GA LLC     68 Irwin Street NE, Unit #2, Atlanta, GA 30312

L Landa App 3 LLC - 132 Cornelia Street Brooklyn NY LLC

   132 Cornelia Street, Unit #3, Brooklyn, NY 11221

 

Property Vacancies; Lease Non-Renewals

 

The following Series’ Property is either vacant or the tenant has not renewed. See the Master Series Table included as Exhibit A hereto for updated leasing status.

 

Series   Address
Landa App 3 LLC - 368 Irwin Street NE Atlanta GA LLC     368 Irwin Street NE, Unit #4, Atlanta, GA 30312

 

1

 

 

Distribution Declaration

 

On November 1, 2022, the Landa Holdings, Inc. (the “Manager”), as manager to each of the following Series of the Company, declared and paid a cash distribution (the “Distribution”) for such Series for the month of September 2022 (the “Distribution Period”), in the amount set forth in the table below.

 

For Shares purchased during the Distribution Period, holders of shares in each Series (“Shares”) will be eligible to receive distributions (rounded) calculated on a pro-rata basis, based on the number of days in the applicable Distribution Period that such holder owned such Shares.

 

Series  Cash
Available
for
Distribution		   Distribution
per Share (1)		 
Landa App 3 LLC - 368 Irwin Street NE Atlanta GA LLC(2)  $1,567.00    0.004 
Landa App 3 LLC - 1363 Hancock Street Brooklyn NY LLC(2)  $3,537.00   $0.14 
Landa App 3 LLC - 996 Greenwood Avenue NE Atlanta GA LLC  $1,984.00   $0.20 
Landa App 3 LLC - 6696 Mableton Parkway SE Mableton GA LLC(2)  $2,861.00   $0.004 
Landa App 3 LLC - 132 Cornelia Street Brooklyn NY LLC  $6,573.00   $0.26 
Landa App 3 LLC - 24 Ditmars Street Brooklyn NY LLC  $7,325.00   $0.31 

 

(1)

Distributions by each Series were made based on the total Shares outstanding as of October 31, 2022.

 

(2)The tenant occupying this Property has not paid their rent for the month of October. The Manager, acting in its sole discretion, is using a portion of its Reserve (as defined in the Company’s Offering Circular) to pay each of the holders of this Series’ Share a Distribution.

 

For any additional information regarding the Shares discussed herein, shareholders should refer to the Offering Circulars, available on the SEC’s website at www.sec.gov

 

Further information detailing the calculation of cash available for distribution for each Series is available on the Landa Mobile App, which is available on iOS and Android devices.

 

2

 

 

EXHIBITS

 

The following exhibit is filed herewith:

 

Exhibit No.   Description
A   Master Series Table

 

3

 

 

SIGNATURE

 

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: November 7, 2022  
   
  LANDA APP 3 LLC
   
  By: Landa Holdings, Inc.,
    its Manager
     
  By: /s/ Yishai Cohen
  Name:  Yishai Cohen
  Title: Chairman, Chief Executive Officer, and President

 

4

 

 

Exhibit A

 

Master Series Table

 

   Series  Offering
Status		  Qualification
Date		  Closing
Date		   Total
Number of
Shares
Sold(1)		   Total
Amount
Raised(1)($)		   Monthly
Rental
Income(2)($)		   Monthly
Property
Tax($)		   Monthly
Insurance
Expense($)		   Monthly
Management
Fee*		 
1.  Landa Series 6696 Mableton Parkway  Open  6/27/2022  -    

83,530

    

422,269.21

    3,980    315    188    8%
2.  Landa Series 996 Greenwood Ave NE (4)  Open  6/27/2022  -    

10,316

    

262,248.19

    5,655    1,969    1,187    8%
3.  Landa Series 24 Ditmars Street  Open  6/27/2022  -    

25,180

    

507,233.47

    10,475    362(3)   289    5%
4.  Landa Series 1363 Hancock Street (5)  Open  6/27/2022  -    

25,535

    

698,790.81

    12,800    1,073(3)   570    5%
5.  Landa Series 132 Cornelia Street  Open  6/27/2022  -    

25,822

    

490,971.76

    8953    491(3)   269    5%
6.  Landa Series 368 Irwin Street NE(4)  Open  6/27/2022  -    

36,935

    

442,093.48

    4,471    226    212    8%

 

*The Monthly Management Fee payable by each Series is expected to equal eight percent (8%) of the Gross Monthly Rent.

 

(1)Reflected as of up to two (2) business days prior to the date of this Offering Circular. Each Series is offering up to a maximum of 100,000 Shares.

 

(2)The Monthly Rental Income amount reflects the aggregate monthly rental payment payable under the lease agreements or expected monthly rental amounts for apartment units included in the Property, assuming a 100% occupancy rate for the Property, determined as of the date of this Offering Circular. See “Description of the Properties” for more information.

 

(3)Taxes on this Property may be subject to review and adjustment on a semi-annual basis.

 

(4)This Property has one or more apartment units that are currently vacant. This Property may earn less income, or may not earn any income at all, and the Manager will not earn its Management Fee on such unleased apartment units until the Manager enters into a new lease agreement with a tenant for such units.

 

(5)The tenant occupying Unit #2F is in breach of his Lease Agreement for failure to pay rent. The Manager is currently working with the tenant to vacate the unit. This Property may earn less income, or may not earn any income at all, and the Manager will not earn its Management Fee on this apartment unit until the Manager enters into a new lease agreement with a tenant.