RK Properties Buys Myrtle Beach Multifamily Community for DST Offering

RK Properties, a sponsor of 1031 exchanges and other private placement offerings, has purchased Grandview at Clear Pond, a 252-unit multifamily property in Myrtle Beach, South Carolina.  The property will be offered as a Delaware statutory trust offering to accredited 1031 exchange and straight capital investors.

Completed in 2021, Grandview is comprised of 11 three-story apartment buildings with one-, two-, and three-bedroom floor plans, as well as and 46 detached garages. All units are outfitted with individual home security systems.

Community amenities include a saltwater pool with sundeck and poolside gaming area, gas BBQ grilling pavilion with outdoor tv and covered cabana, fire pit with seating area, playground and cruiser bicycles. Additionally, a 24-hour fitness center with virtual training, a 24-hour clubhouse with billiards, and a business center.

According to RK Properties, the Myrtle Beach metropolitan area has seen its population grow by approximately 26 percent since 2010 and is projected to grow another 12 percent in the next five years. By 2040, the Myrtle Beach Metro is projected to add another 275,000 permanent residents to its current population of approximately 500,000.

“This is our second property in Myrtle Beach, and we’re excited to further cement our footprint in such a dynamic, fast-growing market,” said Daniel Swersky, director of sales and acquisitions. “We believe the relative affordability, quality of life, and strong infrastructure offered in these coastal southeast locations will continue to drive population growth and bolster values in the long term. Grandview presents a great opportunity to build economies of scale and operational efficiencies in an area we understand well.”

RK Properties has a 40-plus year track record, dating back to 1976, in the multifamily market. To date, the company has purchased and managed more than $1.5 billion in assets across the country.

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