RK Properties, a sponsor of alternative private placements and Delaware statutory trust offerings, has purchased Solis Berewick, a 275-unit multifamily property in Charlotte, North Carolina, for an undisclosed price. The company plans to change the property name to Berewick Pointe, per the contract agreement with the developer.
Chief operations officer Steve King said that the asset “is consistent with our disciplined underwriting criteria,” and that RK Properties focuses on acquiring multifamily assets nationally in locations with strong historical rent growth.
Berewick Pointe is part of the 1,150-acre master-planned Berewick community and is within close proximity to grocery-anchored Berewick Town Center and the Simon/Tanger Charlotte Premium Outlets. Nearby employers include American Airlines, Siemens, Novant Health, Spectrum, and Microsoft.
Exterior amenities at the property include a salt water pool, gaming and entertainment lounge with wet bar and pool table, and a fitness center with a private yoga and spin studio. The property is a ‘smart community’ with Wi-Fi throughout the common areas, controlled access entrance to building and electric car charging.
Interior features include custom built white cabinetry, NEST thermostats, granite countertops, stainless steel appliances, full-size washers and dryers, walk-in closets, and balconies/patios.
Additionally, RK Properties has hired a new staff to manage the property.
Long Beach, California-based RK Properties has a 40-plus year history, dating back to 1976, in the multifamily market. To date, the company said that it has purchased and managed more than $1.5 billion in assets across the country.