RK Properties, a sponsor of private placements and 1031 exchange offerings, has purchased Dawson Park, a 155-unit multifamily property in Baton Rouge, Louisiana, for an undisclosed price. The property will be offered as a Delaware statutory trust to accredited 1031 exchange and straight capital investors.
Centrally located in the expanding health district of Baton Rouge, Dawson Park has 155 one- and two-bedroom units. The newly constructed community is located next to Baton Rouge General Hospital with nearby dining, shopping, and entertainment options.
The property is located on the southern end of the Downtown Baton Rouge submarket, “which is split in terms of demographics.” According to the company, “the more affluent communities are found in the southern part near the medical corridor, which tends to be a consistent driver of employment and housing demand.” The area is home to more than 1,400 hospital beds and average household incomes within a three-mile radius of the property exceed $100,000.
“We’ve been tracking Baton Rouge for a number of years and feel the supply-demand economics make this the perfect time to enter the market. Dawson Park represents a best-in-class asset located in the most dynamic part of town surrounded by several large employment, retail, and lifestyle drivers…,” said Daniel Swersky, director of sales and acquisitions.
Baton Rouge is the capital of the State of Louisiana and the second-largest city in Louisiana after New Orleans. The market is home to the Greater Port of Baton Rouge, one of the busiest in the country, and Louisiana State University, which had a $5.1 billion economic impact on the state.
“This asset is consistent with our disciplined underwriting criteria that meets the requirements of our investors for preservation of capital, reliable monthly income, appreciation, and tax benefits,” said Steve King, chief operation officer.
RK Properties has a 45-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.