RK Properties, a sponsor of alternative private placements and 1031 exchange offerings, has purchased CODA Apartments, a 296-unit multifamily property in Orlando. The company indicated that the property will be offered to accredited 1031 exchange and straight capital investors as a Delaware statutory trust. The purchase price was not disclosed.
Constructed in 2019, CODA Apartments is adjacent to Central Florida Research Park and the University of Central Florida, two major employers in the area. The property is comprised of studio, one- and two-bedroom apartment units with stainless steel appliances, granite counter tops, a full-size washers and dryers, walk-in closets, and balconies and patios.
Exterior amenities include a clubroom with billiards, games and media; a business center and conference room; 24-hour gym, a pool with semi-private cabanas, grilling stations and a pizza oven.
Steve King, chief operation officer, noted that RK Properties focuses on acquiring multifamily assets nationally in locations with strong historical rent growth.
RK Properties has a 40-plus year track record in the multifamily market. To date, the company has purchased and managed more than $1.5 billion in assets across the country.