RK Properties, a sponsor of private placements and 1031 exchange offerings, has purchased Pointe at Greenville Apartments (formerly Vantage at Powdersville), a 288-unit multifamily property in the Greenville suburb of Powdersville, South Carolina. The property will be offered as a Delaware statutory trust to accredited 1031 exchange and straight capital investors. The purchase price was not disclosed by the company.
According to a filing with the Securities and Exchange Commission, the company recently launched RK Pointe at Greenville DST, a private placement offering that seeks to raise $32.3 million and has a minimum investment of $25,000.
Pointe at Greenville is a newly constructed community within close proximity to commercial, retail, and restaurant destinations.
“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 of Long Beach, California-based RK Properties.
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.