RK Properties Fully Subscribes $41 Million DST Offering

RK Properties, a sponsor of private placements and 1031 exchange offerings, has fully subscribed its $41 million Delaware statutory trust offering for CODA Apartments.

RK Properties, a sponsor of private placements and 1031 exchange offerings, has fully subscribed its $41 million Delaware statutory trust offering for CODA Apartments, a 296-unit multifamily property in Orlando, Florida.

RK Properties closed escrow on October 5, 2020, the private placement offering, RK CODA DST, launched on October 16, 2020, and the first selling agreement was signed October 21, 2020. Final closing was January 11, 2021.

RK Properties said the offering launched with 10-year financing at a fixed annual interest rate of 2.89 percent and interest-only payments for the entire loan term.

CODA Apartments was constructed in 2019 and sits adjacent to Central Florida Research Park and the University of Central Florida. 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.

CODA is walking distance to the new AdventHealth Waterford Lakes ER Facility and Publix Supermarket at Town Center, Orlando Fashion Square Mall, Winter Park’s Park Avenue and other retailers. Other notable employment centers in the area include AdventHealth East Orlando, Lake Nona, and downtown Orlando.

Steve King, chief operation officer at RK Properties, noted that RK Properties focuses on acquiring multifamily assets in locations with strong historical rent growth.

In other company news, RK Properties recently hired Matthew Ferguson to serve as regional sales director for the eastern region.

RK Properties is based in Long Beach, California and has a 45-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.

For more RK Properties news, visit their directory sponsor page.