RK Properties, a sponsor of alternative private placements and 1031 exchange offerings, has fully subscribed its $44 million Delaware statutory trust offering for Pointe at Research Park, a 280-unit multifamily property in Charlotte, North Carolina.
Pointe at Research Park Apartments is located within Charlotte’s University submarket, the city’s second largest employment center.
RK Properties closed escrow on the property November 23, 2020. The private placement offering, RK Pointe at Research Park DST, launched on December 4, 2020, and the company said that the first selling agreement was signed the same day. Final closing was March 8, 2021.
The offering launched with 10-year financing with a fixed annual interest rate of 2.70 percent and interest-only payments for the loan term.
Steve King, chief operating officer, noted that RK Properties focuses on acquiring multifamily assets nationally in locations with strong historical rent growth.
Pointe at Research Park has one-, two-, and three-bedroom units each with full-size washer and dryers, walk-in closets, balconies/patios, stainless steel appliances, and 9-foot ceilings, among other amenities. Property amenities include a saltwater pool with cabanas, an outdoor bar with televisions, a fitness center with yoga/fitness classes and a separate child play area, a dog park, nature trails, and a hammock garden.
RK Properties 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.
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