RK Properties, a sponsor of private placements and 1031 exchange offerings, announced that they have fully subscribed its $66.64 million DST offering for Riverstone Apartment Homes, a 328-unit multifamily property in Grovetown, Georgia.
RK says it closed escrow on the property July 12, 2022.
The private placement was launched on July 25, 2022. The first selling agreement was signed July 25, 2022, and the final closing was July 31, 2023.
“We are excited to fully subscribe the latest addition to our Georgia portfolio,” said Steve King, chief operating officer.
RK Properties said the property has debt from First Foundation Bank and that the loan terms are 10-year financing, a fixed annual interest rate of 4.59% and interest-only payments for the entire term of the loan.
“We have no current equity available,” said William Rance King Jr., president. “All of our property loans are fixed, interest only and long term. The company has no debt, large unused LOC’s and significant cash reserves. We are currently evaluating possible acquisitions but are in no hurry to purchase, given the current interest rate environment and the disconnect between seller and buyer expectations.”
RK Properties has a 47-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. As of January 2023, the firm has sponsored 163 private placement programs, of which, 147 have gone full cycle.