RK Properties, a sponsor of alternative private placements and 1031 exchange offerings, has fully subscribed its $32.2 million Delaware statutory trust offering for Pointe at Greenville Apartments (formerly Vantage at Powdersville), a 288-unit multifamily property in the Greenville suburb of Powdersville, South Carolina.
The private placement offering, RK Pointe at Greenville DST, launched on June 1st, the first selling agreement was signed two days later, and the final closing was July 27th, the company said.
RK Properties closed escrow on the property May 27th, as reported by The DI Wire. The property was reportedly purchased with debt from First Foundation Bank with 10-year financing, a fixed annual interest rate of 3.5 percent, and interest-only payments for the entire loan term.
Pointe at Greenville is a newly constructed Class A property within close proximity to commercial, retail, and restaurant destinations. Major employers in the area include BMW, Clemson University, General Electric, Lockheed Martin, and Verizon, among others.
Steve King, chief operation officer of RK Properties, said that the company focuses on acquiring multifamily assets nationally in locations with strong historical rent growth and economic drivers.
Last month, RK Properties fully subscribed its $36.5 million Delaware statutory trust offering for Haven Pointe at Carolina Forest, a 304-unit Class A multifamily property in Myrtle Beach, South Carolina.
RK Properties has a 45-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.