RK Properties, a sponsor of alternative private placements and 1031 exchange offerings, has fully subscribed its $42.5 million Delaware statutory trust offering for Avli at Crosstown Center, a 236-unit multifamily property in Tampa, Florida.
The private placement offering, RK Avli at Crosstown Center DST, launched on June 30th, the first selling agreement was signed on July 19th, and the final closing was September 14th, the company said.
On June 30, 2021, RK Properties closed escrow on the property, which was reportedly purchased with debt from First Foundation Bank with 10-year financing, fixed annual interest rate of 3.5 percent, and interest-only payments for the entire loan term.
Avli at Crosstown Center interiors include upgraded kitchens with granite countertops, stainless steel appliances and farm-style sinks, Smart Home technology, full-sized washers/dryers, in-home alarm system, and built-in closets, among other amenities. Major employers in the Tampa area include Raymond James Financial, Franklin Templeton, J.P. Morgan Chase & Co., Citigroup, Capital One and USAA.
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.
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.