Home News RK Properties Fully Subscribes First DST Offering

RK Properties Fully Subscribes First DST Offering

RK Properties, a sponsor of non-traded alternative investment offerings, has sold out $22.5 million in capital raised for RK Edwards Mill DST, the company’s first Delaware statutory trust offering.

The offering was designed for investment opportunities for 1031 exchange buyers and direct capital investors. RK Properties has previously acquired and sold out 53 tenant-in-common transactions, of which 33 have gone full cycle.

“We are excited to complete our first DST structure with the purchase of Edwards Mill,” said Steve King, vice president of RK Properties. “We are currently looking at several opportunities for the next DST structured deal and expect to be under contract very soon.”

Built in 1984, Edwards Mill is a 220-unit Class A community located in Raleigh, North Carolina. The property is situated on nearly 37 acres of land, with one-, two- and three-bedroom units that average 1,200 square feet. Current rents average $1,129 per month, and the complex is 95 percent occupied.

Community amenities include a swimming pool, clubhouse, business center, fitness center, grilling and picnic areas, car-care center, and detached and attached garage parking. Each apartment home includes central air conditioning and heat, walk-in closets, and washer/dryer hook-ups.

RK Properties is implementing a marketing and value-add campaign targeted towards repositioning the property with improved rents and management. The company has commenced interior upgrades including faux hardwood flooring, stainless steel appliance packages and lighting fixtures, and washers and dryers in all units.

The company believes that these upgrades will justify average rent increases of $75 to $125 per month, depending on unit sizes. Planned exterior building enhancements include the pool area, fitness center and office upgrades, and exterior paint.

RK Properties is based in Long Beach, California and has a 40-plus year track record in the multifamily apartment market and focuses on acquiring multifamily assets in locations with historical rent growth and a value-add opportunity. To date, the company has purchased and managed more than $1.5 billion in assets across the country.

Click here to visit The DI Wire directory page.