RK Properties Fully Subscribes Latest Delaware Statutory Trust Offering

RK Properties, a sponsor of alternative private placements and 1031 exchange offerings, has fully subscribed its Delaware statutory trust offering for Haven Pointe at Carolina Forest.

RK Properties, a sponsor of alternative private placements and 1031 exchange offerings, has 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 closed escrow on the property on March 2, 2021.

The private placement offering, RK Haven Pointe at Carolina Forest DST, launched in mid-March 2021, and the company noted that the first selling agreement was signed on March 16, 2021, and final closing was May 26, 2021.

RK Properties said the offering launched 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.

Completed in August 2020, Haven Pointe at Carolina Forest has an average unit size of 1,030 square feet. “The property was purchased well-below replacement cost in a market with limited supply compared to a population that has grown three times the national average in recent years,” the company said.

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.

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