RK Properties, a sponsor of alternative private placements and Delaware statutory trust offerings, has fully subscribed its latest 1031 exchange program, RK Solis Berewick DST, comprised of a Class A, 275-unit multifamily property in Charlotte, North Carolina.
The offering was fully subscribed for $34.2 million in capital by accredited investors seeking to complete a 1031 exchange, as well as those wanting to make direct cash investments.
RK Properties said that the newly constructed Berewick Pointe generated impressive leasing velocity amid its submarket location within grocery-anchored Berewick Town Center. Nearby employers include American Airlines, Siemens, Novant Health, Spectrum, and Microsoft.
“We believe this asset is consistent with our disciplined underwriting criteria that meets the requirements of our investors for preservation of capital, reliable monthly income, appreciation, and tax benefits,” said Steve King, chief operating officer of RK Properties.
King also noted that RK Properties focuses on acquiring multifamily assets in strong locations with historical rent growth and a value-add opportunity.
Exterior amenities at Berewick Pointe include a saltwater pool, gaming and entertainment lounge with wet bar and pool table, and a fitness center with a private yoga and spin studio. The property is a ‘smart community’ with Wi-Fi throughout the common areas, controlled access entrance to building and electric car charging.
Interior features include custom cabinetry, NEST thermostats, granite countertops, and all units have full-size washer and dryers, walk-in closets and balconies and patios.
Long Beach, California-based RK Properties has a 40-plus year track record in the multifamily apartment market. To date, the company has purchased and managed more than $1.5 billion in assets across the country.