RK Properties Fully Subscribes Latest DST Offering
RK Properties, a sponsor of 1031 exchanges and other private placement offerings, has fully subscribed its $44.7 million Delaware statutory trust offering for Trailside Verdae, a 276-unit multifamily property in Greenville, South Carolina.
RK Properties, a sponsor of 1031 exchanges and other private placement offerings, has fully subscribed its $44.7 million Delaware statutory trust offering for Trailside Verdae, a 276-unit multifamily property in Greenville, South Carolina.
The private placement offering, RK Trailside Verdae DST, launched on November 1, 2021, the first selling agreement was signed on November 11th, and the final closing was December 28, 2021.
On October 20, 2021, RK Properties closed escrow on the property, which was reportedly purchased with debt from New York Life with 10-year financing, fixed annual interest rate of 3.15 percent, and interest-only payments for the entire loan term.
“We are excited to add a second property to our Greenville, South Carolina portfolio after our recent successful closing of Pointe at Greenville purchased May 27, 2021,” said Steve King, chief operating officer.
King added that RK Properties “focuses on acquiring multifamily assets nationally in locations with strong historical rent growth and economic drivers.”
Trailside Verdae, located within the Verdae master planned community, has an average unit size of nearly 1,100 square feet and includes eight carriage house units and 66 onsite garages. Property amenities include a saltwater pool and sundeck, poolside area with flat screen TVs and BBQs, a fitness center with yoga studio, sports lounge with billiards and gaming table, and dog park and washing station. The 20-acre site has a density of 14 units per acre and includes a hammock garden, entertainment lawn, bike storage garage, and future access to the Swamp Rabbit Trail extension alongside the property.
In other company news, RK recently purchased Pointe at East Shore Apartments (formerly Alta East Shore), a 285-unit multifamily property located in the Orlando suburb of Apopka, Florida.
RK Properties has a 45-plus 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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