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RK Properties Fully Subscribes Latest DST Offering

RK Properties, a sponsor of 1031 exchanges and other private placement offerings, has fully subscribed its Delaware statutory trust offering for Pointe at East Shore.

RK Properties, a sponsor of 1031 exchanges and other private placement offerings, has fully subscribed its $55.4 million Delaware statutory trust offering for Pointe at East Shore, a 285-unit multifamily property located in the Orlando suburb of Apopka, Florida.

RK Properties closed escrow on the property December 15, 2021. The private placement was launched on January 1, 2022, the first selling agreement was signed January 4, 2021, and the final closing was March 4, 2022.

RK Properties said the property was purchased directly from the developer with debt from First Foundation Bank. The loan terms are 10-year financing, fixed annual interest rate of 3.25 percent, and interest-only payments for the entire loan term.

“We are excited to add a second property to our Orlando, Florida portfolio after our previous successful closing of Coda Apartments purchased October 5, 2020,” said Steve King, chief operating officer.

Built in 2021, Pointe at East Shore Apartments is a three-story property comprised of one-, two-, and three-bedroom units ranging in size from approximately 760 to 1,300 square feet. Amenities include a swimming pool and cabanas, fitness center, pet park, outdoor pizza oven and grilling stations, pool pavilion with beer tap, a game room with billiards, among others. The property also offers nearby access to the 14.6-mile Lake Apopka Loop Trail on Florida’s fourth-largest lake.

Apopka is one of the fastest growing and largest cities in the tri-county region that includes Orange, Osceola, and Seminole Counties, and has doubled its population since 2000.

According to the company, the population growth has spurred new residential and commercial developments within miles of the property. These include the $203 million AdventHealth Apopka Medical Campus, the 2.4 million-square-foot Mid-Florida Logistics Park, and the $1.6 billion Wekiva Parkway Extension that represents the final link in Central Florida’s beltway system and is slated for completion in 2023.

“These remarkable growth dynamics position Pointe at East Shore at the forefront of western Orlando’s torrid growth trajectory, providing investors with the rare opportunity to acquire a core-quality asset with additional upside in one of the nation’s strongest rental markets,” the company said.

King noted that RK Properties 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 over $1.5 billion in assets across the country.

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