RK Properties, a sponsor of alternative private placements and Delaware statutory trust offerings, has fully subscribed its latest 1031 exchange program, RK One White Oak DST, a Class A, 202-unit multifamily property in the Atlanta suburb of Cumming, Georgia.
The offering was fully subscribed for $25.6 million in capital by accredited investors seeking to complete a 1031 exchange, as well as those wanting to make direct cash investments.
The company noted that the Atlanta Regional Commission expects Forsyth County’s population to grow at the fastest rate in the state and could more than double by 2040, with annual population growth of 4.3 percent. Additionally, market research firm CoStar concludes that average asking rents are almost $200 higher in Forsyth County than the overall Atlanta metro area.
“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 Long Beach, California-based RK Properties.
Built in 2017, One White Oak is situated on nearly 21 acres includes a mix one-, two-, and three-bedroom apartments. Interior amenities include nine-foot ceilings, stainless steel appliances, granite countertops, and Wi-Fi, and property amenities include a pool and clubhouse, fitness room, fenced dog park, and business center, among others.
RK Properties has a 40-plus year track record, dating back to 1976, in the multifamily apartment market and focuses on acquiring multifamily assets in locations with historical rent growth and value-add opportunities. To date, the company said that it has purchased and managed more than $1.5 billion in assets across the country.