RK Properties, a sponsor of private placements and 1031 exchange offerings, announced that the company fully subscribed its $33.6 million Delaware statutory trust offering for Dawson Park, a 155-unit multifamily property in Baton Rouge, Louisiana. The offering was launched in July 2022.
RK says Dawson Park is an off-market transaction acquired directly from the developer with debt from First Foundation Bank. The loan terms are 10-year financing with a fixed annual interest rate of 4.4% percent and interest-only payments for the entire term of the loan.
“This asset is consistent with our disciplined underwriting criteria that meets the investment objectives of our investors for preservation of capital, reliable monthly income, appreciation and tax benefits,” Steve King, chief operation officer of RK Properties, said.
The newly constructed apartment community contains 155 one- and two-bedroom units and is located near Baton Rouge General Hospital.
“We’ve been tracking Baton Rouge for a number of years and feel the supply-demand economics make this the perfect time to enter the market. Dawson Park represents a best-in-class asset located in the most dynamic part of town surrounded by several large employment, retail and lifestyle drivers. We’re excited to add Dawson Park to our ever-expanding sunbelt portfolio,” Daniel Swersky, director of sales and acquisitions, said.
RK Properties has a 47-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. As of January 2023, the firm has sponsored 163 private placement programs, of which, 147 have gone full cycle.
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