RK Properties, a sponsor of alternative private placement offerings, has sold the Willows at Town Center, a Class A multifamily property located in Las Vegas, Nevada, for nearly $37.8 million. The sale was facilitated by RK Properties on behalf of one of its 1031 exchange/tenant–in-common investment programs and the RK Opportunity Fund II.
The property was originally purchased in November 2012 for $22 million. Coupled with cash flow generated during the hold period, the company noted that the sale resulted in a total return to the TIC investors of 92.7 percent and 83.6 percent to the shareholders in RKOF II (calculated based on the aggregate amount of original capital invested in the property). This does not include the pass through of tax benefits throughout the hold period. Additionally, about 75 percent of the TIC’s are doing another 1031 tax deferred exchange into a new RK Properties acquisition, the company noted.
Built in 2005, The Willows at Town Center is comprised of one-, two-, and three-bedroom floor plans averaging 1,023 square feet. Unit amenities include gas stoves, desk stations, nine-foot vaulted ceilings and full-sized washers/dryers in every unit, while property amenities include controlled-access gated entry, swimming pool and heated spa, pool-side cabanas, a fitness and business center, and a creek-side picnic area with barbeques.
RK Properties offers multifamily replacement properties for 1031 tax deferred exchanges, as well as straight capital investment opportunities for accredited investors. As of February 2019, RK Properties has sponsored 150 private placement programs, 132 programs of which have gone full cycle.