RK Properties, a sponsor of alternative private placements and Delaware statutory trust offerings, has sold Ravello Townhomes located in Las Vegas, Nevada for $31 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 III.
The property was originally purchased in August 2014 for $18 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 102 percent and 87 percent to the shareholders in RK Opportunity Fund III (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 85 percent of the TIC’s are doing another 1031 tax-deferred exchange into a new RK Properties acquisition, the company said.
Built in 2011, Ravello Townhomes is a 152-unit Class A property with two- and three-bedroom floor plans averaging 1,292 square feet. Unit amenities include granite counter tops, hardwood cabinets, hardwood flooring, nine-foot vaulted ceilings and full-sized washers/dryers, while property amenities include gated entry, pool and spa, barbeque station, pool-side cabanas, a fitness and a business center.
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 151 private placement programs, 135 programs of which have gone full cycle.