RK Properties Sells Another Pre-Recession Property
RK Properties, a sponsor of alternative private placement offerings, has sold Walnut Village, a 144-unit multifamily property in Sacramento, California, for $17 million on behalf of one of its 1031 exchange tenant–in-common investment programs and the RK Multifamily Income Fund XIV.
RK Properties, a sponsor of alternative private placement offerings, has sold Walnut Village, a 144-unit multifamily property in Sacramento, California, for $17 million on behalf of one of its 1031 exchange tenant–in-common investment programs and the RK Multifamily Income Fund XIV.
Walnut Village was originally purchased in 2003 for nearly $10.2 million.
The DI Wire recently reported that RK Properties sold two multifamily properties, Villas on Bell in Phoenix and Village at Fair Oaks in Sacramento, that were both pre-recession purchases that netted impressive returns for TIC and fund investors.
“All of these properties were purchased pre-recession and had positive cash flow throughout the downturn. We pride ourselves in our conservative underwriting and deal structure of modest leverage coupled with a debt coverage ratio typically in the 200-300 percent range,” said Steve King, vice president of RK Properties. “The returns are in line with our 40-year multifamily track record of success, as demonstrated by our loyal following and roll-over from all three assets.”
Constructed in 1987, Walnut Village is located at 5341 Walnut Ave and includes a mix of one- and two-bedroom units with patios/balconies and walk-in closets. Property amenities include a pool and sundeck, barbeque area, laundry facilities, and onsite maintenance.
Since its founding in 1976, RK Properties has purchased and managed more than $1.5 billion in multifamily apartment assets. The company offers multifamily replacement properties for 1031 tax deferred exchanges, as well as fund investment opportunities for accredited investors who are seeking a real estate investment. As of the date of this release, RK Properties has sponsored approximately 151 private placement programs, of which 127 programs have gone full cycle.
