RK Properties Acquires 220-Unit Raleigh, NC Property
(firmenpresse) - LONG BEACH, CA -- (Marketwired) -- 08/17/17 -- () announced that it has acquired , a 220-unit multifamily property in Raleigh, North Carolina.
"We are excited to add our third and final property to with the purchase of ," said Steve King, Vice President of Long Beach, California-based RK Properties.
"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."
Mr. King noted that RK Properties focuses on acquiring multifamily assets in strong locations with historical rent growth and a value-add opportunity.
is the company''s first Delaware Statutory Trust (DST) structure, offering investment opportunities for 1031 exchange buyers and direct capital investors.
Built in 1984, is a 220-unit class ''A'' community situated on 36.5 acres, with one-, two- and three-bedroom townhome style apartment homes that average 1,213 SF. Current rents average $1,129 per month, and the complex is currently 95% occupied.
The community''s amenities include a swimming pool, clubhouse, business center, fitness center, grilling and picnic areas, car-care center, and detached and attached garage parking. Each apartment home features central air conditioning and heat, vaulted ceilings, fully equipped kitchens, walk-in closets, and washer/dryer hook-ups.
is implementing an improved marketing and value-add campaign targeted towards repositioning the Property with improved rents and management. The Company will immediately implement interior upgrades including faux hardwood flooring, stainless steel appliance packages and lighting fixtures, new finishes, and washers and dryers in all units. It believes these upgrades will justify average rent increases of $75 to $125 per month, depending on unit sizes. Planned exterior building enhancements include the pool area, fitness center and office upgrades, and exterior paint.
has been successful in upgrading units in this manner at other RK-owned and operated assets in similar submarkets and intends to follow the same successful formula of high quality components and attention to detail to achieve optimum rent premiums at the Property.
has a 40-plus year track record, dating back to 1976, in the multifamily apartment market. To date, the Company has purchased and managed over $1.5 billion in assets across the country.
Blake Brewer
RK Properties
562-240-1067
or
Alexander Auerbach
Auerbach & Co. Public Relations
818-501-4221
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Datum: 17.08.2017 - 05:00 Uhr
Sprache: Deutsch
News-ID 1517887
Anzahl Zeichen: 4065
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LONG BEACH, CA
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