LONG BEACH, CA, Jan. 26, 2018 (GLOBE NEWSWIRE) -- RK Properties (www.rkprop.com) announced the sale of Walnut Village, a 144-unit garden-style apartment property located in Sacramento, CA.
The $17,000,000 sale was facilitated by RK Properties on behalf of its 1031 Exchange TIC (Tenant–in-Common) investment program and the RK Multifamily Income Fund XIV.
Walnut Properties, constructed in 1987, sold for a premium above the investors’ 2003 purchase price of $10,150,000.
“We are very proud of the sale of Walnut Village and our other two dispositions in the last 45 days; Villas on Bell in Phoenix, AZ and Village at Fair Oaks in Sacramento, CA. 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 (DCR) typically in the 200-300% range. The returns are in line with our 40-year multifamily track record of success, as demonstrated by our loyal following and rollover from all three assets,” said Steve King, Vice President of RK Properties.
Since its founding in 1976, RK Properties has purchased and managed over $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.