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RK Properties Sells Approximately $44 Million in Multi-Family Assets in Phoenix and Sacramento

Long Beach, CA , Jan. 03, 2018 (GLOBE NEWSWIRE) -- RK Properties (www.rkprop.com) announced the sale in December of two multifamily properties: Villas on Bell, a 168-unit property located in Phoenix, AZ and Village at Fair Oaks, a 124-unit property located in Sacramento, CA.

Both sales, which totaled approximately $44 million, were facilitated by RK Properties on behalf of its 1031 Exchange TIC (Tenant–in-Common) investment program and the RK Multifamily Income Fund XIV (RKMIF XV) and RK Multifamily Income Fund XV (RKMIF XV).

Villas on Bell, constructed in 2002, is comprised of 168 one-, two- and three-bedroom apartments. The property sold at a premium above the investors’ 2004 purchase price.

Coupled with cash flow generated during the hold period, the sale resulted in total returns of 114% to the TIC investors and 120% to the shareholders in RKMIF XV (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. About 75% of the TICs are doing another 1031 tax deferred exchange into a new RK Properties acquisition.

“We are very proud of our 40-year multifamily track record of success, as demonstrated by our loyal following,” said Steve King, Vice President of RK Properties.

Village at Fair Oaks, constructed in 1985, is comprised of 124 one- and two-bedroom apartments. The property is situated on 4.75 acres in Fair Oaks, CA, a suburb less than 17 miles from downtown Sacramento.

The sale of that property resulted in returns of 96% to the TIC investors and 100% to the shareholders in RKMIF XIV (calculated as above). The holders of about 60% of TIC equity in the property will be rolling their proceeds from the sale into another 1031 tax deferred exchange through 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 year-end 2017, RK Properties has sponsored approximately 150 private placement programs, of which 125 programs have gone full cycle.

Press contacts: Steve King RK Properties 562-240-1023 steve@rkprop.com or Alexander Auerbach Auerbach & Co. Public Relations 818-501-4221 auerbach@aapr.com

Source:RK Properties