RK Properties Fund Buys Atlanta Multifamily Property for Nearly $30 Million
RK Opportunity Fund IV, a private placement offering sponsored by RK Properties, purchased Parkway Vista in Atlanta, Georgia for $29 million.
Built in 2002, Parkway Vista is a 224-unit class A multifamily community comprised of one-, two-, and three-bedroom units that average 1,084 square feet. Current rents average $939.00 per month and the complex is currently 97 percent occupied.
“We are excited to add our second property to RK Opportunity Fund IV with the purchase of Parkway Vista,” said Steve King, Vice President of RK Properties. “We believe this asset is consistent with our disciplined underwriting criteria that meet the requirements of our investors for potential preservation of capital, reliable monthly income, appreciation, and tax benefits.”
Community’s amenities include a controlled access gate, heated swimming pool, club house, business center, fitness center, grilling and picnic areas, car-care center, and detached and attached garage parking. Unit amenities include 9-foot and vaulted ceilings, walk-in closets, alarm systems and washer/dryer hook-ups.
RK Properties is implementing a marketing and value-add campaign to reposition the property with improved rents and management. Vacant units will be outfitted with granite counter tops in the kitchens and baths, upgraded appliance packages, lighting fixtures and finishes, and washers and dryers. Depending on the unit size, the improvements could justify rent pushes of $150-$250 per month, the company noted. Improvements to the pool and office area are also planned.
RK Properties said that it has been successful in upgrading units in this manner at other owned and operated assets in similar submarkets.
RK Opportunity Fund IV focuses on investing in multifamily assets in locations with historical rent growth and a value-add opportunity. RK Properties has a 40-year track record in the multifamily market and has purchased and managed more than $1.5 billion in assets.
