Riverstone Apartment Homes
Multifamily property in Grovetown, GA — sponsored by Rance King Properties
Files with the SEC as RK Riverstone DST
Minimum investment
$25k
Offering size
$66.6M
How much has sold
None sold yet
Asset type
Multifamily property
Location
Grovetown, GA
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Riverstone Apartment Homes is a closed Delaware Statutory Trust — a passive co-ownership structure 1031 exchangers use to defer capital gains — holding a 328-unit apartment community in Grovetown, Georgia.1 Rance King Properties, which markets as RK Properties, sponsored the Trust and reported the offering fully subscribed, with a final closing on July 31, 2023.1 It is Historical: closed to new investors.
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Riverstone Apartments stands at 101 Halton Drive in Grovetown, Georgia.2 RK Properties reported closing escrow on the property on July 12, 2022, about two weeks before the private placement launched.1 The sponsor describes the community as one-, two- and three-bedroom floor plans offered on flexible leases.2 Neither the SEC filings nor public sponsor materials state a year built or a purchase price.
- Reported location
- Grovetown, GA
- Property size
- 328 units
Who is the tenant, and what's the lease?
There is no single corporate tenant here: income comes from residents on individual apartment leases, which reset far more often than a long commercial net lease and leave operating costs with ownership. RK Properties is listed as the property manager for the Grovetown property.3 No occupancy figure appears in the public record.
How did it end?
No sale or other ending on record
No public full-cycle disposition announcement located for the RK Riverstone DST; JRW Investments lists the offering as Active and RK Properties continues to operate Riverstone Apartment Homes (101 Halton Dr, Grovetown, GA). The 2020 $51M sale of Riverstone Apartments was a pre-DST transaction between Mesa Capital and NorthRock, unrelated to the 2022 RK DST.
AltsWire reports a $66.64 million offering, escrow closed July 12, 2022, the private placement launched July 25, 2022, final closing occurred July 31, 2023, and debt was 10-year fixed 4.59% interest-only financing.
328 unitsSupporting evidence
How is it financed, and what does it pay?
The Trust used mortgage debt rather than buying all-cash, so a lender's claim sits ahead of investor equity and the loan must be repaid or refinanced at maturity. The loan as reported was fixed-rate and interest-only; the public record does not name the lender.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Rance King Properties Inc., which markets its offerings as RK Properties, is named as the promoter of this Trust in its SEC filing.4 The same firm is listed as the property manager at Riverstone, so the sponsor both raised the equity and runs the asset.3 Targeted research through August 23, 2026 surfaced no reported sale, refinancing, or other material event for the property since the offering closed.
- Sponsor
- Rance King Properties
- Legal Trust name
- RK Riverstone DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 2 total offerings from Rance King Properties
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust filed an initial Form D — the short SEC notice used for private, unregistered offerings — and a single amendment a few weeks later, after which the EDGAR record went quiet and never tracked the offering's progress. Sold under Rule 506(b), it could not be publicly advertised and reached accredited investors through existing relationships.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to Riverstone Apartment Homes?
Top1031 lists Riverstone Apartment Homes as historical. It is no longer raising money.
Where does Top1031 get the data for Riverstone Apartment Homes?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in this Trust?
No. RK Properties reported that the Riverstone DST offering was fully subscribed, with the final closing of the private placement on July 31, 2023, as reported by AltsWire. The Trust is Historical — closed to new investors — so it is not available for a current 1031 exchange.
What property does the Trust own?
Riverstone Apartment Homes, a 328-unit multifamily community in Grovetown, Georgia, per RK Properties' announcement reported by AltsWire on August 4, 2023. The sponsor's property record places it at 101 Halton Drive, Grovetown, GA 30813, with one-, two- and three-bedroom floor plans.
Why does the SEC record look incomplete for this offering?
Issuers are not required to keep amending a Form D as an offering fills. RK Properties filed its initial Form D on July 25, 2022 and one amendment on August 19, 2022, then stopped, so EDGAR does not reflect the offering's later progress. The full-subscription outcome comes from the sponsor, reported by AltsWire on August 4, 2023.
Who manages the apartments day to day?
A RentCafe listing for the Grovetown Riverstone property identifies RK Properties as the property manager. In a DST, investors hold passive beneficial interests and have no role in leasing, staffing, or operating decisions — those sit with the sponsor and its manager.
Does this Trust have a 721/UPREIT exit?
The record shows no 721 exchange or UPREIT feature — that is, no stated path to swap beneficial interests for operating-partnership units in a REIT at exit. Any exit terms would be described in the Trust's private placement memorandum (PPM), the offering document given to accredited investors.
What is not known from public sources?
The purchase price, the lender's identity, the year the property was built, the current occupancy or lease-up level, and any separate master-tenant entity are not established by the SEC filings or the sponsor's public materials reviewed through August 23, 2026.
Chapter 9RK Properties Fully Subscribes $66.6 Million DST OfferingRK Properties fully subscribed its $66.64 million DST offering for Riverstone Apartment Homes, a 328-unit multifamily property in Grovetown, Georgia.