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CODA Apartments

in Orlando, FL · sponsored by Rance King Properties

HistoricalLast Form D filed Oct 14, 2020 (opens in a new tab)

CODA Apartments, sponsored by Rance King Properties, filed its first Form D with the SEC on Oct 14, 2020 for a $41 million offering. Its last Form D was filed Oct 14, 2020.

How it ended

No outcome recorded · under 7 years

The record lists the offering as fully subscribed; the last Form D was filed Oct 14, 2020.

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$41,066,038
Equity offered, per the Form D
Sold
$0
Form D, Oct 14, 2020
Investors reported
0
Form D, Oct 14, 2020
Selling commissions
$2,463,962 · 5.9% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

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CODA Apartments image

CODA Apartments · Orlando, FL · Photo: rkprop.com

What did CODA Apartments own?

CODA Apartments is a 296-unit community at 13645 E Colonial Drive in east Orlando, completed in 2019, with studio, one- and two-bedroom homes. 1 Rance King Properties acquired it on October 12, 2020 from The Carlyle Group and Catalyst Development Partners II for $66 million. 2

Reported location
Orlando, FL

How was it financed, and what did it cost to sell?

Leveraged means the Trust holds the property with mortgage debt. RK Properties said the offering launched with 10-year fixed-rate financing that pays interest only for the full loan term. 3 At the October 2020 sale the property carried a $35.1 million Fannie Mae loan, per Yardi Matrix. 4

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$2,463,962 · 5.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,310,000 · 5.6% of offering
Form D Item 16
Broker-dealers named in the Form D
16 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Minimum investment
$25,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

The SEC was notified with a single Form D, the brief notice filed for a private offering. Under Rule 506(b) the Trust could not be generally advertised and was offered to investors the sponsor already knew. AltsWire reported the offering fully subscribed at a final closing on January 11, 2021. 3

Legal Trust name
RK CODA DST
SEC CIK
1825101
First Form D
Oct 14, 2020
Latest Form D
Oct 14, 2020
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$41,066,038
$0
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

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.

Common questions

What happened to CODA Apartments?
CODA Apartments is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Oct 14, 2020.
What does RK CODA DST own?
It owns CODA Apartments, a 296-unit apartment community at 13645 E Colonial Drive in east Orlando, Florida. The RK Properties property page describes it as an East Orlando community built in 2019 with studio, one- and two-bedroom homes.
Who sold the property, and what did it cost?
Rance King Properties acquired CODA Apartments from The Carlyle Group and Catalyst Development Partners II for $66 million on October 12, 2020, according to S&P Capital IQ data carried by MarketScreener. Multi-Housing News reported the same $66 million trade.
Is there a single tenant on a long lease?
No. CODA Apartments is a residential rental community, so income comes from many individual household leases of studio, one- and two-bedroom homes rather than from one corporate tenant on a long-term net lease.
How is the Trust financed?
The Trust is leveraged, meaning the property is held with mortgage debt rather than all cash. AltsWire reported that RK Properties said the offering launched with 10-year fixed-rate financing paying interest only for the full loan term, and Multi-Housing News reported a $35.1 million Fannie Mae loan on the property at the time of sale, citing Yardi Matrix.
Who is Rance King Properties?
Rance King Properties, which markets itself as RK Properties, is the sponsor of RK CODA DST and the buyer of CODA Apartments. The Trust's Form D, filed October 14, 2020, names Rance King Properties Inc. as a related person and promoter.

Sources

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These links support the record as a whole; individual details may come from different sources.

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 offering documents before investing.