RK Properties: DSTs, 1031 Exchanges and Apartments

What is RK Properties?

RK Properties is the trade name of Rance King Properties Inc., a real estate company headquartered on East Broadway in Long Beach, California. It does two linked things:

• It sponsors apartment investments. The company finds and buys apartment communities, then offers investors a share of ownership through private placement programs. Today those programs are sold as beneficial interests in Delaware Statutory Trusts (DSTs). Its Form CRS says the DSTs acquire "large institutional grade multifamily properties throughout the United States" and are suitable for Section 1031 exchanges or direct investment.
• It manages what it owns. RK Properties runs leasing, marketing and day-to-day operations at its communities with its own staff. The founder writes that the company manages all of its properties and never uses third-party management.

According to its About page, the company has been "exclusively in multifamily property investments since 1976." It says that from 1976 to 2024 it purchased 163 properties, which it values at more than $3 billion in today's dollars, that 147 of them have "gone full cycle" (been bought, held and sold), and that it has served more than 7,000 investors. It puts the estimated market value of its current portfolio at more than $1 billion. These are the company's own figures; it does not publish the underlying data on the site.

The company's investment programs are securities, so the site carries a standing disclaimer: the website is not an offer to sell securities, and an offer can only be made through a disclosure document delivered to accredited investors who live in certain states and meet the suitability standards, including net worth and income.

Who owns and runs RK Properties?

The company was founded in 1976 by William Rance King, Jr., who signs the About page as President and Founder. His published biography says he spent about 10 years in the business machines industry with a large company, rising from trainee salesman to National Director of Sales, and that commercial real estate brokers he sold computers to introduced him to apartments. He bought his first apartment building in Los Gatos in Northern California while working as a branch manager in San Jose, later bought buildings in Long Beach, and started RK Properties when his employer wanted to move him to Chicago.

Other senior people named on the site include:

• Cathy A. King, Vice President. The site says she has worked at RK Properties since 1986 across sales and acquisitions, investor relations, accounting, loan negotiations, human resources and property management, holds a B.S. in Business Administration and an M.B.A. in Real Estate Finance from the University of Southern California, and is a registered principal of Rance King Securities.
• Steven S. King, VP Investor Relations, with more than three decades at the company and a seat on its internal investment committee.
• Marilyn P. Munson, V.P. Marketing & Communications, a registered principal of Rance King Securities.
• Tanja Pierce, Director of Operations.
• David Griffith, General Counsel, who the site says has advised RK Properties since 1987, has been in-house general counsel since 2005, and also serves as Principal Operations Officer and Chief Compliance Officer of the broker-dealer.

The site does not publish an ownership breakdown beyond naming the founder. Rance King Securities Corporation describes itself in its Form CRS as a subsidiary of Rance King Properties Inc.

Is RK Properties legit? What can be checked

People ask this before they move a large 1031 exchange into any sponsor's program. Here is what can be verified, and what rests on the company's word:

• A registered broker-dealer. FINRA's BrokerCheck lists Rance King Securities Corp. (also known as R.K. Securities) as an active firm, CRD number 15737, SEC file number 8-31539, at 3737 E. Broadway, Long Beach, with the same 562-240-1000 phone number. BrokerCheck shows FINRA approval dating to 6 March 1985. The firm's Form CRS says it is registered with the SEC as a limited purpose (direct participation programs) broker-dealer and is a member of FINRA and SIPC.
• Required disclosures are published. The site links its Form CRS (Customer Relationship Summary) and BrokerCheck in the footer of every page. The Form CRS explains fees, conflicts of interest and how staff are paid in plain terms (details below).
• A real office and long history. The company lists a street address in Long Beach and a main line on every page, and its founder's biography traces the business back to 1976.
• Named, licensed staff. The team pages name more than 20 people with their roles, and several list securities licenses (for example FINRA Series 22 and 63) and state real estate licenses. These credentials are as stated by the company; individual registered representatives can be looked up on BrokerCheck.
• Properties you can visit. Each community on the portfolio page has a street address, and many have their own leasing office phone number.

Our suggestion for any DST sponsor, including this one: read the BrokerCheck reports for the firm and for the person you will deal with, read the full Private Placement Memorandum, and have your own advisor review it.

A short history: partnerships, TICs, then DSTs

The founder's biography gives a compact history of how RK Properties has structured its investments:

The biography also says that over "the last couple of years" the company had sales and acquisitions approaching $1 billion in volume.

How investing with RK Properties works

RK Properties does not sell shares on an exchange or through a public fund. Based on its DST page, Form CRS and FAQ, the path looks like this:

1. Contact investor relations. You call or use the contact form and choose "Investor/Broker Relations" or "DST/1031 Info." Many investors also come through their own financial advisor: the broker-dealer team works with registered representatives at other firms, and the Form CRS says it offers brokerage services to both other broker-dealers and qualified retail investors.
2. Confirm you qualify. Offerings are made only to accredited investors in certain states who meet suitability standards, including net worth and income.
3. Review the offering. The Form CRS says the company "generally only" has one program or offering available at a time. Each comes with a Private Placement Memorandum that sets out the property, fees under "Compensation and Fees," and the risks.
4. Decide. The broker-dealer works on a non-discretionary basis, which the Form CRS explains means you make the final decision on any purchase.
5. Close. For a 1031 exchange, the investment is funded from proceeds held by your qualified intermediary. The site says its DST closing coordinator processes each investment from receipt of the purchase documents to the final closing package, working with registered representatives, accommodators and escrow companies.
6. Hold. RK Properties manages the property. The company says it includes investment monitoring as part of its standard services, and its FAQ says investors get property performance updates and financial reporting. Its tax staff handle investor K-1s.
7. Full cycle. When the property is sold, the Form CRS says you can choose to roll your 1031 investment into another RK program or cash out.

What a DST is, in RK Properties' own terms

The site's DST page describes a Delaware Statutory Trust as "a legal entity created under Delaware law that allows multiple investors to hold interests in real estate properties." Points it makes about how DSTs work in general:

• DST interests are commonly used for 1031 exchanges.
• Investors usually buy in through a private placement offering coordinated by a sponsor or trustee.
• The trustee or sponsor handles day-to-day operations, and investors have no active management role.
• A DST is limited to 499 investors per trust.
• Income is typically distributed monthly or quarterly, depending on the trust agreement.
• Holding periods typically run five to ten years, and the sponsor decides when to sell.
• Investors generally cannot borrow against their DST interest; the trust itself may use financing.
• There is no ready secondary market, so selling early is difficult.

RK Properties' DSTs hold apartment communities only. Its acquisition criteria page says leverage on its purchases is "typically 50%," with new loans at a maximum of 65% loan-to-value, and its About page describes a "conservative underwriting model and lower leverage financing strategies." Those are the company's descriptions of its approach, not a guarantee of results.

The 1031 exchange basics the site explains

A large part of rkprop.com is education about Section 1031 of the Internal Revenue Code, which lets an investor defer tax on the sale of investment real estate by buying like-kind replacement property. The site's DST/1031 pages cover these core rules:

• Investment use. Both the property you sell and the one you buy must be held for investment or business use. A personal residence does not qualify.
• 45 days to identify. You have 45 days from the sale to identify replacement properties in writing.
• 180 days to close. You must buy the replacement property within 180 days of the sale.
• Identification rules. The site describes the three-property rule, the 200% rule and the 95% rule.
• Qualified intermediary. Sale proceeds must be held by a qualified intermediary (also called an accommodator), never by you.
• Equal or greater value. To defer all of the tax, you generally buy property of equal or greater value and reinvest all the cash proceeds. Anything you keep, called boot, is taxable.
• Same taxpayer. The party selling must be the same party buying, or a disregarded entity of that party.

The site also offers a free Exchange Deadline Calculator: you enter your sale date and it returns your 45th-day and 180th-day dates. The company's own disclaimer on its exchange page says its discussion "should not be construed as legal or tax advice" and that you should get guidance from your own counsel, qualified intermediary or accountant. We agree: the tax outcome of any exchange depends on your facts.

Minimums, fees and how the company is paid

RK Properties does not publish a price list on its web pages. The clearest numbers are in the Form CRS for Rance King Securities, dated 1 January 2024:

The Form CRS adds, in bold, that you will pay fees and costs whether you make or lose money, and that fees reduce any amount you make over time. It also says the firm's representatives are paid only through transaction-based commissions, with no sales incentive programs or non-cash compensation.

Conflicts of interest the company discloses. The Form CRS lists four: it sells only its own proprietary programs, so it has a conflict in recommending them over other sponsors' programs; it cannot present other, possibly less risky, products to you; it is not paid if you cash out at the end of a program instead of rolling into another RK program; and its representatives earn commissions on what you buy. It says it addresses the roll-over conflict by reviewing your RK portfolio at the time, and may recommend that you cash out and put money into more liquid options.

For the exact fees on a current offering, ask for the Memorandum and read the compensation section before you commit.

Risks and limits the company discloses

RK Properties' own pages are direct about risk. In its words, "There are substantial risks in any of our programs." The site-wide disclaimer says the company does not represent or guarantee that an investment will result in economic gain, that investors may lose all or part of their capital, and that it does not represent that tax positions will be accepted by the IRS. It urges buyers to seek independent experts before investing.

Other limits named on the DST and exchange pages and in the Form CRS:

• Illiquidity. The programs are "generally illiquid and must be held for a substantial period." There is no ready secondary market for DST interests, and selling early may mean a discount, complex paperwork and fees.
• No control over timing. The sponsor decides when to sell the property.
• Market and property risk. Returns depend on how the apartment community and its local market perform.
• Tax risk. An exchange can fail to qualify under Section 1031, in which case tax is due.
• No personal leverage. You generally cannot borrow against a DST interest.

Which apartment communities does RK Properties own?

The portfolio page lists 21 communities, grouped by state. Unit counts and years are given only where the property description states them; "acquired" is the year the site says the community was "established by RK Properties."

The Recent Acquisitions page lists Riverstone, Dawson Park, Grandview at Clear Pond, Avli at Crosstown Center, Pointe at East Shore and Trailside Verdae. The Recent Sales page showed no listings when we checked. The pattern matches what the founder describes: mostly newer communities in the Southeast and Sun Belt, with a handful of smaller, older California buildings.

What RK Properties buys: acquisition criteria

For brokers and sellers, the company publishes the deals it is looking for:

The listed acquisitions contact is Kris Yankasammy, Acquisitions and Dispositions / Finance Manager, at 562-240-1016. The founder explains the preference for new buildings by saying the amenity packages of new product usually go beyond what a "value add" renovation can achieve.

Property management and resident services

RK Properties runs its communities in-house. Its Property Management page describes one-on-one and group training for on-site staff and an in-house Marketing Department that supports each property with listing sites, search and pay-per-click advertising. The site does not say that RK Properties manages buildings for outside owners, and it publishes no management fee schedule, so if you own a building and want a manager, ask directly whether that is offered.

If you are a resident or looking for an apartment:

• Each community page lists its own leasing office contact, and many link to a community website.
• The Resident Assistance page has a form where you pick your state and community to reach the right team.
• The Property Contacts page splits requests by prospective, current and former resident and offers links to pay rent online and submit a maintenance request.
• Regional supervisors are named on the site: Angelica Artis (Senior Regional Supervisor), Nakia Brown (Georgia and Louisiana) and Gina Solis (Florida and South Carolina).

Rents, deposits, pet fees and availability are not published on rkprop.com; check the individual community or call its leasing office.

The team, department by department

RK Properties publishes biographies by department. The credentials below are as stated on the site.

• Investor Relations: Steven S. King (VP; the site says he has been a licensed California real estate agent since 1993, holds broker licenses in Nevada and North Carolina, and is a registered principal of Rance King Securities); Kaarin Kearney (Director of Investor and Broker-Dealer Relations, joined 2019; FINRA Series 22 and 63, California real estate agent and notary); Lisa Pusateri (Investor Relations / Operations and DST closing coordinator, joined 2014).
• Broker-Dealer Services: John Freeborn (Director of Broker-Dealer Sales since 1998), who the site says has run educational workshops on real estate and 1031 exchanges for investors and securities brokers around the country.
• Sales & Acquisitions: Kris Yankasammy (joined 1999 in property management, moved to acquisitions in 2005); Matt Depaula (joined June 2025, underwriting and due diligence; California real estate salesperson license); Mike Kochi (assistant since 2006, supporting accounting, investor reports and K-1s).
• Property Management: Jessie King (Director of Property Management, joined 2022; licensed California real estate agent); Kelly White (Director of Marketing, with the company since 2013); and the three regional supervisors named above.
• Accounting: Thang Pham (Controller since 2007); Maria Monroy (Assistant Controller); Alicia Esqueda, Kaila Do and Dalila Oleta.
• Tax & Financial Reporting: Woon-Soo Kim (Director), who the site says is a licensed CPA and California real estate broker, holds FINRA Series 22 and 63, and has a Master of Business Taxation from the University of Southern California.
• Corporate: William Rance King, Jr., Cathy A. King, Marilyn P. Munson, Tanja Pierce, Donna Martin (IT Director, with the company since 2002) and David Griffith (General Counsel; the site says he holds FINRA Series 22, 39, 63 and 99 and is a member of the State Bar of California).

Several team members have been with the company for 10 to 30-plus years, which the About page credits for its continuity.

How it compares with other ways to invest in apartments

Who it suits, and who should look elsewhere

Questions to ask before you invest

1. What offering is open right now, which property does it hold, and can I have the full Private Placement Memorandum?
2. What are all the fees, upfront and ongoing, including management, administration and any fee at sale?
3. How much debt is on the property, at what rate, and when does the loan mature?
4. How has the projected distribution been calculated, and what happens to it if occupancy falls?
5. What is the expected holding period, and what options do I have if I need to exit early?
6. What are the full-cycle results of past programs, and can I see them in writing?
7. Who will be my contact, and are they a registered representative? (Look them up on BrokerCheck.)
8. Does the offering fit my 45-day and 180-day deadlines and my replacement-value target? Confirm with your qualified intermediary and CPA.

How to get started

1. Read the DST/1031 Exchanges and DST pages, and the Form CRS.
2. If you have sold or are selling a property, run your dates through the Exchange Deadline Calculator.
3. Look up Rance King Securities Corp. on FINRA BrokerCheck.
4. Call (562) 240-1000 or 800-677-7333, email info@rkprop.com, or use the contact form and choose "Investor/Broker Relations" or "DST/1031 Info." The Form CRS names Steve King (ext. 1223) and Kaarin Kearney (ext. 1231) as investor relations contacts.
5. Have your financial advisor, CPA and qualified intermediary review any offering before you sign.

Visit RK Properties

Terms you'll see on the site

• 1031 exchange: a sale of investment real estate followed by the purchase of like-kind property, under Section 1031 of the Internal Revenue Code, to defer tax on the gain.
• DST (Delaware Statutory Trust): a trust formed under Delaware law that lets many investors hold interests in real estate; DST interests can serve as 1031 replacement property.
• TIC (tenancy in common): a form of shared direct ownership RK Properties used from 1994 until it switched to DSTs in 2017.
• Relinquished property / replacement property: the property you sell, and the property you buy, in an exchange.
• Qualified intermediary (accommodator): the third party that holds sale proceeds during an exchange.
• Boot: cash or other non-like-kind value received in an exchange, which is taxable.
• Accredited investor: an investor who meets SEC income or net worth tests and may buy private placements.
• PPM (Private Placement Memorandum): the offering document that sets out the property, fees and risks.
• Full cycle: a property that has been bought, held and sold, closing out the investment.
• Form CRS: a short Customer Relationship Summary that broker-dealers must give retail investors.
• Lease-up: the period after a new community opens while it fills with residents.
• LTV (loan-to-value): the loan amount as a share of the property's value.

Frequently asked questions

Sources

All pages checked on 19 October 2026.

1. Home page: rkprop.com
2. About Us: rkprop.com/about/
3. Founder biography: William Rance King, Jr.
4. Team: rkprop.com/our-team/, Steven S. King, Cathy A. King, Matt Depaula
5. DST/1031 Exchanges: rkprop.com/exchanges/
6. Delaware Statutory Trusts: rkprop.com/discover-the-benefits-of-delaware-statutory-trusts/
7. FAQ: rkprop.com/faq/
8. Exchange Deadline Calculator: rkprop.com/exchange-deadline-calculator/
9. Form CRS, Rance King Securities Corporation, dated 1 January 2024: PDF
10. Portfolio: rkprop.com/apartment-real-estate/ and state pages for California, Florida, Georgia, Louisiana, Nevada, North Carolina, South Carolina
11. Property pages: Riverstone, One White Oak
12. Recent Acquisitions: rkprop.com/recently-acquired/; Recent Sales: rkprop.com/recently-sold/
13. Acquisition Criteria: rkprop.com/acquisition-criteria/
14. Property Management: rkprop.com/property-management/ and rkprop.com/multi-family-property-management/
15. Track record page: rkprop.com/evidence-of-excellence/
16. Resident pages: Resident Assistance, Property Contacts
17. Contact Us: rkprop.com/contact-us/; Careers: rkprop.com/career-opportunities/
18. Privacy Policy and Terms of Use: privacy, terms
19. FINRA BrokerCheck, Rance King Securities Corp. (CRD 15737): brokercheck.finra.org/firm/summary/15737