Prospect & Main Apartments, Port Jervis - Case Study

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Formerly Owned & Managed by Red Knight Properties

Initially acquired (12) apartment units in New York State’s Orange County submarket, Port Jervis, NY, from long-term private ownership via estate sale in January, 2020.
Successfully raised apartment rent average with a strategic cosmetic interior & exterior capital improvement plan within the first (12) months upon acquisition with minimal turnover/vacancy loss
Nearly grew in-place net operating income upon purchase by over 30%; maintained an 18% levered cash-on-cash return during the repositioning process.
Achieved disposition within twenty-five (25) months; realized a gross levered internal rate of return (IRR) of ~205% on initial investor equity contributions & produced a ~7.8x levered equity multiple.

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