Mill Street Manor - Case Study - Red Knight Properties

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Owned & Managed by Red Knight Properties

Initially acquired forty-eight (48) apartment (46 apartment, 2 vacant retail) + twenty-eight (28) Self-Storage Units in Northern New Jersey’s Sussex County submarket, Newton, NJ, from long-term private ownership and motivated seller in January, 2020.
Added three (3) additional apartment units: Converted two (2) former vacant retail & one (1) shell vacant storage unit to two (2) one (1) bedroom apartments & one (1) three (3) bedroom apartment unit, respectively, totaling the apartment unit count to fifty-one (51).
Successfully raised apartment rent average from $900 to $1,350 with a strategic cosmetic interior & exterior capital improvement plan within 16 months upon acquisition with minimal turnover/vacancy loss
Nearly doubled in-place net operating income upon purchase within a 16-month investment holding period
Achieved cash-out refinance within 16 months; returned 100% of initial investor equity contributions & realized a levered internal rate of return (IRR) of ~24% on refinance proceeds alone, while still benefiting from future cash flow distributions and market appreciation.
Successfully disposed of the asset within a total of 34 months; realized a gross investor levered internal rate of return (IRR) of ~58% & a gross levered equity multiple of ~2.3x.