Montague Workforce Housing Apartment Portfolio, Montague NJ - Case Study
Formerly Owned & Managed by Red Knight Properties
Initially acquired (20) apartment units in Northern New Jersey’s Sussex County submarket, Montague, New Jersey from two (2) off-market long-term private individual ownership groups in December, 2019.
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 ~30%+; maintained a ~28% levered cash-on-cash return during the repositioning process.
Achieved disposition within twenty-eight (28) months; realized a gross levered internal rate of return (IRR) of ~150% on initial investor equity contributions & produced a ~7x levered equity multiple.
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