The Morrison Apartments, Randolph NJ - Case Study
Currently Owned & Managed by Red Knight Properties
- Acquired 100% occupied apartment building in desirable Randolph Township on the border of Morristown, New Jersey
- Successfully evicted multiple tenants for non-payment of rent within a month of ownership and subsequently re-tenanted the vacancies in two weeks thereafter
- Locked-in long-term financing at an all-in 3.25% fixed interest rate
- Achieved a 20.19% leveraged cash-on-cash return within twelve (12) months of the investment period (year 1)
- Achieved a 32.43% leveraged cash-on-cash return in year two (2) of the investment period
- Achieved a 40.08% leveraged cash-on-cash return in year three (3) of the investment period
- Returned over 100% of investors equity since ownership through solely cash flow distributions (to-date)
- Red Knight Properties plans to hold the real estate investment long-term for cash flow, principal pay down, and tax advantages