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Multifamily Investor Nation


May 18, 2019

Dan Handford with PassiveInvesting.com discusses the 128-unit Riatta Ranch apartment investment that acquired by Chihiro Kurokawa with Blackriver Equity Partners. This asset was acquired with in-place occupancy of 94%. The market cap rate was 6.4% and this was low due to the high expense % of 76% upon acquisition. The adjust going-in cap rate assuming a 52% expense ratio was 9.8%. The projected returns for passive investors on the 5 year hold was great. This apartment community has a mix of 1,2,3 beds and the rents were below market and lots of deferred maintenance. 

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