Ownership Intends to Inject Over $2MM in Capital Expenditures to Renovate Classic Units and Improve Amenity Areas
CHARLESTON, SC / ACCESSWIRE / May 21, 2024 / Matheson Capital, a Charleston-based real estate investment and asset management firm specializing in value-add multifamily properties in the Southeast, has acquired Residences at St. George, a 248-unit multifamily property in Savannah's Georgetown submarket. This acquisition marks Matheson Capital's entry into both the Savannah market and the state of Georgia. Matheson Capital acquired the property with existing assumable financing at 2.95% and over 8 years of term remaining.
Alex Chapey, Matheson's Director of Acquisitions, remarked, "Residences at St. George is our 14th acquisition as the lead sponsor and our largest to date. This purchase represents our entry into the rapidly growing Savannah market, located just 2 hours south of our home market in Charleston, SC. Matheson Capital is committed to expanding in the Southeast, particularly in the Lowcountry, where we will continue to seek value-add acquisition opportunities. We foresee strong population growth in the region due to major job centers expanding their presence. Our goal is to provide quality, attainable housing for our tenants, improve the housing stock in our target markets, and deliver strong returns for our investors."
Will Matheson, Co-Founder of Matheson Capital, added, "We are excited about our first acquisition in the Savannah market and the state of Georgia-two goals we've been targeting for years. We plan to continue investing in these markets and expanding our presence in the near future."
Matheson Capital intends to enhance the property through significant capital expenditures aimed at upgrading classic unit interiors with premium appliance packages, new kitchen cabinets and countertops, improved flooring and lighting, and efficient bathroom renovations. Additionally, they plan to update the clubhouse, fitness center, pool area, and dog park, along with other amenity improvements to boost curb appeal and attract new tenants. Matheson anticipates achieving new market rent levels through these enhancements and will utilize Stintino Management to improve in-house property management efficiency and tenant satisfaction.
For more information on Matheson Capital or future investment opportunities, please visit mathcap.com
Press Contacts
Matheson Capital
William Matheson
[email protected]
1-803-292-2190
SOURCE: Matheson Capital