Charleston-based real estate investment and asset management firm, Matheson Capital, has recently acquired Residences at St. George in Savannah’s Georgetown submarket. This strategic acquisition marks the company’s expansion into Georgia.
The property was purchased with existing assumable financing at a low rate of 2.95% and a long term of eight years remaining. With this being their 14th acquisition as the lead sponsor, it is also their largest to date.
Matheson Capital plans to improve the property through significant capital expenditures such as upgrading unit interiors with premium appliances, new kitchen cabinets and countertops, improved flooring and lighting fixtures, as well as efficient bathroom renovations. In addition to these upgrades, they will also be updating amenities like the clubhouse, fitness center,pool area,and dog park in order to increase curb appeal and attract new tenants.
Through these enhancements,the company expects to achieve higher market rent levels.They have chosen Stintino Management for on-site management services.Their goal is not only provide quality housing,but also create value for investors by maximizing rental income potential.This recent transaction further solidifies Matheson Capital’s position within Southeast multifamily markets.
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