300 Optimist Park
300 Optimist Park is a 48-unit, 2018-built, multifamily property located in the rapidly growing Optimist Park neighborhood of Charlotte, North Carolina
Location
The property is located in the rapidly growing Optimist Park neighborhood of Charlotte, has great access to light rail via the Parkwood light-rail station, and is walkable to newly developed Optimist Hall.
Background
Matheson Capital acquired the recently developed, Class-A property, with rents below market and outsized operational expenses. As a result of this inefficient management, the deal was struck at $220k/door, well below the average sale price for the neighborhood of $301k/door, allowing for significant upside upon successful capture of loss-to-lease.
Business Plan
Matheson Capital will drive revenue removing loss-to-lease while simultaneously implementing more efficient off-site management, driving expenses down.