Cooper Bend

Cooper Bend has an average in-place rent of $1,040, and currently boasts 95% occupancy. The property is being acquired at $91k/unit, $15k/unit less than what it sold for in 2021 and well below comparable sales in the market in the $150k/unit range.Matheson Capital is the beneficiary of current ownership facing floating interest rate distress, leading to the need for a quick sale. Matheson’s proven operational success in market (3 successful exits), and known ability to close, made Matheson the most viable to complete the transaction and stave off a lender foreclosure.Cooper Bend marks Matheson Capital’s 13th acquisition in the Carolinas, and our fifth collaboration with Stintino Management.

Our investment strategy is focused on drive rents to market rate, investing in proven value add renovations and then refinance sell at higher stabilized yield.We will be completing a proven value-add strategy initiated by current ownership, who’ve completed renovation of 28 units and achieved a $148 monthly rent increase on new leases. This excellent opportunity to drive value by renovating the remaining 48 units, along with the properties strong current cash flows, combine to provide investors with a desirable blend of an incredible basis and value-add upside.