Country Club
Country Club Apartments is a 32-unit multifamily property built between 1968 and 1978. It is located in Summerville, South Carolina, a part of the Charleston MSA.
Location
The property is located in Summerville, SC, among the fastest growing suburbs within the Charleston MSA at the time of acquisition, about 30 minutes north of the historic Charleston peninsula.
Background
Matheson Capital acquired this aged property in a 50% vacant condition, and immediately launched a much needed value-add renovation strategy to bring the property to market level rents. We were successful in implementing our plan, and exceeded our pro forma rents across all unit types. Once the repairs and improvements were complete, Matheson led a successful sales process and delivered strong returns in less than two years time.
Business Plan
Matheson Capital will invest meaningful capital in the value-add renovations required to command market level rents currently being captured by other properties of similar vintage.
