Creekside Villas
Creekside Villas is a 21-unit, 2007-built luxury townhome community located in Boone, North Carolina.
Location
The Class A property is centrally located in the Boone, NC market, adjacent to the Boone Mall, yet it still manages to offer a modest retreat from the urban business and transportation district along Highway-321.
Background
Matheson Capital purchased this impeccably built townhome complex directly from the original developer. The property came with no deferred maintenance, but did have rents significantly below the market rate due to its ownership and manager being from the development side of the business, and less focused on maximizing the revenue of the property.
Business Plan
Matheson Capital will capture existing loss-to-lease, and implement an off-site management strategy in collaboration with Boone High Country Rentals. With no on-site management, we will convert the existing leasing office into a new townhome, allowing for further revenue growth.
