Positive Way
Positive Way Apartments is a 6-unit / 18-bed, 2003-built student housing property located in Boone, North Carolina.
Projected IRR
30.1%
Projected Cash-on-Cash
11.0%
Acquisition Date
Jan 1, 2019
Location
Positive Way Apartments is located in the mountains of Boone, NC
Background
Matheson Capital acquired a property that was owned by a passive investor, and managed by a mom and pop property manager, who had combined to let the asset fall significantly behind market rents. After purchasing the property, Matheson Capital renovated the interiors and raised the rents by over 20%.
Business Plan
Matheson will immediately begin the process of moving rents 20% up to market rate, and completing the value-add renovations to achieve those rents. Post-renovation stabilized cash flow will present a valuable long-term hold opportunity for our investors.
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