Summers Run
Summers Run is a 112-unit multifamily property located in Asheboro, North Carolina (NC Triad) and built between 1996 and 2006.
Location
The property is located just 5 miles up N. Fayetteville St from downtown Asheboro, NC, within the North Carolina Triad of Winston-Salem, High Point, and Greensboro, and is a short drive from several manufacturing and distribution facilities.
Background
Matheson Capital acquired an off-market deal, with an assumption loan that had a fixed rate at 3.32%. The property had proven value-add upside through interior renovations as well as the potential to improve the common areas and amenity spaces for the tenants.
Business Plan
Matheson will continue the proven value-add plan current ownership has implemented, as well as utilize the currently vacant 5,600 sqft office space on the property, to generate strong cash-on-cash returns for investors for years to come.