Timberstone
Timberstone is a 69-unit, 1970-built multifamily property in Charlotte, North Carolina.
Location
The property is located in Olde Whitehall, a suburb located South of Charlotte, NC near the South Carolina border, easily accessible by highways I-495, and I-77.
Background
Matheson Capital acquired Timberstone in desperate need of a property wide improvement to take it into the 21st century. The Matheson team immediately undertook the deep value-add strategy required, and optimized management through an automated off-site model to align expenses to levels seen at comparable properties. Matheson was successful in its strategy, and exited the property after just over a year, securing a strong return for its investors.
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.
