December 2024: Year-End Recap, Two Acquisitions, One Exit, and a Look Ahead

Welcome back! Now that's it's no longer the week with New Years Day, work has officially begun!

So now what? Instead of delving into news stories and market updates, we're going to go over what Matheson Capital has done as a company over the past 12 months, and what we'll be looking to do moving forward.

Enjoy.

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2024: A Year-End Review

The past 12 months have been a massive success for the company. We completed two acquisitions (including our largest ever acquisition) and one disposition (delivering excellent returns for our investors). A quick breakdown of each of these is below:

Residences at St. George - Savannah, GA

We completed the acquisition of Residences at St. George in May of this year. At 248 units and $38.8 million, it was our largest acquisition to date by both unit count and total price, and it also marked our first acquisition in Georgia, a market we've been targeting for years.

The highlights of the deal are 1) the great market, 2) the great basis, and 3) the great assumption loan, which we believe will all combine to deliver investors outstanding returns and cash flow.

Thank you to everybody who joined us on this project. As always, we appreciate your confidence in us, and we look forward to working with you in the year to come.

The Grove at Moundville, Tuscaloosa County, AL

This was a unique opportunity. While we had never purchased anything in Alabama, The Grove was too good to pass up. The seller was motivated to sell by the end of Q3, and by delivering on that timeline, we were able to purchase a 66-home, 2022 construction BTR community comprised of 4 and 5 bedroom homes for approximately $100 / SF. In our humble, unbiased opinion, we believe this was one of the best BTR basis buys anywhere in the southeast.

To give an idea of the timeline, we first saw the property at the beginning of August, and after some back and forth, we didn't go under contract until near the end of the month. In the end, we closed on September 26th, so we went from contract to close in under 40 days.

Due to this tight timeline, we did not present this opportunity for syndication, as we thought that there would be too many moving parts. Instead, we opted to pursue a JV partner, which we did successfully.

Residences at Cooper Bend - Hanahan, SC

On December 23rd, we successfully completed the sale of Residences at Cooper Bend, our 76-unit property in Hanahan, SC. Many of you are probably familiar with the property, as we purchased it back in October of 2023 for just $6.916 million.

14 months later, we completed a successful sale at a price of $9.64 million, delivering strong returns for our investors.

If you'd like to discuss this project, or any of our other projects from 2024, feel free to schedule a call by clicking the link here.

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2025: Looking Forward

While the past 12 months have been great, we're hoping to continue our growth through 2025 and beyond. As a company, our goal is to complete an additional two to four acquisitions, and we're exploring the sales of several existing assets within our existing portfolio.

We plan to continue growing within our current markets, but we're also open to expanding into select new states, including Tennessee, Virginia, Florida, and Texas.

If you'd like to discuss our outlook and how it matches with your investment goals, let's schedule a call. You can do so by clicking the link here.

As always, thank you for your support.

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Thank you,

Will Matheson