Residences at St. George
Matheson Capital acquired Residences at St. George, a 248-unit apartment complex located in Savannah, GA. The property was built in two phases in 1986 and 1999.
Projected IRR
18.71%
Projected Cash-on-Cash
8.16%
Acquisition Date
May 10, 2024
Location
Background
Matheson Capital had an existing relationship with the seller, having recently purchased The Residences at Cooper Bend from them in late 2023. We liked this property due to the combination of the seller's motivation and the fixed rate assumable debt at the property.
Business Plan
We plan to drive value at the property through both interior renovations and through exterior capital investments.
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