The Avery
The Avery is a 168-unit multifamily property located in Greenville, North Carolina and built between 1986 and 1996.
Location
The property is well located on Arlington Blvd, between Memorial Drive and Dickinson Ave, two of Greenville's major thoroughfares. The suburb has seen development as the city continues to expand its footprint.
Background
Matheson Capital found an off-market workforce housing property with below market rents. The majority of the property still had original 80s and 90s interiors, allowing the property to immediately benefit from an interior renovation program in addition to a complete rebranding of the community.
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. Just 20% of units have seen any renovation over the last decade, and Matheson will spend nearly $1,000,000 to upgrade these dated interiors.