The Grove at Moundville
Matheson Capital acquired The Grove at Moundville, a 66-unit, 2022 construcion BTR community located in Tuscaloosa, Alabama.
Projected IRR
23.36%
Projected Cash-on-Cash
10.90%
Acquisition Date
Sep 26, 2024
Location
Background
Built in 2022, The Grove at Moundville offers residents spacious housing. The seller was highly motivated to sell the property by the end of Q3 2024, so we were able to secure the property at a phenomenal price by going from contract to close in just 36 days.
Business Plan
We identified the property as being mismanaged prior to our acquisition. We believed expenses were high, and too many leases were expiring outside of the primary leasing season for BTR. Our business plan is to replace the property manager, lower expenses, and stabilize the rent roll.
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