Matheson Acquires 248-Unit Savannah Property

Matheson Capital, a Charleston-based real estate investment and asset management firm specializing in value-add multifamily properties in the Southeast, has acquired Residences at St. George, a 248-unit multifamily property in Savannah’s Georgetown submarket. This acquisition marks Matheson Capital’s entry into the State of Georgia.

Matheson Capital acquired the property with existing assumable financing at 2.95% and over eight years of term remaining. Residences at St. George is the company’s 14th acquisition as the lead sponsor and largest to date.

Matheson Capital intends to enhance the property through significant capital expenditures to upgrade unit interiors with premium appliance packages, new kitchen cabinets and countertops, improved flooring and lighting, and efficient bathroom renovations. Additionally, they plan to update the clubhouse, fitness center, pool area, and dog park to boost curb appeal and attract new tenants.

Matheson anticipates achieving new market rent levels through these enhancements and will utilize Stintino Management as in-house property manager.