Overview

Matheson Capital is acquiring Chateau Apartments, a 168-unit apartment property located in Carrboro, NC, part of the Raleigh / Durham / Chapel Hill MSA. The property was built in 1969 and is spread over 15.46 acres. As a lead sponsor, Chateau Apartments marks Matheson Capital’s 14th acquisition in the southeast and 12th acquisition in the Carolinas. Chateau Apartments has an average in-place rent of $1,136 and currently boasts 95+% occupancy. The property is being acquired for $125k/unit, well below replacement cost. Current ownership purchased the property in 2021 and is selling the property due to maturing floating rate debt, allowing us to purchase the property at a very strong cap rate.