Matheson Capital Acquires Raleigh-Area Community
The company took out a Freddie Mac loan for this value-add purchase.
Matheson Capital has purchased Chateau Apartments, a 168-unit multifamily property in Carrboro, N.C., for $21 million, according to Yardi Matrix information. Magma Equities sold the asset.
The buyer took out a $14 million Freddie Mac loan originated by Walker & Dunlop, the same data provider shows. The note is set to expire in July 2030. Magma Equities previously acquired the asset in April 2021 for $18.7 million and renovated two-thirds of the units.
The new owner plans to enroll the community into the North Carolina affordable housing tax abatement program to remove about 75 percent of the property tax burden. Additionally, the firm will renovate the common-area spaces.
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Located at 201 Highway 54 Bypass, the community is 1 mile from Carrboro and 4 miles from the University of North Carolina at Chapel Hill campus. Downtown Raleigh, N.C. is 31 miles southeast, while the Raleigh-Durham International Airport is some 19 miles away.
Completed in 1969, Chateau Apartments consist of eight two-story residential buildings spread across more than 15 acres. The community comprises one-bedroom units measuring 800 square feet. Common-area amenities include a swimming pool, a clubhouse and a fitness center, as well as more than 240 parking spaces. The property also has two laundry facilities and a picnic area.
Sales activity slows, prices go up
Raleigh-Durham’s multifamily sales activity year-to-date as of June encompassed seven assets—1,900 units—that changed hands for $415 million. This marks a considerable decrease from the 18 communities—3,479 apartments—that traded for $660.2 million during that same period last year. However, the average per unit price increased from $178,125 to $247,598.
Earlier in April, ECI Group acquired Ardmore at Flowers Apartments, a 396-unit community in Clayton, N.C. The property came online last year.
