Overview

Matheson Capital is acquiring Bridges at Chapel Hill, a 144-unit apartment property located in Carrboro, NC, part of the Raleigh-Durham-Chapel Hill MSA. The property was built in 1990 and is spread across 8.0 acres. Bridges at Chapel Hill marks Matheson Capital’s 17th acquisition, 13th acquisition in the Carolinas, and 2nd acquisition in Carrboro, NC. Bridges at Chapel Hill has an average in-place rent of $1,421 and currently boasts 95% occupancy. The property is being acquired at $163k/unit, well below replacement cost and at a strong discount to recent sales in the market. This property is eligible for enrollment in North Carolina’s AMI tax abatement program, which would reduce the annual property tax burden by nearly 80% and boost NOI by over $150k. The abatement remains in effect for as long as the property is compliant with certain rent and tenant income restrictions.