SEATTLE-JB Matteson Inc., a San Mateo, CA-based private real estate investment manager, has acquired Greenhouse Apartments, a class-A apartment community at 3701 S. Hudson St. in Seattle. The seller was Seattle-based Harbor Urban in partnership with Ares Management.
The acquisition price was $32.1 million. E&S Ring Management Corp., which manages other JB Matteson multifamily assets, including other assets in Washington, will provide the local property management services.
Pursuing a strategy to update and improve its portfolio, JB Matteson's new acquisitions are multifamily properties typically developed within the last 10 years. The properties are located in infill locations in major coastal markets from Seattle to Southern California.
Greenhouse is JB Matteson's second recent acquisition in the Seattle area, following the January 2013 acquisition of the 134-unit Langara Apartments in Issaquah, WA. Over the next year, JB Matteson expects to close more than $200 million in apartment investments in major West Coast markets.
“The property is an excellent example of our investment strategy focused on apartment properties built in the 2000s or newer, with 100 units or greater, located in vibrant West Coast markets with strong employment drivers and attractive demographic characteristics,” says John Bellack, president of JB Matteson Inc.
Completed in 2012, Greenhouse Apartments is a modern, five-story, mid-rise building on a .85-acre parcel, featuring 124 rental units. The building's innovative architecture and design garnered it LEED Silver certification for energy efficiency. Catering to a renter population seeking a walk-able urban environment close to dining, retail and services, Greenhouse Apartments includes a mix of 124 studios and one- and two-bedroom apartments, as well as a controlled access garage.
Greenhouse Apartments is located in the Columbia City neighborhood of Seattle, an area transitioning into a popular, transit-oriented residential community with excellent access to the Light Rail Station (Columbia City Station 3 blocks away) and bus lines for transportation to the major employment centers of Seattle, Bellevue and other locations. In addition, the property has a “Walk Score” of 98 due to its convenient setting less than one block from the central core of the shopping, dining, service retail district in Columbia City.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.