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.
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
