Medici Apartments Changes Hands

SACRAMENTO, CA—JB Matteson, Inc. has agreed to pay about $30 million to acquire Medici Apartment Homes, a class A, 216-unit garden-style apartment community here.

Completed in 2006, Medici Apartment Homes contains one-, two- and three-bedroom units in nine buildings totaling 201,444 rentable square feet. JB Matteson plans to rename the property Avanti and upgrade it after the acquisition, including re-painting the exterior, upgrading the landscaping, refurbishing the pool area, re-surfacing the parking lot, renovating the clubhouse, and improving operations through professional property and asset management. JB Matteson acquired the apartment property for $29.75 million. Arroyo & Co. arranged the transaction.