San Francisco Business Times
October 6, 2009
Redwood City-based JB Matteson has acquired the 146-unit London Flats Apartments in Vancouver, Wash., for $12.1 million, or $83,000 per apartment.
The newly-constructed 165,371-square-foot complex at 7531 NE 18th St. in Vancouver, a suburb of Portland, Ore., will be renamed the “Addison Apartments.”
JB Matteson acquired the property through a bankruptcy trustee. The property was acquired on behalf of a group of private investors. Hendricks and Partners were the listing broker. Freddie Mac provided an acquisition loan for $8.2 million.
“London Flats is an example of our West Coast investment strategy to acquire newly built multifamily projects at a steep discount to actual development cost,” said Graham Chernoff, senior vice president of investments for JB Matteson. “Since London Flats is being purchased out of bankruptcy, there is considerable upside by leasing up vacant units and achieving higher rents by completing common area improvements.”
London Flats was built by a local builder and originally intended for personal long-term ownership, but was put up for sale when the developer was forced into a bankruptcy. Constructed in 2008 and 2009, the property is composed of 16 two-story, garden-style apartment buildings and one clubhouse and recreation room. The 146 residential units provide a mix of one-, two- and three-bedroom apartments ranging from 700 square feet to 1,398 square feet. The 6.75-acre property has 29 garages and 235 open parking spaces.
JB Matteson is a multifamily investment specialist with $1 billion of multi-family, office, retail and mixed-use properties, including over 4,000 apartment units in the Western United States. The company partners with institutional investors on value-added investments and performs as investment manager for private capital investors.
JB Matteson has hired Riverstone Residential to operate and lease the complex.
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