San Mateo—JB Matteson Companies has invested $28.2 million in the acquisition of a Seattle-area apartment complex. Langara, purchased from Polygon, is a 134-unit apartment property in Issaquah, Wash.
The recent purchase continues a pattern of growth for the investment firm. San Mateo-based Matteson has now spent $240 million over the last year in West Coast multi-family properties, according to The San Francisco Business Times. With one additional purchase pending, over a 15-month period, Matteson expects to close more than $300 million in rental properties investments in major West Coast markets. Matteson’s new acquisitions were developed within the last 10 years, and are located in infill locations in major coastal markets from Southern California to Seattle. They include five in California as well as the 256-unit Deer Creek in Puyallup, Wash.
“Our investment strategy is focused on properties built in the 2000s or newer, with 100 units or greater, located in vibrant West Coast markets with strong employment drivers and demographic characteristics,” John Bellack, president of the firm, told the paper. “We are acquiring modern properties that appeal to the growing renter segments and that have lower ongoing capital requirements.”
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