VENTURA, CA-San Mateo-based real estate investment manager JB Matteson Inc. has acquired Vanoni Ranch Apartments for $82 million. This is the company’s sixth California acquisition this year. The 22-acre property, located at 10676 Veronica Lane, has 316 units in 27 two-story buildings.
“This is a high quality property built by Archstone to institutional standards and has been a solid performer,” John Bellack, president of JB Matteson, tells GlobeSt.com. Vanoni Ranch is a resort-style property with one-, two- and three-bedroom units featuring walk-in closets, nine-foot ceilings and large floor plans, ranging in size from 728-1,329 square feet. Onsite amenities, including a fitness center, two swimming pools, sundecks and a large greenbelt, helped make the property an attractive investment option that requires little to no renovations, aside from minor redecorations in the clubroom, according to Bellack. JB Matteson has hired E&S Ring Management Corp. to provide property management services.
“The property is in line with 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,” Bellack says. “We target investment-grade product that is highly liquid. Sale criteria provides for operating efficiency and the age criteria defines modern functioning products with nine-foot ceilings, washer-dryers and low capital maintenance requirements.”
The company has been updating its portfolio through the acquisition of several multifamily properties, including the 119-unit Cielo complex in Los Angeles. Investments in multifamily properties in general have increased. GlobeSt.com recently reported that BRE Properties acquired the Jefferson at Hollywood for $120 million.