(To read more on the multifamily market, click here.)

LOS ANGELES-JB Matteson Institutional Capital Partners ofRedwood City has acquired four Mid-Wilshire apartment buildingstotaling 199 units for $22 million and plans to invest $4 millionin a value-added play. The company bought the properties from a LosAngeles-based private investor in an off-market,principal-to-principal deal.

JB Matteson, which is a new affiliate of the Matteson Cos. thatwas launched this year, acquired the portfolio in partnership witha major financial institution. The portfolio was approximately 92%occupied at the time of the sale.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.