(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.

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