JB Matteson Buys $82M Apt. Community

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.