SACRAMENTO, CA—JB Matteson, Inc. has agreed topay about $30 million to acquire Medici Apartment Homes, a class A,216-unit garden-style apartment community here.
Completed in 2006, Medici Apartment Homes contains one-, two-and three-bedroom units in nine buildings totaling 201,444 rentablesquare feet. JB Matteson plans to rename the propertyAvanti and upgrade it after the acquisition,including re-painting the exterior, upgrading the landscaping,refurbishing the pool area, re-surfacing the parking lot,renovating the clubhouse, and improving operations throughprofessional property and asset management. JB Matteson acquiredthe apartment property for $29.75 million.Arroyo & Co. arranged thetransaction.
“The Sacramento apartment rental market is improving nicely,with few additions to new supply, so we are pleased with theacquisition of Medici,” said John Bellack,co-president and chief investment officer, JB Matteson, Inc. “Wewill continue our strategy to diversify new investments in all themajor markets on the West Coast.”
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
