LONG BEACH—JB Matteson has purchased theUrban Village Apartments near Downtown Long Beachfor $42 million. Built in 2015, the multifamilyproperty has 129 units and 4,802 squat feet of commercialspace.

"Urban Village exemplifies our investment strategy to acquirenewer class-A apartments in dense infill locations in majormetropolitan areas," John Bellack, co-presidentand chief investment officer at JB Matteson, tells GlobeSt.com. "Weliked the property due to its walkability to the downtown LongBeach amenities and transit orientation. We were in a 1031exchange, and this property met with the timing requirements forthe exchange."

The stabilized and newly built asset is a long-term holdinvestment for the firm, which has invested $250 million in the Southern Californiamarket, targeting Los Angeles and Orange County. "We have targetedthe L.A. and Orange County area due to its robust job growth,consumer-driven economy, and decent impediments to new supply,"says Bellack. "We think the Long Beach market attracts the younger,urban renter that likes the walkability of the downtown market."The property's 90-point walk score and access to public transitwere also attractive to the investor.