LONG BEACH—JB Matteson has purchased the Urban Village Apartments near Downtown Long Beach for $42 million. Built in 2015, the multifamily property has 129 units and 4,802 squat feet of commercial space.

“Urban Village exemplifies our investment strategy to acquire newer class-A apartments in dense infill locations in major metropolitan areas,” John Bellack, co-president and chief investment officer at JB Matteson, tells GlobeSt.com. “We liked the property due to its walkability to the downtown Long Beach amenities and transit orientation. We were in a 1031 exchange, and this property met with the timing requirements for the exchange.”

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