Hunting the Wild Infill
The recession might have squashed a good many condo deals, but it’s still— indirectly—providing investment opportunities for properties built to be condos, but destined to be rental properties. Recently California-based JB Matteson snapped up such a property, the 86-unit Northshore Townhomes in Kenmore for $22M. JB Matteson prez John Bellack says it’s a good fit for the company’s strategy of finding high-quality infill in West Coast metros; previously, it bought the 124-unit Greenhouse Apartments in Seattle and the 134-unit Langara Apartments in Issaquah. CBRE’s Jon Hallgrimson and Frank Bosl repped the seller of Northshore, Grosvenor Americas USA.