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JB Matteson Acquires Origin Apartments

JB Matteson acquired Origin Apartments for $53M.

JB Matteson Inc., a San Francisco-based private real estate investment manager, recently purchased Origin Apartments from Summerhill Apartment Communities for $53M. 

The 153-unit, 115K SF structure was built in 2017 and is JB Matteson’s fifth Seattle-area acquisition. It is in the Lake City neighborhood, which is 7 miles from downtown. Amenities include a rooftop deck with barbecue and seating areas, a fitness center, outdoor seating with fire pits and a dog park. It also has underground parking with elevator access. It is less than a mile from the Burke-Gilman Trail and Mathews Beach Park on Lake Washington.

JB Matteson co-President and Chief Investment Officer John Bellack said in a release that Seattle is one of the fastest-growing and dynamic cities in the country. With vacancy rates at about 4% in 2017 and rental rates growing at 7.1%, the area fits with its investment plan.

“The latest addition to our portfolio advances our long-term interest in acquiring new, high-quality assets in major metropolitan areas on the West Coast,” Matteson said.

The company also owns GreenHouse in Columbia City, Langara in Issaquah and Northshore Townhomes in Kenmore. In addition, it owns Reflections at the Park in Vancouver, Washington.