Greensboro, N.C.-based multifamily investment and management company Bell Partners Inc. has been secured a contract to manage JB Matteson Inc.’s 17 multifamily properties. Those assets are valued at more than $1 billion.
Bell assumed management of the properties, located in California and Washington, on July 26th. JBM owns and operates Class A, investment-grade multifamily properties in prime West Coast metropolitan areas. The company’s portfolio is comprised of both urban mixed-use assets and suburban garden-style apartments. They are broadly diversified by metro area, resident profile and employment catalysts. JB Matteson is a half-century old, privately held investment manager headquartered in San Mateo, Calif.
“We are proud to have been chosen by JBM, a leading real estate investment management firm, to manage its portfolio of West Coast properties,” Durant Bell, Bell Partners’ executive vice president, business development, said.
“We recognize that JBM has entrusted Bell with their portfolio of premier luxury apartment communities; we are confident that our company will outperform for JBM and its investors.”
JB Matteson co-president and chief investment officer John Bellack reported his company is impressed with the professionalism of Bell Partners.
“From our perspective, we are getting the resources and sophistication of a large organization that has a strategic interest in expanding their West Coast business,” Bellack said. “We felt like they were equally committed to the successful management of our portfolio.”
“The JBM assets are a perfect complement to our existing $250 million California portfolio,” Bell Partners CEO Jon Bell summarized.
“Bell has plans to continue expanding its footprint on the West Coast, and this new relationship is a clear example of our commitment to that objective. We are eager to grow our scale in these important apartment markets and look forward to cultivating an even deeper relationship with JB Matteson in the future.”