JB Matteson Acquires Greenhouse Apartments in Seattle’s Columbia City Neighborhood
San Mateo, Calif.-based JB Matteson Inc., has acquired the 124-unit, Class A Greenhouse Apartments community in Seattle’s Columbia City neighborhood for $32.1 million.
By Joshua Ayers, Senior Editor
Seattle—San Mateo, Calif.-based JB Matteson Inc. has acquired the 124-unit, Class A Greenhouse Apartments community in Seattle’s Columbia City neighborhood for $32.1 million.
The community, which was completed in 2012 and earned a LEED Silver certification for energy efficiency, was purchased from Seattle-based Harbor Urban and partner Ares Management. Greenhouse Apartments will be managed by E&S Ring Management, which provides service for JB Matteson’s multifamily assets and other assets in Washington.
The acquisition—the company’s second recent transaction in the Seattle area—is part of JB Matteson’s plan to update and improve its portfolio by purchasing properties less than 10 years old located in infill sections of major markets on the Western seaboard. The company is poised to close more than $200 million in apartment investments on the West Coast over the next year.
“The property is an excellent example of our investment strategy focused on apartment properties built in the 2000s or newer, with 100 units or greater, located in vibrant West Coast markets with strong employment drivers and attractive demographic characteristics,” says John Bellack, president of JB Matteson.
Greenhouse Apartments is located about four miles southeast of downtown Seattle and a mile West of Seward Park on Lake Washington. The transit-oriented community features a rooftop garden with fire pit, individual garden plots, fitness center, bicycle parking, community room, 60 on-site storage spaces, and private controlled-access garage. The building’s residences are comprised of studio, one- and two-bedroom floor plans, which include washer and dryer, stainless steel appliances, granite countertops and large operable windows. Select units include private balconies or patios, as well as walk-in closets.
Greenhouse Apartments’ proximity to transit hubs such as the Light Rail Station (three blocks away) and a host of bus stops offers convenient commutes to major employment centers in the Seattle area including Boeing, Amazon and REI. Its 3701 S. Hudson Street location is less than a block from the Columbia Center core of shopping, dining and retail, which has earned the community a Walk Score of 98.
