JB Matteson Buys Greater LA Apartments for $82M

By Dees Stribling, Contributing Editor

Ventura, Calif.—JB Matteson Inc. has acquired Vanoni Ranch Apartments in Ventura, Calif., for $82 million. Completed in 2005, the property includes 316 garden-style apartment units in 27 two-story buildings on a 22-acre parcel.

Vanoni Ranch consists of a mix of one-, two- and three-bedroom flats, and two- and three-bedroom townhomes, ranging from 728 square feet to 1,329 square feet. The property’s parking includes 184 garage spaces, 153 covered carports and 249 uncovered open spaces.

Common amenities include two resort-style pools and spas with sundecks, barbeque grills, outdoor furniture and fountains; a private park with a greenbelt; clubhouse and business center; media room; and fitness center. Interiors feature nine-foot ceilings, central HVAC, walk-in closets and oval bathtubs.

Ventura (whose formal name is the City of Buenaventura) is the county seat of Ventura County, located on the coast, and is considered part of greater LA. The property’s location near California 126, the Santa Paula Freeway, gives it access to the US 101 Ventura Freeway, the region’s main freeway connecting to Los Angeles and Santa Barbara, and its primary employment corridor.

Vanoni Ranch is JB Matteson’s sixth recent acquisition in California. Over the next year, Matteson expects to close on more than $200 million in apartment investments in major West Coast markets, aiming for infill locations. E&S Ring Management Corp., which manages other JB Matteson multifamily assets in California, will provide the local property management services for Vanoni Ranch.