JB Matteson Acquires Mixed-Use Community in Petaluma, Calif.
- Jun 23, 2014
Petaluma, Calif.—JB Matteson has announced the acquisition of Theatre Square Apartments in Petaluma, Calif. The 99-unit, mixed-use community was purchased $32.5 million from the original developer, Basin Street Properties, which was represented by Seth Siegel of Cushman & Wakefield.
Located at 151 Petaluma Boulevard and 101 Second Street in downtown Petaluma, the Class-A asset was completed in 2005 and offers a mix of one-, two- and three-bedroom units, 43 of which are loft-style rentals. The community’s commercial component includes 22,250 square feet of ground-level office and retail space that is already 100 percent leased. The purchase marks JB Matteson’s eighth recent acquisition in California.
“Together with Rafael Town Center and Millworks, we now have a significant assemblage of Class A urban apartment properties north of the Golden Gate Bridge,” says John Bellack, president of JB Matteson, which purchased those properties within the last year. “Like our other recent North Bay acquisitions, Theatre Square Apartments appeals to the lifestyle renters who enjoy walkable downtown amenities and transportation options.”
Theatre Square Apartments offers upscale residences that include granite countertops, central air, full-size washer and dryer, high-speed Internet, walk-in closets and large dual-pane windows. The loft units include high-ceilings, finished concrete floors and track lighting that help give the units a modern industrial character.
The community’s location within Petaluma’s Theater district offers a host of entertainment within walking distance including Boulevard Cinemas, Mystic Theater, Walnut Park, shops, restaurants, office space and other nightlife activities. In addition to the abundance of shopping and food venues, the community, which boasts a Walk Score of 97, is located near the Petaluma River, where recent enhancements have included the addition of benches, rustic light poles walkways, overlooks and a footbridge that crosses the river.