JB Matteson Acquires Northshore Townhomes in Kenmore in $22M Deal
- Sep 29, 2014
A rental condominium property in Kenmore, Wash., is the latest asset to become part of JB Matteson’s shopping spree on the West Coast. The San Mateo, Calif.-based private real estate investment manager recently acquired the Northshore Townhomes from seller Grosvenor Americas USA for $22.1 million. The third multifamily asset the company has acquired during the past few years, it joins the Langara Apartments in Issaquah and the Greenhouse Apartments in Seattle. The transaction was arranged by a CBRE team.
The 86-unit Northshore Townhomes is located at 7000 NE 186th Place near the northern tip of Lake Washington in Kenmore. The rental condominium units are divided into 11 different buildings, which feature two- and three-bedroom townhomes averaging 1,446 square feet. Northshore Townhomes also offers a parking component in a mix of private garages, carports and open stalls that can accommodate as many as 125 vehicles. The property is located in a neighborhood that features a number of desirable dining venues, as well as a highly recognized school district. The city of Kenmore also offers proximity to local and state parks.
The units of the Northshore Townhomes offer large floor plans, condo-level finishes and amenities such as high ceilings, washer/dryers in every unit, granite countertops and stainless steel appliances in kitchens, and hardwood floors. A landscaped central courtyard with a gazebo, BBQ area, dog run and playground are also part of the mix. Townhomes offer residents private one-, tandem- or two-car garages with direct access to the units. According to John Bellack, president of JB Matteson Inc., the property “fits within our strategy of acquiring new, high-quality multifamily properties in major metropolitan areas,” likening the property to the company’s other Seattle-area assets.