JB Matteson Buys $53M Seattle Property
- May 09, 2018
JB Matteson Inc. has expanded its Puget Sound region portfolio with the acquisition of Origin Apartments, a 153-unit community in the Lake City area. The transaction marks the addition of the company’s fifth asset in Seattle. Summerhill Apartment Communities sold the Class A property for $53 million.
The site at 12311 32nd Ave. N.E. is located seven miles from downtown Seattle, in proximity to employers such as Boeing, Amazon, University of Washington and Microsoft. The site is adjacent to Route 522, while Lake Washington is less than one mile away.
Built in 2017, the 114,903-square-foot Origin Apartments provides studios, one- and two-bedroom units, as well as lofts and townhomes. The apartments feature nine-foot ceiling heights, stone kitchen countertops, stainless steel appliances, dual-pane windows and patios or balconies. Common-area amenities include:
- rooftop deck with barbeque and seating areas
- fitness center
- covered outdoor seating area with fire pits
- dog park
- lounge and media viewing areas
- secured underground parking with elevator access to individual floors
“Origin Apartments offers close-in to Seattle living with an abundance of walkable retail, restaurants and entertainment options,” said John Bellack, co-president & chief investment officer at JB Matteson, in a prepared statement. “This latest addition to our portfolio advances our long-term interest in acquiring new, high-quality assets in major metropolitan areas on the West Coast.”
Images courtesy of JB Matteson Inc.