JB Matteson’s Investment Strategy Pays Off Again

The company's new California acquisition offers an urban setting and nearby conveniences.
jb matteson

San Mateo, Calif.—JB Matteson Inc. has acquired Theatre Square Waterfront, a 96-unit Class A multifamily property located in downtown Petaluma, Calif., for $29.75 million.

The company also owns 99 units in downtown Petaluma called Theatre Square Apartments and Lofts, and plans to operate all three buildings as a single 199-unit property.

“We liked the downtown setting, within walking distance to restaurants, shops and the new SMART rail,” John Bellack, JB Matteson Inc.’s co-president and CIO, told MHN. “The ability to operate it as part of our Theatre Square Apartments was also appealing.”

Located at First and D Streets, Theatre Square Waterfront comprises 96 town home and loft units totaling 89,283 square feet and two commercial spaces totaling 4,892 square feet with 112 parking spaces on 2.71 acres.

The quality unit finishes include granite counter tops, hardwood cabinets and washers/dryers plus attached and covered parking, all amenities desired by the community whose average household income within a three-mile ring exceeds $95,000.

“As a modern Class A West Coast apartment property built since 2000, the property fits well with JB Matteson’s investment strategy,” Bellack said. “The downtown location appeals to a broad array of residents, due to the nearby conveniences and social experience of an urban setting.”

Originally built in 2007, there are currently six vacant suites in shell condition and Bellack said the company plans to build them out as residential units.

This acquisition marks JB Matteson’s fourth acquisition of modern Class A multifamily properties located in downtown environments in San Francisco’s North Bay submarket, including Millworks in Novato and Rafael Town Center in San Rafael.

Seth Siegel and Glen Dowling of Cushman & Wakefield represented the seller, who developed the property.