New M-F Deal Completed in Seattle as Company Continues Shopping Spree

As Seattle continues to grow and its development pipeline keeps being populated, investors are obviously keeping one eye on the city’s multifamily assets. One company that has recently moved on the market is JB Matteson Inc, with the company announcing the acquisition of Greenhouse Apartments, in a deal worth $32.1 million. The San Mateo, CA-based company is the new owner of the Columbia City residential asset. Property management services will be handled by E&S Ring Management Corporation, who currently manages other JB Matteson properties.

As Seattle continues to grow and its development pipeline keeps being populated, investors are eyeing the city’s multifamily assets. One company that has recently moved on the market is JB Matteson Inc., which announced the acquisition of Greenhouse Apartments in Columbia City, in a deal worth $32.1 million. The San Mateo, Calif.-based company has retained its regular property manager, E&S Ring Management Corp., for the new property.

Built in 2012, the five-story apartment complex is located at 3701 S. Hudson St. The building was particularly attractive due to its LEED Silver certification and energy efficiency characteristics. The property occupies a 0.85-acre parcel and offers 124 residential units, including both one- and two-bedroom floor plans and a controlled-access garage. The amenity package at the site includes a rooftop garden, a fire pit, individual garden plots, fitness facilities, bicycle parking, a community room, as well as 60 units of storage space.

The units offer renters washer/dryer units, stainless steel appliances, granite countertops and large operable windows, while some apartments also feature private balconies/patios and walk-in closets. The acquisition marks JB Matteson’s application of a policy of acquiring newly completed multifamily assets in infill locations in major markets on the U.S. West Coast. The property falls in line with the January 2013 purchase of the Langara Apartments in Issaquah. According to a press statement from JB Matteson, the company is set to close on $200 million worth of multifamily deals in West Coast markets in the next year.