JB Matteson Acquires Patriot Pointe Townhomes in North Ogden, UT
BISWIRE/Nov. 11, 2024 – JB Matteson, Inc., a 60-year old San Francisco Bay Area-based private real estate investment manager, today announced the acquisition of Patriot Pointe Townhomes, a recently stabilized Class A townhome community in North Ogden, Utah. This is JB Matteson’s first Salt Lake City-area acquisition.
Completed in 2024, the property consists of 129 townhomes with best-in-class interior finishes and a diverse mix of floor plans. Over 90% of the units are two- and three-bedroom townhomes with direct-access garages, ideal for families in Utah. The residences also feature 9-foot ceilings, quartz kitchen countertops, stainless steel appliances, full-size washers and dryers, and dual-pane windows. Construction to add a clubhouse and gym facility consistent with Class A properties in the market will begin shortly and was negotiated as part of the acquisition.
“We’re incredibly excited to enter the Ogden market. Ogden, with a population of 720,000, has grown faster than the national average, adding 97,000 people in the last decade” said Sam Blake, Vice President Investments, Mountain Region. “North Ogden offers a high quality of life, a business-friendly environment, and is relatively affordable compared to downtown Salt Lake City. This latest addition to our portfolio continues JB Matteson’s investment strategy to acquire high quality multifamily projects with modern features and amenities located in major markets in the Western United States.”
The property was acquired off-market. Managing Director Dennis Williams and Senior Vice President Briana DeHaan with Northmarq arranged acquisition financing with a life insurance company. Sage Shepard and Brandon Goodman of Colliers brokered the transaction.
About JB Matteson
JB Matteson is a 60-year-old investment manager providing stable and increasing cash flow distribution from high-quality, investment-grade multifamily assets held for the long term. On behalf of over 600 private capital investors, JB Matteson owns and operates over USD $1.1 billion Class A investment-grade multifamily properties located in major cities in the Western United States. The portfolio includes urban mixed-use and suburban garden-style apartments, diversified by metropolitan area, employment drivers, and resident profile. For more information, visit www.JBMatteson.com.
To learn more about this transaction, please reach out to the JB Matteson Investment team:
Tom Fischer
Principal, Director of Capital Markets
Investments, Northern California and Pacific Northwest
Phone: 415-613-4331
Sam Blake
Vice President,
Investments, Mountain Region
Phone: 650-703-6634
Jamie Blake
Vice President,
Investments, Southern California
Phone: 650-703-2411
If you are interested in learning more about investing with JB Matteson please reach out to:
Katie Ashforth
Vice President,
Investor Relations and Business Development
Phone: 650-703-1896
kashforth@jbmatteson.com
