News
CATCH OF THE DAY
April 25, 2012
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| JB Matteson president John Bellack caught this fish on the Missouri River in Montana, but he just reeled in something even bigger:Millworks, a 124-unit urban-infill multifamily complex in downtown Novato. The Matteson Cos acquired the property on behalf of private investors for $67M in an area where there’s been very little development, and mid-rise apartments are rare. John told us this week that Millworks, which was built at a cost of $80M, was attractive because of its high-quality design and construction. “It’s well above the standard that you typically see for apartments, because it was built to be sold for condos.” |
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| The mixed-use property, 900 Reichert Ave in Old Town Novato, includes a 39k SF Whole Foods Market and a three-level, 438-space parking garage. Eastdil Secured’s Jeff Weber and Jason Flynn repped seller Signature Properties, while Northmarq arranged acquisition financing from PPM and Sentinel on the residential and retail portions, respectively. |
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| Millworks brings Matteson’s multifamily investments to around 5,000 units. John says the company plans to capitalize on “steadily improving market conditions for apartments and low interest rates,” buying an additional four or five communities on the West Coast this year with a total capitalization of $250M to $300M. Outside of work, John likes to explore music sites: Burning Man last year, New Orleans Jazz Fest in a week or so. |
