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Ventura apartments sell for $82M

By   /   Thursday, October 17th, 2013  /   Comments Off on Ventura apartments sell for $82M

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A 316-unit apartment complex in Ventura has changed hands for $82 million, one of the largest such deals in recent years.

San Mateo-based private real estate investment management firm JB Matteson purchased the luxury Vanoni Ranch Apartments at 10676 Veronica Lane in Ventura. The seller was undisclosed.

The apartment complex consists of 27 two-story buildings spread across 22 landscaped acres, the buyer said in its Oct. 17 announcement. The apartments are a mix of one-, two- and three-bedroom flats, and two- and three-bedroom townhomes, averaging 936 square feet each. The complex also includes parking, two swimming pools, a clubhouse and business center, media room and fitness center, among other amenities.

In a statement, JB Matteson said its acquisition strategy is focused on multi-family properties built within the last 10 years and typically located in infill locations on the West Coast. The firm said it expects to close more than $200 million in apartment investments over the next year. The recent purchase represents its first asset in the Tri-Counties.

“The property is in line with our investment strategy focused on apartment properties built in the 2000s or newer, with 100 units or greater, located in vibrant West Coast markets with strong employment drivers and attractive demographic characteristics,” JB Matteson President John Bellack said in a statement.

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