Bell Partners Awarded Contract to Manage 17 Multifamily Assets on West Coast
GREENSBORO, N.C. (July 30, 2018) — Bell Partners Inc., one of the nation’s leading apartment investment and management companies, announced today that the Company has been awarded a contract by JB Matteson, Inc. (JBM), a private real estate investment firm, to manage its 17 multifamily assets valued at over $1 billion. The JBM apartment communities are located in California and the State of Washington. Bell assumed management of the properties on July 26th.
JB Matteson is a 50-year old privately held investment manager headquartered on the San Francisco peninsula. On behalf of several hundred private capital investors, JBM owns and operates Class A, investment grade multifamily properties located in major metropolitan areas on the West Coast. Its portfolio includes both urban mixed-use assets and suburban garden style apartments with a broad diversification by metropolitan area, employment drivers, and resident profile.
Commenting on the agreement, Durant Bell, Bell’s Executive Vice President, Business Development, said: “We are proud to have been chosen by JBM, a leading real estate investment management firm, to manage its portfolio of West Coast properties. We recognize that JBM has entrusted Bell with their portfolio of premier luxury apartment communities, and we are confident that our Company will outperform for JBM and its investors.”
John Bellack, Co-President and Chief Investment Officer of JB Matteson, commented, “We were impressed with the caliber of people and level of professionalism at Bell Partners. From our perspective, we are getting the resources and sophistication of a large organization that has a strategic interest in expanding their West Coast business. We felt like they were equally committed to the successful management of our portfolio.”
Bell Partners offers third-party management services for clients on single or multiple assets. The Company treats its clients’ assets as its own and strives to deliver strong performance through increased revenue, optimized expenses and efficient operations. Bell’s national presence provides the Company with opportunities to create additional value, while its local expertise ensures timely responses to the changing demands of the marketplace.
Bell Partners’ Chief Executive Officer, Jon Bell, said: “The JBM assets are a perfect complement to our existing $250 million California portfolio. Bell has plans to continue expanding its footprint on the West Coast, and this new relationship is a clear example of our commitment to that objective. We are eager to grow our scale in these important apartment markets and look forward to cultivating an even deeper relationship with JB Matteson in the future.”
About Bell Partners Inc.
Established in 1976, Bell Partners Inc. (“Bell Partners” or the “Company”) is a privately held, vertically integrated apartment investment and management company focused on high-quality multifamily communities throughout the United States. With approximately 50,000 units under management, Bell Partners is one of the largest apartment operators and renovators in the United States. The Company has approximately 1,250 associates and 8 offices (including its headquarters in Greensboro, N.C.) and offers an extensive and full service platform containing expertise in acquisitions and dispositions, financing, property operations, accounting, risk management and all other related support functions. Bell Partners is led by a senior management team with an average of over 20 years of experience that has invested throughout all phases of the real estate cycle and has helped the Company complete over $13 billion of apartment transactions since 2002, including nearly $1.2 billion in 2017 transaction. For more information, visit our website at www.bellpartnersinc.com.
About JB Matteson
JB Matteson is a 50-year-old privately held investment manager located on the San Francisco peninsula. On behalf of several hundred private capital investors, JB Matteson owns and operates Class A, investment grade multifamily properties located in major metropolitan areas on the West Coast. The Company’s investment strategy is to accumulate a high-quality portfolio of newer (built since 2000), Class A apartments comprising 100 units or greater situated in close-in locations of major cities. The West Coast markets tend to outperform other markets in the country in terms of occupancy and rent growth, resulting in growing cash flow growth and appreciation.
JB Matteson’s $1 billion portfolio is diversified among major metropolitan areas along the West Coast. The portfolio includes both urban mixed-use assets and suburban garden style apartments. The portfolio enjoys diversification by metropolitan area, employment drivers, and resident profile. Investment criteria include regional economic factors such as employment drivers, population density, public transportation, walk-ability, supply constraints, replacement cost, property functionality, and opportunity to improve operations. For more information, visit www.JBMatteson.com.
CONTACTS:
Durant Bell
Bell Partners Inc.
Phone: 336-232-1900
Email: dbell@bellpartnersinc.com
Laurenn Wolpoff
King Street Advisors
Phone: 917.518.9011
Email: lwolpoff@king-consult.com