California company buys London Flats Apts.
JB Matteson, Inc. acquired the London Flats Apartments, a 146-unit apartment development located on N.E. 18th Street in Vancouver on Tuesday.
London Flats is a newly-constructed 165,371 square foot complex. "London Flats is an example of our West Coast investment strategy to acquire newly-built multifamily projects at a steep discount to actual development costs," said Graham Chernoff, vice president of Redwood City, Calif.-based JB Matteson.
The purchase price was approximately $12,165,000. Representing a group of private investors, JB Matteson acquired the property through a bankrupcy trustee.
Hendricks & Partners of Phoenix listed the property. Freddic Mac provided an acquisition loan of $8.2 million.
Constructed in 2008-9, London Flats' developer was forced into a bankruptcy proceeding and the resulting sale of the property due to economic conditions. The complex will be rebranded as The Addison Apartments.
City of Vancouver suspends fee increases
City Manager Pat McDonnell directed city staff last week to suspend fee increases for 2010. The City Council will be asked to suspend the already-approved 10 percent land-use tax increase set to take effect next year, as well as make the annual Consumer Price Index adjustment for development review and building permit fees for 2010, resulting in a one percent decrease in fees.
Parking permit fee adjustments will also be suspended for 2010. Increases to parking fines and parking meter rates will not be considered next year.
In addition, the city's Transportation Department will ask the Council to forego the annual adjustment to the Transportation Impact Fee Program for 2010.
