GREENSBORO, NC - Bell Partners Inc., one of the nation's leading apartment investment and management companies, announced 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."