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JB Matteson Acquires Patriot Pointe Townhomes in North Ogden, UT

North Ogden (November 11, 2024) – JB Matteson, Inc., a 60-year old San Francisco Bay Area-based private real estate investment manager, today announced the acquisition of Patriot Pointe Townhomes, a recently stabilized Class A townhome community in North Ogden, Utah. This is JB Matteson’s first Salt Lake City-area acquisition.

Completed in 2024, the property consists of 129 townhomes with best-in-class interior finishes and a diverse mix of floor plans. Over 90% of the units are two- and three-bedroom townhomes with direct-access garages, ideal for families in Utah. The residences also feature 9-foot ceilings, quartz kitchen countertops, stainless steel appliances, full-size washers and dryers, and dual-pane windows. Construction to add a clubhouse and gym facility consistent with Class A properties in the market will begin shortly and was negotiated as part of the acquisition.

“We’re incredibly excited to enter the Ogden market. Ogden, with a population of 720,000, has grown faster than the national average, adding 97,000 people in the last decade” said Sam Blake, Vice President Investments, Mountain Region. “North Ogden offers a high quality of life, a business-friendly environment, and is relatively affordable compared to downtown Salt Lake City. This latest addition to our portfolio continues JB Matteson’s investment strategy to acquire high quality multifamily projects with modern features and amenities located in major markets in the Western United States.”

The property was acquired off-market. Managing Director Dennis Williams and Senior Vice President Briana DeHaan with Northmarq arranged acquisition financing with a life insurance company. Sage Shepard and Brandon Goodman of Colliers brokered the transaction.