Matteson Companies of San Mateo, Calif., has purchased the Langara, a 134-unit apartment property in Issaquah for $28,200,000. Matteson bought the complex, located at 5105 Issaquah-Pine Lake Road, from Polygon Northwest Properties.

John Bellack, president of JB Matteson, Inc. said the company has investment officers in each of its West Coast regions who search out properties. Matteson is concentrating its efforts on an apartment portfolio of properties built within the past 10 years that have more modern amenities and less deferred maintenance. Langara was built in 2001.

Over a 15-month period, Matteson expects to close over $300 million in apartment investments in major West Coast markets, in suburban infill locations and in major coastal markets. The company is concentrating on Arizona, California, Washington and Oregon.

When asked about a slight drop in average rents on the Eastside, he said rents are driven by supply and demand and the Eastside has a modest amount of new units relative to downtown Seattle.

“Investing is a matter of identifying risk,” Bellack said. “Intrinsically, people follow jobs.”

Bellack said the long-term financing closed Jan. 15. The loan was structured over seven years at 3.5 percent interest with predominantly full-term interest only.

Matteson targets 5.5 percent or greater cash flow returns, which are enhanced by significant tax shelter from depreciation.

Bellack said the property will be managed by a third-party management company, E & S Ring.