Seattle, WA – MJW Investments has acquired a 38-unit multifamily community located at 10746 16th Avenue SW, approximately 15-minutes south of Downtown Seattle. This is MJW’s first acquisition in the greater Seattle area as the company is currently focused on growing a portfolio of value-add multifamily and student housing properties in core markets outside of Los Angeles.

The property – which is located in an Opportunity Zone and was originally built in 1968 – features a mix of one- and two-bedroom floorplans and has undergone only minor improvements since its construction. “The condition and unique character of the asset provides significant room for value-add improvements. Our vision for the final renovated product will be cosmetically competitive with properties in Downtown Seattle, with units offered at a much more affordable price point,” said Weinstein. “This as a tremendous value-add opportunity in one of the top rental markets in the country,” added DiSimone.  “This acquisition allows us to begin growing a portfolio of properties in the greater Seattle area.”

The property’s location benefits residents due to its proximity to Downtown Seattle and nearby employment hubs, as well as local amenities.

 

 

Giovanni Napoli, Philip Assouad, and Ryan Dinius of IPA assisted the seller in the transaction; Shahin Yazdi and Matt Kirisits of George Smith Partners assisted the buyer with financing. Jared Goetz of Tecton will be overseeing operations and the renovation of the property for MJW.

We are looking to expand our local apartment and nationwide student housing portfolio. Please contact Mark Weinstein, Founder and President, at 310.395.3430 x217/mweinstein@mjwinvestments.com or Michael DiSimone, Director of Acquisitions, at 310.395.3430 x211/mdisimone@mjwinvestments.com for acquisition opportunities.