Burien, WA – Santa Monica, CA based MJW Investments has acquired View Ridge Apartments – a 71-unit multifamily community located at 12311 Ambaum Blvd SW, in Burien, WA – in an off-market transaction.
The property – which has received few improvements over the last several years – features a mix of large one-, two-, and three-bedroom floorplans, with units offering an in-unit washer/dryer, storage, and private patio. The property is located approximately one-mile south of a 38-unit community which was acquired by MJW Investments a year ago and represents MJW’s fifth acquisition in the greater Seattle market.
“The overall Seattle market continues to perform well as renters are increasingly looking for affordability while maintaining proximity to employment and urban amenities” said Mark Weinstein, the company’s Founder and President. “The asset and residents will benefit from immediate capital improvements,” added Michael DiSimone, MJW’s Director of Acquisitions. “Going forward, we expect the area to continue performing well, especially as some of the nearby opportunity zone related developments come to fruition.”
Nick Hemming from Paragon Real Estate Advisors represented MJW Investments in the transaction, financing was arranged by Shahin Yazdi and Matt Kirisits of George Smith Partners, and Jared Goetz from 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 firstname.lastname@example.org or Michael DiSimone, Director of Acquisitions, at 310.395.3430 email@example.com for acquisition opportunities.