MJW Investments Acquires 124-Unit Multifamily Community Off-Market in Seattle, WA
Seattle, WA – MJW Investments acquired Sunset Park, a 124-unit multifamily community located at 11202 2nd Ln SW, approximately 15-minutes south of Downtown Seattle. The property features amenities such as a sauna, swimming pool, clubhouse lounge with deluxe kitchen, and fireplace. There is a large play area, on-site laundry facilities, and fitness center. This is MJW’s fifth 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 features a mix of one- and two-bedroom floorplans and has undergone minor improvements along with light interior renovations to a handful of the units. “The condition and character of the asset provides significant room for value-add improvements as well as operational streamlining. 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 Mark Weinstein. “This acquisition allows us to augment our growing portfolio of properties in the greater Seattle area and take advantage of economies of scale.”
The property’s location benefits residents due to its proximity to Downtown Seattle and nearby employment hubs, as well as local amenities.
David Sorensen of Berkadia assisted the seller in the transaction; Allan Freedman of Berkadia assisted the buyer with financing. Jared Goetz of Tecton will be overseeing operations and the renovation of the property for MJW.
“Sunset Park is an attractive property that is poised to take advantage of a rapidly growing South Seattle submarket and offers the new owner significant upside through a future value-add program. We believe this was a very successful result for the buyer and seller alike,” said Sorensen. Freedman added, “the financing enables the client to perform their value-add strategy with interest only financing during the rehab period while having flexibility to get out of the loan at a later date with a very low prepayment penalty.”
MJW was an active buyer in 2020, closing $100 million of real estate. 2021 is off to a strong start with a $110 million portfolio in escrow to purchase.