Provo, UT – MJW Investments (“MJW”) is pleased to announce their latest acquisition of a student housing community at a prominent university in Utah. MJW teamed up with MHE Enterprises and Redstone Capital Partners to acquire the 194-unit, 1,156 bed student housing community adding to what was already the largest student housing portfolio in the submarket. The property features amenities such as a swimming pool, a spa, on-site laundry, a volleyball court, and game area with a billiards and ping pong. This is MJW’s fifth acquisition in the submarket as the company continue to grow their portfolio of value-add student housing properties adjacent to major, D1 universities.
The partnership plans to infuse the asset with capital to create a sought after and desirable off-campus housing option for the students, upgrading the existing units. “The property’s locationand amenities are key factors for students when determining where to live off-campus” said Mark Weinstein. “The acquisition allows us to grow our already robust portfolio in the submarket and take advantage of economies of scale. It is also another example of our growing Co-GP platform, where we team up with best-in-class operators with boots on the ground,local expertise.”
Voya Investments financed the debt for the acquisition and Redstone Residential will oversee operations and the renovations of the property for the partnership.
MJW Investments continues to be an active buyer in the multifamily and student housing space.
This acquisition brings MJW’s total student housing bed count to over 6,500 nationwide.