Provo, UT – MJW Investments (“MJW”) is pleased to announce their latest acquisition of an off-campus student housing community at Brigham Young University (BYU) in Utah. MJW teamed up with Redstone Residential to acquire the 154-unit, 924 bed student housing community adding to what is already the largest off-campus student housing portfolio in the submarket. The property features amenities such as a sand volleyball court, hot tub, swimming pool, on-site laundry, and game area. This is MJW’s sixth acquisition in the submarket as the company continues to grow its portfolio of value-add student housing properties adjacent to major, D1 universities.
The partnership plans to infuse capital to the existing units and amenities, which will create a sought after and desirable off-campus housing option for the students. “The property’s close proximity to campus and remarkable offerings are just a few of the aspects that make this property incredibly attractive” said Mark Weinstein, President and Founder of MJW Investments. “This brings our 2021 acquisitions to more than 2,000 beds in Provo. We are excited to bring a new living experience for the students at BYU and we are incredibly confident that this will be an enhanced living experience for the students once our capital projects are complete.”
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 7,000 nationwide.