Bellevue, WA – MJW Investments acquired Easton Court, a 90-unit multifamily property situated approximately 7-minutes west of Downtown Bellevue. Easton Court provides significant room for value-add improvements. The transaction was sourced off-market and acquired at a price well below replacement cost. Eastside Bellevue is an irreplaceable infill location. The presence of top employers, including Facebook, Microsoft, Amazon and Google makes Bellevue one of the nation’s most forefront innovation centers. This is MJW’s seventh acquisition in the greater Seattle area, as the company is currently focused on growing a portfolio of multifamily properties in high growth suburban markets.
The property features a mix of studios, one- and two-bedroom floorplans, and has undergone minor improvements along with light interior renovations to select units. MJW will implement a capital expenditure plan that will upgrade the exterior of the asset, the common areas, and the interior units.
“We’re excited to expand our presence in the Seattle MSA by acquiring a rare opportunity of scale in Bellevue. The submarket will continue to benefit from the expansion of top employers, including Amazon and Facebook, as well as the forthcoming light rail service, further solidifying Bellevue as one of the premier technology hubs in the country,” said Mark Weinstein.
The property’s location benefits residents due to its proximity to major technology employers, urban amenities, and easy access to Downtown Seattle.
“With 10 million square feet of office space projected for delivery on the Eastside by 2025, the rapid job growth in the submarket will simultaneously drive strong apartment rental demand and rental growth in the years ahead,” said Tony Cianciolo, Head of Acquisitions for MJW.
Jared Goetz of Tecton will be overseeing operations and the renovation of the property for MJW.
MJW has been an active multifamily and student housing buyer, having closed upwards of $130,000,000 of real estate thus far in 2021.