MJW teamed up with Artisan Capital in their first deal together to acquire the 508-bed student housing property. The 2020 vintage property has a 1:1 bed to bath ratio in all units, and features amenities such as study rooms on each floor, a brand new fitness center, lounge, game room, pet care station, rooftop courtyard, and indoor bike and ski storage. This is MJW’s 3rd student housing property acquisition in 2021, and its first in the Reno market.
The Property is located walking distance to UNR’s campus, and two city blocks away from the new College of Business which is expected to deliver Fall 2023. Proximity to campus is a key factor for students when determining where to live off campus and will help ensure continued demand for the Property. “The property’s close proximity to the new developments on campus as well as the City of Reno’s economic development plan for the area are just a few reasons we’re excited to own this property” said Mark Weinstein, President and Founder of MJW investments.
Barings provided financing for the acquisition.
MJW has been an active multifamily and student housing buyer, having closed upwards of $210,000,000 of real estate in 2021.