LOS ANGELES, CA. – February 14, 2022 – Los Angeles-based real estate investment firm MJW Investments is pleased to announce their first market activity of 2022 with the sale of Thrive Tempe, a 110-unit apartment property located in Tempe, AZ. The firm purchased the property in 2018 and the sale closed in February 2022. The property netted a 39% IRR and 3.6x equity multiple.
MJW executed on the business plan to convert the asset from a traditional student housing building to a market rate property while completing a full overhaul of the common areas and unit interiors.
About the sale MJW President Mark Weinstein said, “We’re very pleased to produce results like this to our investors by finding assets in great locations that have significant room for growth and look forward to providing future opportunities.” With ample capital now freed up, MJW utilized their industry wide relationships to identify a 1031 exchange opportunity in a brand-new, state-of-the-art, student housing asset near the University of Iowa.
Thrive Tempe was built in 1986 and is located at 1137 and 1140 East Orange St., Tempe AZ. The property comprises 110 one-and two-bedroom units. The community features two swimming pools, poolside cabanas, a resident clubhouse, a barbeque grilling station with outdoor dining, three on-site laundry facilities, and a pet park.
In 2021, MJW completed over $210M in multifamily and student housing acquisitions. Kicking off 2022 on an even stronger note, MJW currently has approximately $135M under contract.
The deal was marketed and flawlessly executed by Matt Pesch and Jeff Seaman of the CBRE Phoenix Multifamily team.
MJW is looking to expand its multifamily and student housing portfolios. For acquisition opportunities, contact Tony Cianciolo, Head of Acquisitions, at tcianciolo@mjwinvestments.com.
About MJW Investments
MJW Investments is the majority owner and manager of a $1Billion + diversified real estate portfolio. Active in every area of commercial real estate, MJW takes pride in making well-timed, disciplined, and strategic investment decisions. The company specializes in revitalizing and repositioning multifamily and student housing properties with locational advantages in markets that have high barriers to entry. MJW’s experienced team looks at every component that affects a project, taking into consideration all the resources required to help a community prosper and grow: retail, recreation, entertainment, lifestyle, living space, and transportation. Throughout its more than twenty-year history, MJW Investments has maintained its passionate vision to stimulate economic prosperity, build community, and enrich individual lifestyles by pioneering intelligent urban redevelopment and renovation projects.
