Vancouver, WA — Los Angeles-based real estate investments firm MJW Investments acquired Avenue 66 apartments, an off-market 56-unit multifamily property situated in one the fastest-growing pockets in the Portland area. The Property is a 2016 vintage low-density garden style product that features a mix of one- and two-bedroom floorplans that average 840 square feet. MJW plans to make light improvements to unit interiors as well as the clubhouse and common areas.
“We’re excited to own this asset and expect our investors to be very happy with the steady cash flow it will provide. We’ve been eyeing Vancouver as a preferred market and we’re excited to finally dip our toes in with this acquisition, we expect to be a much bigger presence in the market within the next few years. The area’s natural tax advantages and continued job growth, coupled with MJW’s asset centric strategy, make this an asset we expect to hold for years to come,” said Mark Weinstein, MJW’s Founder and President.
The Vancouver, WA population grew by 18% over the last decade and offers significant tax benefits to residents who get to pay no income tax and shop in Oregon that has no sales tax. Despite strong historical rent growth and consistently tight vacancy, the development pipeline remains extremely limited and will not support projected population growth.
“With minimal supply planned in the immediate area, consistently tight vacancy, and significant in-migration, we expect the submarket to continue to see high rent growth for years to come.” said Tony Cianciolo, MJW’s Head of Acquisitions. The Property has easy access to the I-5 and I-205 that provide access to job centers in downtown Portland as well as other employment centers such as Columbia Tech Center.
Affinity Property Management will be overseeing operations and the renovation of the property for MJW and Banc of California provided financing.