Vancouver, WA — Los Angeles-based real estate investments firm MJW Investments acquired 134th St Lofts, an off-market multifamily property situated in one of the fastest-growing pockets of the Portland MSA. The newly constructed (2021) 124-unit asset was strategically acquired to pair with MJW’s other assets in this market. 134th St. Lofts is a 5-story, elevator served community offering a desirable unit mix of 1- and 2-bedroom units averaging 875 square feet.
“We’re excited to own this asset and expect our investors to benefit from the durable and steady cash flow the property will generate. The area’s natural tax advantages, proximity to ample medical jobs, and continued job growth make this an asset we expect to hold for years to come,” said Mark Weinstein, MJW’s Founder and President.
This acquisition gives MJW Investments additional scale and management efficiencies through its successful scattered site execution. 134th St Lofts is located just 8 minutes north of Leverich Apartments and 12 minutes northwest of Avenue 66. MJW now owns over 200 units in the Vancouver, WA submarket.
MJW is interested in expanding in the Vancouver, WA for many reasons including but not limited to population growth of over 18% over the past decade and the Washington submarket offers significant tax benefits to residents who pay no income tax and shop in Oregon with no sales tax. “Salmon Creek is situated in one of the best pockets of Vancouver and directly benefits from the medical and education jobs surrounding the property. With no new supply coming online in the near term, we expect housing in the area to be in high demand, fueling rent growth,” said Tony Cianciolo, MJW’s Head of Acquisitions.
134th St. Lofts is surrounded by multiple hospitals within a 1-mile radius, including Kaiser Permanente and Legacy Salmon Creek Medical Center. Additionally, 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.
MJW has been an active multifamily and student housing buyer, having closed upwards of $280,000,000 of real estate over the past year. Affinity Property Management will oversee operations for MJW. First Republic Bank provided financing.