Redmond, WA — Los Angeles-based real estate firm MJW Investments acquired Delano Apartments, an off-market 126-unit multifamily community situated adjacent to Downtown Redmond, WA. The property is within walking distance to the new light rail station and proximity to major employers such as Microsoft, Google, and Amazon. Delano Apartments was built in two phases, 2004 and 2009, as condo-quality construction. The community offers a desirable unit mix averaging 924 square feet with 50% of the units being 2-bedroom and 2-baths.
“The residential setting, walking distance to the future Downtown Redmond Link light rail station, and the strong unit mix offers an exceptional product in the market. We remain confident that the large floor plans will continue to be in high demand and allow us to draft behind the rents of the new construction in the area,” said Tony Cianciolo, MJW’s Head of Acquisitions.
MJW has been an active multifamily buyer, having closed upwards of $100,000,000 of real estate over the past year. MJW acquired the property with a moderately low leveraged agency loan assumption with 3.28% fixed-rate financing and more than 7 years remaining in the loan term.
“During these unique economic times, we are delighted to acquire a high-quality, stabilized asset with below-market fixed rate assumable financing, offering positive leverage day 1. This generational asset on the Eastside will continue to benefit from blue-chip tech giants like Microsoft for years to come,” said Mark Weinstein, MJW’s Founder and President.
This acquisition gives MJW Investments additional scale and management efficiencies across its Seattle MSA portfolio. Delano Apartments is located just 15 minutes north of Ridge at Bellevue. MJW now owns approximately 700 units in the Seattle MSA.