|
|
2/15/19
|
MJW Investments has acquired Kentwood Apartments, a 95-unit multifamily community located at 22425 Benson Rd SE, in Kent, WA. This is MJW’s second acquisition in the greater Seattle area as the company is currently focused on growing a portfolio of value-add multifamily and student housing properties in core markets outside of Los Angeles.
The property – which has received only minor improvements since initial construction – features a mix of one-, two-, and three-bedroom floorplans, with approximately half of the units offering an in-unit washer/dryer and fireplace.
“As the Kent market continues experiencing high demand for rental product, Kentwood offers significant room for value-add improvements” said Mark Weinstein, the company’s founder and president. MJW’s planned in-unit renovations and common area enhancements are expected to enhance both the asset and the neighborhood surrounding Kentwood.
The property’s location benefits residents due to its proximity to several nearby employment hubs, public transportation, as well as numerous local amenities.
Dylan Simon, Jerrid Anderson, and Matt Laird of Colliers assisted the seller in the transaction. Shahin Yazdi and Matt Kirisits of George Smith Partners assisted the buyer with financing. Jared Goetz of Tecton will be overseeing operations and the renovation of the property for MJW.
In December, MJW acquired Windermere Apartments at 10746 16th Ave SW in Seattle, in an off-market transaction. The property – which is located in an opportunity zone – will ultimately offer a higher-end rental product competitive with properties typically found in the downtown core, at a more affordable price point.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
