By Jack Stubbs
Santa Monica, California-based MJW Investments, a real estate company that specializes in the acquisition, development and management of value-add apartment and student housing properties across the U.S., recently made moves to expand its Puget Sound region portfolio.
On June 6th—in a transaction that only recently recorded—the company spent $18.9 million, or about $168,750 per unit, to acquire the Greenview Apartments in Mountlake Terrace, according to Snohomish County records. The seller of the property was Samuel and Co. Inc., a property management company based in Phoenix, Arizona.
The two-story Greenview Apartments property, located at 21406 52nd Ave. W. roughly one mile north of Mountlake Terrace, was built in 1969 and contains 112 units, according to the listing on apartments.com. Greenview Apartments offers one- and two-bedroom units that range from 650 to 750 square feet, and also offers on-site property management services, pool and assigned parking.
Adjacent to Interstate-5, the property is about five miles north of Shoreline and two miles south of Lynnwood, where there is a multi-year transit-infrastructure project in the works that will serve to further connect Snohomish County with the rest of the Puget Sound region.
Following the expected Northgate extension in 2021, Sound Transit’s 8.5-mile Lynnwood Link Expansion—set to open in 2024—will extend into Snohomish County and serve four stations: Shoreline South/145th, Shoreline North/185th, Mountlake Terrace and Lynnwood City Center, according to Sound Transit’s web site. Riders will be able to travel from Lynnwood to Westlake Center in Downtown Seattle in just under half an hour and Downtown Bellevue in under an hour.
MJW Investments is the majority owner of a $700 million diversified real estate portfolio and has a history of transactions totaling over $1 billion, according to the company’s web site. The company—which is currently seeking value-add multifamily properties throughout the Western U.S.—focuses on “improving the lifestyle and economy of the community and bringing a higher quality of life to residents.”
According to The Registry’s reporting, MJW’s last acquisition in the Puget Sound region was in mid-February 2019, when the company spent $14.1 million, or approximately $148,421 per unit, to acquire the 95-unit Kentwood Apartments in Kent from Kentwood/Kent LLC based in Seattle. The company’s portfolio also includes the 31-unit Windemere Apartments in Seattle.
There have not been all that many multifamily property sales in Mountlake Terrace in recent months, though a sale in late May 2019 demonstrates that interest in the Snohomish County city remains. On May 20th, Seattle-based Security Properties spent $136.25 million, or approximately $266,113 per unit, to acquire the 512-unit Taluswood Apartments in Mountlake Terrace—located at 4208 236th Street SW—from Chicago-based real estate investor and property management company Waterton Associates.
