By Meghan Hall
Santa Monica, Calif.-based MJW Investments is moving quickly to expand its Puget Sound apartment portfolio. The company recently closed on its third 2020 acquisition, buying the Sunset Park apartment complex for $28.75 million, or about $231,850 per unit. According to public records, the sale closed on Christmas Eve. The seller is affiliated with Pacific Living Communities.
Located at 11202 2nd Lane SW, the complex was originally built in 1988 and totals 124 units. The property was later renovated in 2010. The community features a mix of one- and two-bedroom units. Apartments range in size from about 640 square feet to 970 square feet, based on data from Apartments.com. Rents begin at about $1,416 per month. Community amenities include a clubhouse, fitness center and pool, game room and playground. A breakfast and coffee concierge is also available to residents.
MJW’s acquisition of the Sunset Park complex is its sixth in the region and follows two other purchases this year. In February, the firm purchased the View Ridge Park Apartments, a 71-unit community in Burien, Wash., for $11.9 million in an off-market transaction. In January, MJW also acquired Arden Park Apartments, a 36-unit community in Kent.
In March, MJW Investments announced that it was creating a $500 million fund to focus on value-add multifamily and student housing, joint venture opportunities and distressed debt and note sales. The fund intends to target the Puget Sound and was increased from $300 million to $500 million after strong investor demand.
“MJW Investments continues to aggressively expand our multifamily and student housing portfolio,” MJW’s website states. “We are disciplined and extremely selective in acquisitions—focusing on unique property attributes that we believe will lead to enhanced investor returns while providing downside protection.”
MJW targets value-add through core-plus opportunities in target markets such as California, Washington, Utah, Arizona, Colorado and Texas. Assets must have at least a minimum of 50 units and includes Class B and C properties in transitioning neighborhoods. Currently, MJW’s portfolio includes 1,000 multifamily units and 5,000 student housing beds across eight states. The company has a historical transaction volume of more than $1 billion, with its current portfolio value estimate at $850 million.