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MJW Sells Michigan State Student Housing Portfolio
Los Angeles-based MJW Investments has announced the disposition of three student housing properties at Michigan State University, generating a 2.4x equity multiple. The portfolio includes Tower Apartments, Gates and Manor, encompassing 496 beds.
MJW has identified three 1031 exchange opportunities to replace the outgoing assets: a newly built, state-of-the-art student housing complex near University of Nevada Reno and two vintage properties in Vancouver, WA. MJW has now closed on $136 million in multifamily and student housing in 2022.
“We pushed hard to get the best results for our investors and are excited to see many of them continuing to invest in replacement deals that we found. This affords them the opportunity to defer taxes and also enter into cash-flow producing assets with us,” said MJW President, Mark Weinstein.
- ◦Sale/Acquisition
