Los Angeles-based firm MJW Investments acquired Delano Apartments, an off-market 126-unit multi-family community near downtown Redmond, Washington. MJW acquired the property with a moderately low leveraged agency loan assumption with 3.28% fixed-rate financing and more than seven years remaining in the loan term.

“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.

“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.