126-Unit Delano Complex Sells for $54M to MJW Investments
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.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.