Bellevue Forecast Portends Bright Skies Ahead

Easton Court, a 90-unit multifamily property situated approximately 7 minutes west of downtown Bellevue, provides significant room for value-add improvements. With this concept in mind, MJW Investments recently acquired the property which was sourced off-market and acquired at a price well below replacement cost.

The presence of top dogs such as Facebook, Microsoft, Amazon and Google is a key reason why Bellevue ranks near the top rungs of innovation centers. And, Bellevue will continue to benefit from the forthcoming light rail service, say reps for MJW.

The property features a mix of floorplans, and has undergone minor improvements along with light interior renovations to select units. MJW will now implement a capital expenditure plan that will upgrade the exterior of the asset, the common areas and the interior units.

This is MJW’s seventh acquisition in the greater Seattle area as the company is currently focused on growing a portfolio of multifamily properties in high-growth suburban markets.

“With 10 million square feet of office space projected for delivery on the Eastside by 2025, the rapid job growth in the submarket will simultaneously drive strong apartment rental demand and rental growth in the years ahead,” said Tony Cianciolo, head of acquisitions for MJW.

Jared Goetz of Tecton will be overseeing operations and the property renovation for MJW.