Investment Firm Nabs Portland-Area Multifamily Community
Los Angeles-based MJW Investments has acquired Avenue 66 apartments, an off-market 56-unit property situated in one of the fastest growing Portland, OR submarkets. Avenue 66 is a low density, garden style complex that features one- and two-bedroom floor plans that average 840 square feet.
The community is located in Vancouver, WA which has seen 18% population growth in the last decade thanks partly to unique tax benefits for residents who pay no income tax and shop in Portland, which has no sales tax. Despite the strong rent growth, the development pipeline remains limited.
“We’ve been eyeing Vancouver as a preferred marked and we’re excited to finally dip our toes in with this acquisition. The area’s natural tax advantages and continued job growth, coupled with MJW’s asset centric strategy, make this an asset we expect to hold for years to come,” said MJW’s Founder and President, Mark Weinstein.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.