MJW Sees Value of BYU Off-Campus Student Housing Community
MJW Investments recently acquired an off-campus student housing community at Brigham Young University in Utah. The purchase price was undisclosed.
MJW teamed up with Redstone Residential to acquire the 154-unit 924-bed student housing community, adding to what is already the largest off-campus student housing portfolio in the submarket. This is MJW’s sixth acquisition in the submarket as the company continues to grow its portfolio of value-add student housing properties adjacent to major D1 universities. The partnership plans to infuse capital to the existing units and amenities.
“The property’s close proximity to campus and remarkable offerings are just a few of the aspects that make this property incredibly attractive,” said Mark Weinstein, president and founder of MJW Investments. “This brings our 2021 acquisitions to more than 2,000 beds in Provo. We are excited to bring a new living experience for the students at BYU and we are incredibly confident that this will be an enhanced living experience for the students once our capital projects are complete.”
Voya Investments financed the debt for the acquisition and Redstone Residential will oversee operations and the renovations of the property for the partnership.