East Lansing, Mich. — MJW Investments has acquired 2900 Place Apartments, a 301-bed student housing property within walking distance to Michigan State University. MJW Investments closed escrow on 2900 Place on Nov. 4.
The property’s amenities include a pool, study center, recreation room, gym and computer room. MJW says it will soon offer furnished units and provide additional upgrades to common areas.
MJW Investments began investing in student housing in 2008 with acquisitions at the University of Oregon and the University of California, Santa Barbara. Over the past 12 months the group has closed on 810 beds at Brigham Young University in Provo, Utah; 405 beds at Washington State University in Pullman, Washington; as well as smaller properties at the University of Oregon in Eugene, Oregon.
2900 Place is the most recent acquisition associated with the $200 million student housing value-add fund, established by MJW Investments. The group seeks out B and C level assets within walking distance to campus with repositioning opportunities.
The group says it has nearly doubled the NOI on several properties in its student housing portfolio.