MJW Investments expanded its student housing portfolio again this month with the purchase of the Campus View Collection, a Class A, 195-bed student housing facility. The three-property, three-building community sits within one block of Michigan State University’s campus in East Lansing, Mich.
This is the California-based real estate company’s second acquisition at MSU.
“We love the school,” explains founder and President of MJW Investments, Mark J. Weinstein. “With this purchase, we were able to find three ‘A’ locations near the school, all with basically new buildings that were structured very well.”
“The units are really amazing,” he adds, listing granite counter tops, high end appliances, and abundant natural light as some of the perks inside the apartments.
Even with an already high inherent value, Weinstein believes there’s strong potential for MJW Investments to manage better, and make Campus View a better investment.
“It was built so well that really we’re trying to brighten up the place and give it a little bit of loving care,” Weinstein describes. “We’re providing things like faster internet, and being more proactive to have more social programs for the students. We want to provide a fun environment so they’ll not only want to live there, but they’ll want to renew with us.”
Still, Weinstein claims that the property’s greatest amenity is its proximity to MSU. In fact, MJW often looks to the quality of the school first when deciding when and where to invest in student housing.
“We want it to be a great school,” says Weinstein, who has led MJW’s strategic growth into student housing. “If the enrollment’s good, and the sports teams are good, you generally do well with the investment.
“We’re willing to go around the country to find that kind of school.”
And their current portfolio proves that they have. The company has placed over $100 million in acquisitions in the past 12 months. Recent purchases include 744 beds at Texas Tech University, 810 beds at Brigham Young University, and 405 beds at Washington State University. Their planning to close on further properties at the University of Illinois this week.
“The reason we’ve been able to get a lot of product and good deals is that we move very quickly on our due diligence, and we have no loan contingencies,” Weinstein explains. “We’ve been successful because we perform, and we’re able to do it quicker because we really understand the market.”
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