Provo, Utah — MJW is seeking investments such as this acquisition: B or C assets in hard-to-enter markets.
Liberty SquareProvo, Utah — MJW Investments, in partnership with student housing owner-operator MHE Enterprises, has acquired the 816-bed Liberty Square about two blocks from Brigham Young University for $27 million. MJW is a 20-year-old firm that seeks out value-add investments in student housing and multifamily sectors. This acquisition, MJW says, demonstrates a push to acquire more student housing. Together with MHE, MJW has established a $200 million fund for further investment in B and C level assets within walking distance to campuses.
The firm prefers older properties that are close to pedestrian-oriented campuses all over the country. “We are interested in properties that many other potential investors would walk away from since they require too much cap ex or are too old,” says Adam Barzilay, Partner at MJW. “MJW is very opportunistic and will buy scattered site student housing portfolios, distressed notes, and would consider properties with only 100 beds.”
The firm says it liked Provo because it’s a tough market in which to purchase property because most owners are long-term investors and rarely want to sell. Rebranding and some renovations are expected to begin soon at Liberty Square.