Why MJW Investments is Spending $200M on Student Housing
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With thousands of new and newly renovated units hitting the pipeline, multifamily continues to be the hottest asset class. MJW Investments president Mark Weinstein tells us one space his firm is seeing a lot of upside in is student housing. Mark's company has two parallel multifamily businesses: student housing and regular market rate product. Regarding the former, he just closed on 744 beds at Texas Tech in Lubbock. Along with acquisitions at BYU, Washington State and Michigan State, the Class-A project is among nearly 3,000 beds Mark has purchased in the past two years through a $200M student housing value-add fund. He says all those units are leased.
Mark, flanked by MJW partner/acquisitions director Adam Barzilay and asset management director Brennen Degner, says the way properties are priced, sellers are asking buyers to pay in advance for value that may be created through renovation, as opposed to current income.