Los Angeles real estate companies are turning their attention to farther flung markets and closing deals outside California, from Provo, Utah to Orlando, Fla.
Over the past few weeks, two Westside firms have made significant acquisitions.
Santa Monica-based MJW Investments purchased a student housing community at Brigham Young University in Utah. The price was not disclosed.
MJW acquired the 154-unit, 924-bed community in partnership with Provo, Utah-based Redstone Residential Inc.
With the acquisition, MJW now has more than 7,000 student housing beds across the United States.
Amenities at the property near BYU include a hot tub, sand volleyball court, pool and on-site laundry.
It is MJW’s sixth acquisition in the area.
In March, the company, along with Redstone Residential and Venice-based MHE Enterprises Inc. acquired a 1,156-bed student housing community nearby.
In the most recent acquisition, MJW plans to spend money on the units and amenities to make it a more desirable property. Redstone Residential will oversee the renovations and property operations.
“The property’s close proximity to campus and remarkable offerings are just a few of the aspects that make this property incredibly attractive,” Mark Weinstein, president…