LARKSPUR, Calif., Aug. 05, 2024 (GLOBE NEWSWIRE) — Virtú Investments (“Virtú”), a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States, today announced it has acquired ALX, a 313-unit multifamily property in San Diego, CA.
Virtú sees San Diego as an ideal location for investment based on the city’s limited housing supply and current property valuations that have fallen to a low point from their 2021 peak. The acquisition of ALX further strengthens Virtú’s position in Southern California. The San Diego market is expected to see strong rent growth over the next decade, driven by both growing demand and supply constraints, as rising construction costs greatly reduce the economic viability of new multifamily developments.
“The San Diego market is a great example of what we look for when considering new properties – a popular city with low apartment supply, increasing renter demand, and valuations well below their peak,” said Michael Green, CEO and Founding Partner of Virtú Investments. “The acquisition of ALX perfectly aligns with this focus, and we look forward to building on this strategy through similar transactions in the near future.”
Located in the heart of San Diego’s Ballpark District neighborhood, ALX provides residents with easy, walkable access to the most vibrant areas of the city. The luxury highrise offers a range of amenities including a rooftop saltwater zero-edge pool and spa, a state-of-the-art fitness center, and game room.
Virtú acquired ALX primarily through the Virtú Evergreen Fund, an open-end fund launched in 2015 for generational ownership, long-term compounding, extreme tax efficiency and flexible liquidity. The Fund, which recently announced its reopening to new commitments, is designed to take advantage of 1031 Exchanges within the Fund to perpetually defer taxes on gains and cashflow. The Evergreen Fund is a key strategy within the Virtú platform, which has owned and operated 23,000 apartments across 33 markets and realized a Net IRR of 19.4% over 26 years.
For more information please visit https://www.virtuinvestments.com
To contact Virtú’s Head of Acquisitions, Evan Faulkner, please call (760) 929-4701.
About Virtú Investments
Virtú Investments is a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States. Since its founding in 1997, Virtú has acquired and operated 130+ properties, totaling over $3.7B in real estate. Virtú is focused on serving its investors with innovative tax-efficient solutions within the multifamily investment space. Virtú maintains a highly selective acquisitions practice and a fully integrated, in-house property management firm. For more information please visit https://www.virtuinvestments.com/
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