Virtú Investments Acquires Chicago Multifamily Property “Marlowe”
01 Octubre 2024 - 4:48PM
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 Marlowe, a 176-unit multifamily property in
Chicago, IL.
Marlowe is Virtú’s first acquisition in Chicago and marks the
firm’s expansion into key cities beyond its traditional focus of
western US markets. Virtú believes Chicago represents significant
investment potential based on the city’s near-term scarcity of new
apartment supply and steady renter demand. The Marlowe acquisition
is part of Virtú’s broader strategy to capitalize on attractive
cyclical pricing in key submarkets with low to no near-term
supply.
“Marlowe matches our investment strategy of identifying
institutional-quality assets in locations with limited residential
supply and high demand,” said Michael Green, CEO and Founding
Partner of Virtú Investments. “This acquisition is the result of
months of analyzing property trends and market dynamics, and our
ability to select properties that take advantage of attractive
pricing and significant discounts today’s replacement costs, as
well as near-term scarcity across key regions of the country.”
Marlowe is located in Chicago’s premier River North
neighborhood, providing residents with easy access to top-rated
dining, retail, and entertainment options, as well as nearby major
employers. The luxury property offers extensive amenities including
a rooftop lap pool, private garage with electric vehicle charging
stations, a fitness studio with yoga space, and community lounge
with gaming tables and bar.
Virtú acquired Marlowe through co-ownership by the Evergreen
Fund, the firm’s closed-end Opportunity Fund (JVOF), and a
single-asset syndication. The Virtú Evergreen Fund is an open-end
fund launched in 2015 for generational ownership, long-term
compounding, extreme tax efficiency and flexible liquidity, and is
designed to take advantage of 1031 Exchanges within the Fund to
perpetually defer taxes on gains and cashflow.
Continued Green, “The Evergreen Fund provides Virtú with the
necessary flexibility to move in and out of markets as cycles
shift, allowing us to acquire assets like Marlowe in Chicago and
reinforcing our ability to invest in new geographies that
ultimately align with our long-term investment thesis. We
continually review existing and new-to-us regions that show
strength across our key underwriting metrics, and the flexibility
of the Evergreen Fund allows us to be nimble and take advantage of
opportunities nationally across the multifamily space.”
For more information about the Virtú Evergreen Fund, L.P. please
click here.
About Virtú InvestmentsVirtú 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/
Media ContactsDoug Allen / Adam DickterDukas
Linden Public Relations+1 (646) 722-6530Virtu@dlpr.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/51d9ef67-ba6f-4c01-b793-f39b211ca767