Virtú Investments Acquires San Diego Multifamily Property ALX
05 Agosto 2024 - 12:03PM
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/
Media ContactsDoug Allen / Adam DickterDukas
Linden Public Relations+1 (646) 722-6530Virtu@dlpr.com
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