Virtú Investments Acquires Kearney Plaza, Bolstering Presence in Portland's Resurging Real Estate Market
May 03 2024 - 12:31PM
Virtú Investments, a multifamily real estate investment firm
primarily engaged in the acquisition and management of apartment
properties in the western United States, announces the acquisition
of Kearney Plaza, a 131-unit market rate multifamily property in
the Pearl District of Portland, Oregon. The purchase price was
approximately $33M, representing a discount of approximately 50% to
today’s estimated replacement cost, and a 10% discount to the
seller’s purchase price in 2011.
Portland's continued economic growth and limited supply of
high-quality multifamily properties make the Kearney Plaza
acquisition a rare opportunity in Portland’s competitive real
estate landscape. While late to reemerge from Covid-19, Virtú
Investments considers the Portland market to have immense potential
for sustained rent growth in the years ahead. The market is
entering a low-supply era for apartments, with no new multifamily
projects breaking ground since Q4 2022 while demand continues to
rise.
"We are confident in Portland's long-term prospects and believe
that Kearney Plaza will deliver strong returns for our investors
while contributing positively to the community," said Michael
Green, CEO of Virtú Investments. “We are entering an extremely
attractive investing environment for multifamily in specific
markets like Portland, where valuations are beginning to represent
a once-in-a-decade entry point, particularly for credit-worthy
borrowers with access to quality lenders. We believe this is the
beginning of a new market cycle with significant potential for
producing long-term value for our portfolio.”
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/
To contact Virtú’s Head of Acquisitions please call (760)
929-4701.
For media inquiries, please contact:
Adam Dickter / Josh Gerth
Dukas Linden Public Relations
Virtu@dlpr.com