Virtú Investments Grows Evergreen Fund with $10.6M Acquisition

Virtú Investments, a multifamily real estate investment firm focused on the acquisition and management of apartment properties in the western U.S., announced it has acquired a $10.6 million 50-unit Oakland, CA multifamily property for the Virtú Evergreen Fund, L.P.

The property, the third contribution to the fund, was sold by Rio Properties and brokered by Colliers.

The program supports sellers with legacy-held multifamily properties valued between $10 million and $150 million. Owners can contribute a property to the fund, which provides the seller with a tax-free contribution and in turn receive equivalent interest in the full portfolio of the fund, explained the firm.

“Through contributions, owners that are considering selling their properties can take advantage of gains deferrals and tax efficiencies that align with long-term generational wealth planning, risk management and estate planning needs,” said Michael Green, principal of Virtú Investments.

Launched in 2015, the open-end fund currently holds $1.1 billion in real estate across six western U.S. markets. The fund, which recently announced its reopening, has owned and operated 23,000 apartments across 33 markets and realized a net IRR of 19.4% over 26 years, the firm added.