Virtú Investments Expands Portfolio with Elevate Apartments Acquisition
Deal News | Dec 26, 2024 | Globenewswire
Virtú Investments, a multifamily real estate investment firm, has acquired Elevate Apartments, a 133-unit student housing property in Bellingham, Washington. The acquisition aligns with Virtú's strategy of capitalizing on growing demand for high-quality rental housing in the Pacific Northwest, driven by increased enrollment at Western Washington University and migration from costlier cities like Seattle and Vancouver. CEO Michael Green emphasizes the opportunity for strong cash flow from Elevate due to its favorable capitalization rate and below-market loan. This purchase marks Virtú's 26th acquisition in the region, underscoring its commitment to strategic growth in areas with constrained housing supply. Elevate offers diverse rental options and amenities designed to appeal to students and residents. The deal was facilitated through co-ownership by the Evergreen Fund and a single-asset syndication, allowing for tax efficiency and flexibility in investment strategy.
Sectors
- Real Estate
- Investment Management
Geography
- United States – Virtú Investments operates primarily in the western United States, specifically acquiring properties in Bellingham, Washington, as discussed in the article.
- Pacific Northwest – Bellingham, Washington, is part of the Pacific Northwest region, where Virtú Investments is focusing its acquisition strategy due to high housing demand and constrained supply.
Industry
- Real Estate – The article discusses an acquisition in the multifamily real estate sector, focusing on student housing in Bellingham, Washington.
- Investment Management – Virtú Investments employs sophisticated investment strategies, including its Evergreen Fund, to manage acquisitions and provide tax-efficient solutions.
Financials
- $4.2B – Total value of real estate acquired and operated by Virtú Investments since 1997.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Virtú Investments | Bidding Company | Company | A multifamily real estate investment firm focused on acquiring and managing apartment properties in the western United States. |
| Michael Green | CEO | Person | CEO and Founding Partner of Virtú Investments, overseeing strategic acquisitions and investments. |
| Elevate Apartments | Target Company | Company | A 133-unit student apartment property in Bellingham, Washington, acquired by Virtú Investments. |
| Evergreen Fund | Co-owner/Investor | Company | Virtú Investments' closed-end Opportunity Fund aimed at generational ownership and tax-efficient investments. |
| Western Washington University (WWU) | Associated Entity | Company | The university whose increased enrollment drives demand for student housing in Bellingham. |