LARKSPUR, Calif., Oct. 01, 2024 (GLOBE NEWSWIRE) -- 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 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 Contacts
Doug Allen / Adam Dickter
Dukas Linden Public Relations
+1 (646) 722-6530
Virtu@dlpr.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51d9ef67-ba6f-4c01-b793-f39b211ca767
