LARKSPUR, Calif., Feb. 05, 2024 (GLOBE NEWSWIRE) -- Virtú Investments, 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 and contributed a 50 unit Oakland, CA multifamily property valued at $10.6 million into the Virtú Evergreen Fund, L.P. (Evergreen Fund).
The property, sold by Rio Properties and brokered by Colliers, is the latest transaction in Virtú Investments’ contribution program. Created to serve real estate families and owner groups, the contribution program supports sellers with legacy-held multifamily properties valued between $10 million and $150 million seeking to diversify exposure within a professionally managed fund while continuing to defer capital gains taxes. Through the program, owners can contribute a property to the Virtú Evergreen Fund, L.P., which utilizes the IRS Section 721 mechanism to provide the seller with a tax-free contribution and in turn receive equivalent interest in the full portfolio of the Virtú Evergreen Fund. Today’s announcement is the third multifamily property contribution into the fund.
“This acquisition highlights the Evergreen Fund’s unique contribution opportunities that support asset owners navigating the disposition and reinvestment process,” said Michael Green, Principal of Virtú Investments. “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. In addition, a contribution immediately diversifies their holdings through exposure to the Evergreen Fund, a high-quality portfolio of professionally managed multifamily properties spanning markets across the western U.S. that are seeing significant growth, rising demand and limited supply.”
Launched in 2015, the Virtú Evergreen Fund is built for generational ownership, long-term compounding, extreme tax efficiency and flexible liquidity. The open-end Fund, which currently holds $1.1 billion in real estate across six western U.S. markets, is designed to take advantage of 1031 Exchanges within the Fund to perpetually defer taxes on gains and cashflow. The Evergreen Fund, which recently announced its reopening, 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 about Virtú Investments’ contribution program please click here.
For more information about the Virtú Evergreen Fund, L.P. please click here.
To contact Virtú’s Head of Acquisitions 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 Contacts
Doug Allen / Adam Dickter
Dukas Linden Public Relations
Virtu@dlpr.com
(646) 722-6530
