|By Marketwired .||
|August 29, 2014 07:00 AM EDT||
SAN FRANCISCO, CA -- (Marketwired) -- 08/29/14 -- Virtú Investments, LLC, a Bay Area-based real estate investment management firm, announced today that it has closed its third discretionary fund, The Virtú Multifamily Opportunity Fund-III, L.P. The Fund received more than $48 million in total commitments. This represents the largest of Virtú's real estate funds to date and significantly surpassed the Fund's $40 million target.
"We remain extremely appreciative of all of our long-term investment partners, many of whom have been with us for almost 20 years. We were also fortunate to have some new family offices join the platform," said Michael Green, one of Virtú's Managing Partners.
Following the successful deployment of The Virtú Multifamily Opportunity Funds I and II, Virtú created Fund-III at the end of 2013 to allow its investors to continue to take advantage of the strong fundamentals in the multifamily market.
Fund-III is following an investment and operational strategy that is consistent with the firm's approach over the last two decades. Fund-III will invest in the acquisition, renovation, and repositioning of existing apartment properties in the Western United States. The Fund has already made several acquisitions and assembled a substantial pipeline of properties exhibiting the potential for both strong cash yield and significant value appreciation. Acquisitions are focused on the opportunistic purchase of value-add, distressed, and undercapitalized assets that exist in strong submarkets outside of the traditional institutional areas of focus. Virtú will look to enhance the value of these properties through a combination of astute underwriting, sound financing strategies, and calculated renovations. Property operations include a significant focus on deploying cost-effective energy and water efficiency retrofits as well as other green building improvements.
"We expect to be fully invested by mid-year 2015," Mr. Green said. "While the apartment asset class has clearly become an investment darling, we are still seeing several under-exploited areas within the spectrum of multifamily investing," said Mr. Green. "Renter demand remains strong as the job market continues to improve and Echo Boomers enter their prime renting years. There's a compelling opportunity to acquire a diverse portfolio of multifamily properties with the objective of generating strong cash flows, significant capital appreciation and deliver a measurable green impact over a long term."
In combination with Virtú's traditional value-add strategies, Fund-III is utilizing Virtú's proprietary GreenLiving Sustainability Program. In an effort to drive measurable gains in energy and water efficiency, Virtú developed the GreenLiving Program to take advantage of public funding, proven technologies, best-of-breed partners, and the emerging green expectations of tenants.
About Virtú Investments
Virtú Investments, LLC was built to create high-yield opportunities in the multifamily investment market. Since 1997, Virtú has acquired more than $1B in real estate and operated over 12,000 apartment units across 85 properties in the Western US. The firm is well positioned to generate strong risk-adjusted investment opportunities during every phase of a real estate cycle. Virtú has refined an integrated and highly responsive operating platform that is unique in the industry. In-house services are composed of acquisitions, due diligence, finance, asset management, property management, efficiency retrofitting, information technology, and accounting/tax preparation. Virtú's offices are in Larkspur, CA, Carlsbad, CA, Seattle, WA and Scottsdale, AZ.
Contact Duncan Hatch at (415) 398-2086 or [email protected] to discuss The Virtú Multifamily Opportunity Fund-III, or any media inquiries regarding Virtú Investments.
This release contains forward-looking statements relating to the business and financial outlook of The Virtú Multifamily Opportunity Fund-III, L.P. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements.