Virtú Investments, a multifamily real estate investment firm, has acquired Kearney Plaza, a 131-unit market rate multifamily property in Portland, Oregon’s Pearl District. The purchase price was approximately $33 million, representing a significant discount compared to today’s replacement cost and the seller’s purchase price in 2011.
Portland’s growing economy and limited supply of high-quality multifamily properties make Kearney Plaza a valuable investment in the city’s competitive real estate market. Virtú Investments sees potential for sustained rent growth in the future, as the market faces a shortage of new apartment projects while demand continues to rise.
CEO Michael Green expressed confidence in Portland’s long-term prospects and the potential for strong returns from Kearney Plaza. He believes that the current market conditions offer a rare opportunity for investors to enter the market at favorable valuations, particularly for those with access to quality lenders. This acquisition marks the beginning of a new market cycle with the potential to create long-term value for Virtú Investments’ portfolio.