Virtú Investments Acquires Elevate Apartments in Bellingham, Washington
LARKSPUR, Calif., Dec. 26, 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 Elevate Apartments (“Elevate”), a 133-unit student apartment property in Bellingham, Washington.
Elevate is well positioned to capitalize on the growing demand for high-quality housing driven by the increasing population of the Pacific Northwest. Virtú believes Bellingham, which is faced with both a limited housing supply and constrained development pipeline, is primed for further rental growth as enrollment at Western Washington University (“WWU”) increases and non-student residents continue to relocate from higher cost of living cities in the region such as Seattle and Vancouver. The acquisition is Virtú’s second purchase in Bellingham and further strengthens the firm’s position in the Pacific Northwest. The Elevate property will be Virtú’s 26th acquisition in the Pacific Northwest since the company’s inception in 1997.
“The multifamily market is undergoing a significant shift as owners find themselves managing high levels of debt due to overpaying for properties at the height of the recent market cycle. Against this backdrop and as we had predicted, we are now seeing significant opportunities to acquire high-quality assets from forced sellers at favorable valuations, in regions with low to no near-term supply,” said Michael Green, CEO and Founding Partner of Virtú Investments. “By assuming Elevate’s below-market loan and coupled with its favorable capitalization rate, we anticipate the property will provide one of the highest cash flowing opportunities Virtú has seen over the past decade.”
With a central location within walking distance to WWU and on the border of the historic Sehome neighborhood, Elevate serves residents with 417 beds across a variety of rental options, including studios and two-, three- and four-bedroom apartments. Amenities have been designed to enhance the resident living experience and include a rooftop terrace, a state-of-the-art fitness center, an entertainment lounge and study area.
Virtú acquired Elevate 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. The flexibility of the Evergreen Fund allows Virtú to readily take advantage of opportunities 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 $4.2B 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
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