Virtú Investments, a multifamily real estate investment firm focuses on the western states, has acquired ALX, a 313-unit multifamily property in San Diego.
The 19-story ALX was built in 2017 in the city’s Ballpark District neighborhood and also features 2,600 square feet of standalone retail space that is leased by a restaurant and beer garden. Virtú acquired ALX primarily through the Virtú Evergreen Fund, an open-end fund launched in 2015; the financial terms of the transaction were not disclosed.
“The San Diego market is a great example of what we look for when considering new properties – a popular city with low apartment supply, increasing renter demand, and valuations well below their peak,” said Michael Green, CEO and founding partner of Larkspur, California-based Virtú Investments. “The acquisition of ALX perfectly aligns with this focus, and we look forward to building on this strategy through similar transactions in the near future.”
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