PORTLAND, OR – Virtú Investments, a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States, announced the acquisition of Kearney Plaza, a 131-unit market rate multifamily property in the Pearl District of Portland, Oregon. The purchase price was approximately $33 Million, representing a discount of approximately 50% to today s estimated replacement cost, and a 10% discount to the seller s purchase price in 2011.
Portland’s continued economic growth and limited supply of high-quality multifamily properties make the Kearney Plaza acquisition a rare opportunity in Portland s competitive real estate landscape. While late to reemerge from Covid-19, Virtú Investments considers the Portland market to have immense potential for sustained rent growth in the years ahead. The market is entering a low-supply era for apartments, with no new multifamily projects breaking ground since Q4 2022 while demand continues to rise.
“We are confident in Portland’s long-term prospects and believe that Kearney Plaza will deliver strong returns for our investors while contributing positively to the community,” said Michael Green, CEO of Virtú Investments. We are entering an extremely attractive investing environment for multifamily in specific markets like Portland, where valuations are beginning to represent a once-in-a-decade entry point, particularly for credit-worthy borrowers with access to quality lenders. We believe this is the beginning of a new market cycle with significant potential for producing long-term value for our portfolio.