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Real Estate - DECEMBER 2, 2019

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Cityview sells L.A. opportunity zone project to Virtu

by Released

Cityview has sold Mira, a 174-unit multifamily community in the San Fernando Valley Region of Los Angeles, to Virtu Investments for $70.5 million.

“We are excited to be able to make a low-risk, long-term investment in such a promising Qualified Opportunity Zone,” said Michael Green, Virtu Investments managing partner. “It’s especially gratifying to be able to provide residents of Warner Center a truly premium apartment community, with convenient access to excellent public transportation, at rent rates that are significantly more affordable than most commuter suburbs of Los Angeles.”

“We believe this is one of the first opportunity zone sales of its kind, which is very exciting for Cityview and the buyer,” said Sean Burton, CEO of Cityview. “While it is unusual that we would sell a property prior to completion, the timing of the sale at this stage of construction provides the buyer an opportunity to take full advantage of the opportunity zone program in

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