Virtú Investments announced the acquisition of Kearney Plaza, a 131-unit market-rate multifamily property in the Pearl District of Portland, Ore. The purchase price was approximately $33 million, representing a discount of approximately 50 percent to today’s estimated replacement cost and a 10 percent 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.
"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 at 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, particula
