Fundraising - DECEMBER 31, 2013

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Virtu Investments markets third fund

by Larry Gray

San Francisco–based Virtu Investments is seeking to raise $50 million for its third multifamily fund, Virtu Investments Multifamily Opportunity Fund III. The firm recently logged a filing with the SEC, noting the fund had closed on $16.9 million to date.

The new fund is a follow-up vehicle to Virtu Multifamily Opportunity Fund II, which raised $30 million of equity and closed in late 2012. The firm’s typical strategy is to opportunistically purchase apartment complexes with the potential for renovation and/or repositioning due to mismanagement, undercapitalization or eminent expiration of rent restrictions. Virtu’s primary targets are class B and class C properties located in secondary markets in the western United States. Fund II’s portfolio, for example, included properties in Seattle, Texas and Northern California. Investments are typically financed with 65 percent to 80 percent leverage.

In the past, the firm has raised capital from

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