Transactions - JULY 20, 2017

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Virtus Real Estate raises $408m for opportunistic fund

by Andrea Waitrovich

Virtus Real Estate has raised total commitments of $408.5 million to execute its cycle-resilient opportunistic strategy. Of that amount, $308.5 million is committed to Virtus Real Estate Capital II, and $100 million to a discretionary separate account. The capital raise, launched in late 2015, had a targeted close of $400 million.

Virtus’ target property types include student housing, senior living, medical office buildings, self-storage facilities and workforce housing. These property types benefit from major long-term demographic and economic trends, such as the aging of the baby boomer generation, the coming of age of millennials, as well as certain inuring societal needs.

VREC II has already made 12 property investments across six states totaling $116.5 million of equity. In March the fund acquired The Residence of Selleck’s Woods, a 105-unit senior living project under development in Darien, Conn. Other assets include the Living Well Lodges Portfolio, consisti

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