Virtú Investments, a multifamily real estate investment firm specializing in the acquisition and management of apartment properties in the western United States, has acquired Marlowe, a 176-unit multifamily property located in Chicago, Illinois.
This acquisition marks Virtú’s entry into the Chicago market, signifying a strategic expansion beyond its traditional focus in western U.S. cities. The firm identified Chicago as a market with promising investment potential due to limited new apartment supply and stable demand from renters. The Marlowe acquisition aligns with Virtú’s broader strategy to capitalize on cyclical pricing opportunities in submarkets characterized by restricted near-term supply.
According to Michael Green, CEO and Founding Partner of Virtú Investments, “Marlowe fits our investment approach of targeting institutional-quality assets in markets with constrained residential supply and strong demand.” He added that the acquisition follows extensive analysis of property trends and market dynamics, allowing the firm to benefit from competitive pricing and discounts compared to today’s replacement costs.
Situated in Chicago’s River North neighborhood, Marlowe offers residents access to top dining, shopping, and entertainment, along with proximity to major employers. The property also features a variety of amenities, including a rooftop pool, private parking with electric vehicle charging stations, a fitness studio with a yoga area, and a resident lounge with gaming tables and a bar.
Virtú acquired the property through a co-ownership structure involving its closed-end Opportunity Fund, the Evergreen Fund (JVOF), and a single-asset syndication. Launched in 2015, the Evergreen Fund was designed for long-term ownership, tax efficiency, and flexible liquidity. It also allows for 1031 Exchange transactions within the fund, providing an option to defer taxes on gains and cash flow.
Green also noted the importance of the Evergreen Fund’s flexibility, which allows Virtú to enter and exit markets as conditions change. “The flexibility of the Evergreen Fund enables us to pursue investments like Marlowe, allowing us to expand into new markets that align with our long-term objectives. We continually assess markets that meet our key underwriting metrics, and this fund gives us the agility to capitalize on opportunities in the multifamily sector nationwide.”
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By Proptechbuzz
By Ravi Kumar
