News and Releases
May 05, 2011
Virtú Investments Acquires the Landry Place Apartments
*Austin, TX*— Virtú Investments, LLC, a San Francisco based real estate investment management firm, purchased the 284-unit Landry Place Apartments located at 2239 Cromwell Circle in Austin, TX.
The purchase of the Landry Place allows Virtú Investments to acquire an apartment complex in the desirable Southeast submarket of Austin. Landry Place is a particularly nice asset for its vintage, with a low-density feel and built with a higher quality construction than most of its peers and many of its newer competitors. The location is convenient to both downtown and the University of Texas. The unit mix, consisting of 208 one-bedroom apartments and 76 two-bedrooms, is well matched to the population of students and workforce personnel.
The Landry Place investment gives Virtú an excellent opportunity to purchase a strong asset in the highly desirable Austin rental market for a price per unit that is below replacement cost. Austin’s strong rebound from the recent downturn, combined with limited new construction of apartments in the near future and robust population influx and job growth, suggests healthy apartment fundamentals during our intended term of ownership.
Contact Scott McWhorter at (415) 999-2088 or (JavaScript must be enabled to view this email address) to discuss this or other multi-family acquisitions in Texas.