News and Releases
May 26, 2011
Virtú Investments Acquires the Marquis at Hillcrest
*San Diego, CA*— Virtú Investments, LLC, a San Francisco based real estate investment management firm, purchased the 58-unit Marquis at Hillcrest Historic Lofts in San Diego, CA for $8,500,000. This relatively low cost basis in a highly occupied, urban-infill location within a recovering market, paves the way to a very favorable risk-adjusted return for Virtú’s investors.
The Marquis is a five-story historic building featuring functionally designed and aesthetically appealing floor plans. The property features 17 studios, 39 one-bedroom/one-bathroom units, and two penthouse two-bedroom/two-bath units featuring vaulted ceilings and nice views on the top floor of the building. The property’s common area amenities include a state-of-the-art fitness center, onsite modern laundry facilities, business center, and individual storage units.
The property is ideally located within Hillcrest Village, a neighborhood adjacent to the San Diego Central Business District, while providing tenants a variety of retail and entertainment amenities of its own. Hillcrest is an older neighborhood that underwent significant re-gentrification in the last 5-10 years. The Marquis is one of the premier properties in the neighborhood due to its excellent location, stylish renovation and the building’s compelling art deco design. At 58 units, it is one of a few larger complexes in the submarket. The Hillcrest area maintains consistently high occupancy due to its excellent urban infill location within San Diego and a depth of neighborhood amenities including many bars, restaurants, salons, grocery stores, and shops.
The transaction was brokered by Chris Zorbas and Stewart Weston of Marcus & Millichap. Contact Stu Bone at (415) 999-2088 or (JavaScript must be enabled to view this email address) to discuss this or other multi-family acquisitions in California.