Virtú Investments Acquires Avaria & Los Pinones in Santa Fe, NM
Dec 13, 2016
*Santa Fe, NM*— Virtu Investments acquired Avaria Apartments & Los Pinones, in Santa Fe, NM. This two-property portfolio in presented a unique opportunity to acquire 318-unit portfolio in two of the best locations in Santa Fe, New Mexico. Virtú sees an excellent opportunity with this purchase because of high rental demand in the market, limited existing multifamily properties in Santa Fe, high barriers to entry for new developments, and significant renovation upside. The properties are located in the higher-end east side of town, close to the employment centers and Historic Arts District.
Virtú renovation strategy includes curing of deferred maintenance, significantly transforming the leasing center and common area amenities, and implementing interior unit renovations. Improvements to both the interior and exterior areas will create a solid physical plant and reduce asset risk during the hold period. Virtú believes the timing of this acquisition is fortunate. The mid-to-high end of the Santa Fe market is projected to be modernized to meet the demand for high quality rental housing and generate significant growth as this market comes to continues to strengthen.
The Santa Fe Portfolio was purchased for the Virtú Evergreen Fund.
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