Virtú Investments Acquires Broadway Place in Eugene, OR
Virtú Investments acquired the 170-unit Broadway Place apartments and retail located in the gentrifying downtown of Eugene, OR. Virtú will update the asset to meet the demand for non-student, urban multifamily apartments.
The location of Broadway Place is highly attractive to both the younger demographic that resides downtown and near the University of Oregon campus as well as older professionals who are looking for a modern and updated apartment downtown. Broadway Place offers an urban city feel along with a quiet garden setting with its unique interior courtyards that are above street level. The seller has renovated roughly 20% of the property’s interiors and Virtú plans to continue and improve upon this renovation.
Eugene has become one of the most desirable cities for young professionals in the Pacific Northwest as rental rates in Portland and Seattle continue to set record highs. Eugene is also becoming a burgeoning hotbed for tech companies with over 400 in the area, earning it the nickname “Silicon Shire”. Although it is anchored by the University of Oregon, Eugene continues to expand as destination for work/lifestyle balance.