Virtú Investments Acquires Mezzo in Denver, CO
Virtú has acquired Mezzo, a 316-unit apartment community located at 901 Sherman Street Denver, CO.
Mezzo is an apartment high rise located in the Capital Hill district of downtown Denver, CO. Virtú will transform the asset to meet the demand for more modern multifamily housing in this extremely strong submarket of Denver. Virtú is excited about the opportunity to secure this investment using a long term, fixed rate, low leverage, interest-only financing. This loan structure will provide lower-volatility cash yield and a less volatile total return over a long hold period.
Mezzo is expected to offer above risk-adjusted returns today. The location of Mezzo is highly attractive to a younger demographic that resides in the Capital Hill neighborhood. Mezzo offers city and mountain views along with a modern environment that appeals to Capitol Hill’s renter demographic. Virtu plan to expand on prior renovations with common area expansion on the top floor that will tailor to the target renter.
The Capital Hill area has become one of Denver’s most desirable locations for young professionals. Capitol Hill offers some of the best renting demographics, highlighted by well-educated high-earning millennials from a diverse variety of employment sectors. With lively nightlife and many cultural options, young professionals are drawn to the culture and amenities Capitol Hill has to offer. The proximity to the central business district increases the daily population and the exciting nightlife along Broadway attracts retail and restaurants. Capitol Hill is surrounded by four distinct neighborhoods that blend together to create an area that is highly sought after.
Virtú is excited by the unique opportunity to acquire a true value-add community.