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Monday, 02 December 2019

Virtu Investments Pays $70.5Mln for Apartments in Los Angeles-Area Opportunity Zone

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Virtu Investments has paid $70.5 million, or $405,172/unit, for the 174-unit Mira apartment property in the Los Angeles suburb of Warner Center, Calif.

The Larkspur, Calif., investment manager bought the recently completed property, at 21425 Vanowen St., from Cityview, which was represented by Eastdil Secured.

The property is slated for completion later this year and could be among the first Opportunity Zone projects to be sold.

"The timing of the sale at this stage of construction provides the buyer an opportunity to take full advantage of the opportunity zone program in an area that is experiencing high demand for new housing," explained Sean Burton, chief executive of Cityview.

Opportunity zones often are economically distressed areas. They were created as part of the Tax Cuts and Jobs Act of 2017, which sought to spur development and job creation in low-income areas. It does that by allowing investors to defer gains on their opportunity zone investments for tax purposes. If...





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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Los Angeles
  • States: California
  • Sector: Multifamily
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $50 million and $100 million
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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