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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