Virtú Acquires Warner Center Multifamily Development from Cityview for $71M
Northern California-based Virtú Investments LLC has acquired Mira, a 174-unit multifamily community in L.A.’s San Fernando Valley from Cityview for $70.5 million. This Opportunity Zone investment, located at 21425 Vanowen St., is now under development and anticipated to deliver by year end.
“We are excited to be able to make a low-risk, long-term investment in such a promising Qualified Opportunity Zone,” said Michael Green, Virtú Managing Partner.
Cityview originally acquired the site in March 2016. As designed, Mira is set to achieve LEED Silver certification. The development team included WPIC Construction LLC, Ken Stockton Architects, Togawa Smith Martin, Inc. and Nadia Geller Designs.
According to Cityview CEO Sean Burton, “We believe this is one of the first Opportunity Zone sales of its kind…the timing of the sale at this stage of construction provides the buyer an opportunity to take full advantage of the Opportunity Zone program…”