US multifamily real estate specialist Virt煤 Investments has acquired a 50-unit property in Oakland, California.
The firm said the $10.6m (鈧�9.9m) multifamily property, sold by Rio Properties and brokered by Colliers, was placed into the Virt煤 Evergreen Fund.
Virt煤 said the transaction was part of its contribution programme whereby real estate families and groups can contribute multifamily properties valued between $10m and $150m in exchange for an interest in the fund, while continuing to defer capital gains taxes.
Michael Green, principal of Virt煤 Investments, said: 鈥淭his acquisition highlights the Evergreen Fund鈥檚 unique contribution opportunities that support asset owners navigating the disposition and reinvestment process.
鈥淭hrough contributions, owners that are considering selling their properties can take advantage of gains deferrals and tax efficiencies that align with long-term generational wealth planning, risk management and estate planning needs.
鈥淚n addition, a contribution immediately diversifies their holdings through exposure to the Evergreen Fund, a high-quality portfolio of professionally managed multifamily properties spanning markets across the western US that are seeing significant growth, rising demand and limited supply.鈥�
Launched in 2015, the open-ended Virt煤 Evergreen Fund currently holds $1.1bn in real estate across six western US markets.
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