Properties: Link and Mural
Buyer: Virtú Investments
Seller: American Realty Advisors
Property type: Mid-rise
Units: 331
Location: Seattle
Total purchase price: Withheld
Virtú Investments emerged from a competitive bidding process to snap up two properties in Seattle in a deal that closed on Sept. 16, Erik Reif, the firm’s senior director of acquisitions, told Multifamily Dive.
The Larkspur, California-based multifamily investment firm acquired Link and Mural — separate apartment properties that are operated together due to their close proximity in West Seattle. Property records indicated that SVF Link Seattle LLC purchased the asset in 2012. That buyer was identified as American Realty Advisors by Multi-Housing News. No sales of the property have been registered since 2012.
Reif told Multifamily Dive that new supply is burning off in Seattle, making the Link and Mural acquisitions even more attractive.
“In downtown Seattle, especially in South Lake Union, where we own Skyglass Tower, we're seeing a lot of demand,” Reif said. “Lease trade-outs are really picking up, and concessions are drying up. So we're very bullish on Seattle as a market in general.”
Built in 2011, Link has 195 units, and Mural, constructed in 2009, has 136 apartments, according to Yardi Matrix. Greystar currently manages the properties, but North Coast, Virtú’s property operations arm, will eventually run them.
The properties offer studio, one- and two-bedroom floor plans ranging from 518 to 1,055 square feet, according to Reif. Their amenities include a fitness center, a rooftop deck with ocean views, community rooms, package lockers and Wi-Fi. Link has an underground parking garage. Mural offers rentable bikes and EV charging stations.
“We plan on updating the property and rebranding,” Reif said. “I think tenants will really appreciate the improved look and feel of the property while still offering a discount to some of the newer properties nearby.”
CEO Mike Green told Multifamily Dive in 2024 that in 2021, Virtú Investments decided to sell its older Sun Belt assets and invest in newer properties on the West Coast.
The firm owns roughly 5,000 units, but it expects to continue adding properties in the coming years.
“There's definitely an appetite to expand further,” Reif said. “Over the next cycle, we'll aggressively be expanding that.”
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