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Larkspur's Virtú Investments has forked over $67.75M, or around $338,750/unit, for the Portofino Townhomes, a 200-unit apartment property in Wilmington.
The firm bought the property at 1625 West Pacific Coast Hwy. through its Virtú Evergreen Fund from Benedict Canyon Equities Inc., CRE News reports. The purchase brings Virtú Investments back into the SoCal market.
ARA Newmark brokered the deal.
Virtú Investments plans to upgrade the units and the common areas on the property. The firm noted investment opportunities of this type in SoCal are some of the most competitive in the country, due to a limited supply of properties that offer both scale and a prime location.
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