SAN DIEGO, CA – Virtú Investments, a multifamily real estate investment firm primarily engaged in the acquisition and management of apartment properties in the western United States, announced it has bought ALX, a 313-unit multifamily property in San Diego, CA.
Virtú sees San Diego as an ideal location for investment based on the city s limited housing supply and current property valuations that have fallen to a low point from their 2021 peak. The acquisition of ALX further strengthens Virtú s position in Southern California. The San Diego market is expected to see strong rent growth over the next decade, driven by both growing demand and supply constraints, as rising construction costs greatly reduce the economic viability of new multifamily developments.
The San Diego market is a fantastic example of what we look for when considering new properties – a well loved city with low apartment supply, increasing renter demand, and valuations well below their peak, said Michael Green, CEO and Founding Partner of Virtú Investments. The acquisition of ALX perfectly aligns with this focus, and we look forward to building on this strategy through similar transactions in the near future.
Located in the heart of San Diego s Ballpark District neighborhood, ALX provides residents with simple, walkable access to the most vibrant areas of the city. The luxury highrise offers a range of amenities including a rooftop saltwater zero-edge pool and spa, a state-of-the-art fitness center, and game room.
Virtú bought ALX primarily through the Virtú Evergreen Fund, an open-end fund launched in 2015 for generational ownership, long-term compounding, extreme tax efficiency and flexible liquidity. The Fund, which recently announced its reopening to new commitments, is designed to take advantage of 1031 Exchanges within the Fund to perpetually defer taxes on gains and cashflow. The Evergreen Fund is a key strategy within the Virtú platform, which has owned and operated 23,000 apartments across 33 markets and realized a Net IRR of 19.4% over 26 years.

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LOS ANGELES, CA – Cityview, a premier multifamily investment management and development firm, and Wafra, a global alternative investment manager, have bought Silva, a newly constructed 221-unit, Class A multifamily community in the Silver Lake neighborhood of Northeast Los Angeles. Situated on a hilltop that provides 360-degree views of the city, Silva is the first institutional grade multifamily asset of its size delivered in the Silver Lake/Echo Park neighborhoods.
Silva is currently unleased and recently achieved Temporary Certificate of Occupancy. Cityview and Wafra will lease up the community as construction is finalized and Certificate of Occupancy is obtained.
Silva is a rare opportunity to buy a newly constructed Class A property in one of Los Angeles most desired and centrally located submarkets, said Sean Burton, CEO of Cityview. Cityview has delivered and leased up three other development projects near the area over the past year, giving us deep market knowledge and experienced onsite teams that ideally position us to lease up and manage the community alongside Wafra, a trusted partner of Cityview.
Silva represents a unique opportunity to buy a high-quality asset at a material discount to replacement cost in a market that has some of the nation s highest barriers to home ownership and is chronically underserved by rental apartments, said David Hamm, Head of Real Estate at Wafra. We are excited to partner on this transaction with the highly talented and respected team at Cityview.
Silva features top-of-the-line amenities including a spacious sky lounge that offers coworking space and a large deck with panoramic views, a resort-style pool and spa overlooking the Hollywood sign, a club room with arcade games and a private screening room, and programmatic outdoor space. A double-height fitness center features state-of-the-art equipment and storefront glass on two sides, while outdoor dining areas with firepits and BBQs are scattered throughout the property. Additional amenities include a dog run and green space, secure storage areas and EV charging stations.
The community offers expansive studio, one-, two-, and three-bedroom floor plans with elevated interior finishes including nine-foot ceilings and floor-to-ceiling windows that highlight views of Downtown Los Angeles, Griffith Park Observatory, the Hollywood Sign and the Santa Monica Mountains. The project s designer kitchens feature quartz countertops, high-end fixtures and appliances and full-height tile backsplashes. All floorplans include full-size, front-loading washer and dryers and smart thermostats, and most units offer large walk-in closets and private oversized balconies or patios. The units average 1,000 square feet, providing ample space for residents to work from home or entertain.
Silva is one of the few 200+ unit multifamily communities ever to deliver in this pocket of the city, making it an incredibly unique investment opportunity hard to replicate due to the area s high barriers to entry and lack of developable land, added Burton.
Located at 235 N Hoover Street, Silva is situated less than a mile from the 101 Freeway and the Vermont/Beverly Metro station, providing simple access to the nearby employment hubs of Downtown Los Angeles, Hollywood, Century City and Santa Monica as well as the Tri-Cities area of Burbank, Glendale and Pasadena. The community is ideally located at the center of some of Los Angeles most dynamic neighborhoods, including Silver Lake, Historic Filipinotown, Echo Park, East Hollywood and Koreatown.
Chris Tresp and Derrek Ostrzyzek at CBRE brokered the transaction. Westhome, an affiliate of Cityview, will serve as the property manager.

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LOS ANGELES, LA – Affirmed Housing, a leading provider of affordable housing throughout California, announced the opening of Lumina. Located in the Chatsworth neighborhood, Lumina is a new, supportive housing development with onsite services aimed at helping people experiencing homelessness, including formerly unhoused veterans and people with disabilities, transition to more stable lives. It is the first new apartment community for the unhoused in its district and one of the first projects of its kind to be built outside of the city s southern and metro areas.
State Assemblywoman Pilar Schiavo remarked, As the Chair of the Assembly Military and Veteran Affairs Committee, I m especially proud that my own community of Chatsworth is housing veterans experiencing chronic homelessness. I have been working closely with Lumina to ensure people in our own community, with a focus on veterans, get off the streets and into this permanent housing with the services they need to get them on their feet for the long term. This project exemplifies our commitment to real solutions to homelessness and I m so proud to have supported this solution from the beginning.”
We have advocated for our veterans with hundreds of mayors in Washington, DC so that they can receive the housing support and services that they deserve while also locking arms with our city partners to bring our unhoused veterans inside and prevent them from falling into homelessness in the first place, said Los Angeles Mayor Karen Bass. Projects like this are an vital part of our overall approach to save lives and bring people inside and further the City s efforts to prevent and end homelessness. The number of people experiencing homelessness has dropped for the first time in years and we remain committed to urgently continuing this progress by bringing more people inside as more affordable and permanent housing is being built.
Formerly the site of a vacant car lot, Lumina is a five-tale development that delivers 54 studio apartments for households earning 30% of the area median income (AMI), with half reserved for unhoused veterans, and one manager unit. Lumina was developed with funding from California s Veterans Housing and Homeless Prevention Program (VHHP) and Measure HHH, a $1.2-billion bond that Los Angeles voters overwhelmingly approved for the development of supportive housing for unsheltered individuals and families throughout the city.
Housing resources, like Lumina, help break cycles of chronic homelessness by combining housing and supportive care and services under one roof, said Jimmy Silverwood, president of Affirmed Housing. Lumina is a safe, secure environment where residents can reacclimate and have seamless access to specialized resources that improve their quality of life. Lumina and projects like it that prioritize the health and wellness of occupants enhance lives and make our cities and communities better places to live.
In addition to housing, Lumina features onsite case managers from The People Concern, who deliver specialized care and guidance to help the formerly unhoused residents build a more solid foundation for a healthy and safe future. Case worker offices are situated on the ground floor in a shared, secured office space, adjacent to a staff break room for simple tenant access. The building includes several shared amenities to encourage community engagement, such as a rooftop deck and nearly 2,000 square feet of ground floor space with bike storage, a laundry room and a large community room with media areas and a kitchen space. Sustainable elements are also incorporated throughout the building, including energy efficient appliances in each studio apartment.
Lumina is situated close to several off-site amenities that foster more independent living. Nearby are a pharmacy, grocery store and a park. Public transportation options are easily accessible, among them are a Metro bus transit stop conveniently located just steps away from the property and the Metro s Chatsworth Station lies within half a mile.

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