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California investment firm, Virtú Investments, has acquired its first asset in Chicago, drawn to the city's multifamily market which it believes is past its peak. The company purchased The Marlowe, a 176-unit apartment building in River North, from Quarterra, a Charlotte-based developer that delivered the property in 2018 with $43.4 million in construction financing and about $30 million in equity. The sale price was not disclosed, but sources estimate it to be between $60-70 million, or approximately $340,900-$397,700 per unit.

    The acquisition was financed through a Fannie Mae loan covering 60% of the purchase price. Virtú's CEO, Michael Green, cited Chicago's projected undersupply of downtown apartments next year as a key factor in the investment decision. Despite market challenges, Green remains confident in the city's long-term potential and sees this as an opportunity to acquire a property at a lower basis.

    Virtú plans to maintain ownership of The Marlowe for the foreseeable future. Quarterra recently sold another apartment complex in suburban Bolingbrook to JRK Property Holdings for $69.3 million, or $240,600 per unit.