Virtus Diversified REIT Expands Portfolio with Strategic Riverview Acquisition
Virtus Capital Corporation, the asset manager for Virtus Diversified REIT (VREIT), has announced a significant strategic acquisition in Atlantic Canada's growing real estate market. The company has finalized the purchase of a multi-unit residential property located at 7 Point Park Drive in Riverview, New Brunswick, for a total price of $10,150,000.
Property Details and Market Position
The newly acquired property spans 1.7 acres and features a three-storey walk-up apartment building containing fifty residential units. Strategically positioned near Moncton, the asset is situated within the desirable Point Park subdivision, known for its stable, family-oriented community environment. This location falls within the Greater Moncton Census Metropolitan Area (CMA), which has emerged as one of Atlantic Canada's fastest-growing regions.
Notably, the acquisition price represents a favorable valuation for VREIT, as the property was recently appraised at $10,375,000. This below-market purchase demonstrates the company's ability to identify and secure value-driven opportunities in competitive real estate environments.
Strategic Alignment with Growth Markets
This transaction aligns perfectly with VREIT's established strategy of targeting quality assets in strong secondary markets that offer predictable, long-term capital appreciation. The Riverview community itself has demonstrated impressive population growth of 4.7% between 2016 and 2021, supporting consistent demand for quality residential offerings in the region.
"Our investment decisions are consistently validated by the market," stated Aurelio Baglione, CEO of Virtus. "Acquiring this high-quality asset below its appraised value is a testament to our team's ability to identify and acquire off-market assets and secure immediate equity. This transaction reinforces VREIT's strategic focus on secondary and tertiary markets, proving our commitment to capturing exceptional value for our unitholders."
Portfolio Enhancement and Geographic Diversification
Josh Will, President of Virtus, emphasized how this acquisition supports the company's broader investment objectives. "This acquisition directly aligns with VREIT's strategy of targeting stable, supply-constrained markets that offer predictable cash flow and long-term capital appreciation," he commented. "Riverview's robust economic profile and strong community fundamentals make this a powerful addition, immediately increasing our portfolio's intrinsic value and geographic diversification for our unitholders."
The transaction represents VREIT's ongoing commitment to generating long-term unitholder value through active portfolio management. The company's approach includes both the acquisition and management of quality assets, along with strategic property dispositions to secure profits and optimize portfolio performance.
About Virtus Diversified REIT
Virtus Diversified REIT maintains a focused strategy of acquiring quality properties in strong secondary and tertiary markets across Canada and the United States. The company aims to build a robust and stable portfolio encompassing commercial, industrial, retail, and multi-unit residential properties. Through diversification of both tenant base and geographic presence, VREIT seeks to enhance overall portfolio income while maximizing unit value through ongoing management, future acquisitions, property repositioning, and competitive financing arrangements.
The REIT's portfolio includes anchor tenants from prominent Canadian retailers and corporations, further strengthening its position in the competitive real estate investment landscape.
