Virtus Capital Corporation has acquired a 50-unit residential property in Riverview, N.B., for $10.2 million in an off-market deal.

The asset manager finalized the purchase of the three-storey walk-up apartment building at 7 Point Park Drive for about $10.2 million through Virtus Diversified REIT (VREIT) . The 1.7-acre multi-family property was recently appraised at approximately $10.4 million, indicating the acquisition was completed below valuation.

Located in the Point Park subdivision, the property is positioned within a stable, family-oriented community in the Greater Moncton Area, one of Atlantic Canada’s fastest-growing regions. Riverview recorded population growth of 4.7% between 2016 and 2021, supporting demand for rental housing, said Virtus.

The asset manager said the transaction aligns with VREIT’s strategy of targeting quality assets in strong secondary markets that offer predictable, long-term capital appreciation.

“Our investment decisions are consistently validated by the market,” said 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.”

Josh Will, president of Virtus, said the acquisition directly aligns with VREIT’s strategy of targeting stable, supply-constrained markets that offer predictable cash flow and long-term capital appreciation.

“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,” he said.

VREIT said it remains focused on actively managing its portfolio through acquisitions and strategic dispositions to generate long-term unitholder value.

The REIT aims to acquire quality conventional commercial, industrial, retail and multi-unit residential properties in strong secondary and tertiary markets across Canada and the U.S., with the goal of building a diversified portfolio and maximizing unit value through active management, repositioning and competitive financing.

Pictured: Virtus newly acquired apartment property in the Greater Moncton Area.d

Photo: Courtesy of Virtus