US multifamily real estate specialist Virtú Investments has acquired a 50-unit property in Oakland, California.

The firm said the $10.6m (€9.9m) multifamily property, sold by Rio Properties and brokered by Colliers, was placed into the Virtú Evergreen Fund.

Virtú said the transaction was part of its contribution programme whereby real estate families and groups can contribute multifamily properties valued between $10m and $150m in exchange for an interest in the fund, while continuing to defer capital gains taxes.

Michael Green, principal of Virtú Investments, said: “This acquisition highlights the Evergreen Fund’s unique contribution opportunities that support asset owners navigating the disposition and reinvestment process.

“Through contributions, owners that are considering selling their properties can take advantage of gains deferrals and tax efficiencies that align with long-term generational wealth planning, risk management and estate planning needs.

“In addition, a contribution immediately diversifies their holdings through exposure to the Evergreen Fund, a high-quality portfolio of professionally managed multifamily properties spanning markets across the western US that are seeing significant growth, rising demand and limited supply.”

Launched in 2015, the open-ended Virtú Evergreen Fund currently holds $1.1bn in real estate across six western US markets.

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