TORONTO, June 04, 2025 (GLOBE NEWSWIRE) -- Virtus Capital Corporation, the asset manager of Virtus Diversified REIT (VREIT) is pleased to announce the acquisition of Nickel District Apartments, a 114-unit apartment building located in Sudbury, Ontario. This strategic move significantly enhances the multi-family residential segment of the REIT's portfolio and reinforces its commitment to quality diversified real estate investments.Nickel District Apartments, at 323 Second Avenue, is a wide walk-up style building offering a diverse mix of units to cater to various tenant needs. The property features 1 bachelor unit, 22 one-bedroom apartments, 87 two-bedroom units, and 4 three-bedroom suites."We are thrilled to add Nickel District Apartments to our growing portfolio," said Aurelio Baglione, CEO of Virtus. "This acquisition aligns perfectly with our strategy of identifying properties with strong fundamentals and potential for value appreciation. The current Net Operating Income aligns with our target yield for investors, while the 21% gap-to-rent presents an excellent opportunity for revenue upside, which we aim to capitalize on responsibly."The property boasts several attractive features such as varied suite styles, including townhouse-style units with separate entrances, terraces, balconies, high ceilings, and some units with two bathrooms. It also features a prime location near major national retailers such as Best Buy, Costco, and Home Depot, enhancing its appeal to tenants.According to Zumper.com, as of April 2025, the median rent for all bedroom counts and property types in Greater Sudbury is $1,899, reflecting a significant increase of 19% over the previous year

Flexible travel trends and the ongoing diversification of property uses are driving a convergence of hospitality and property management technologies. It represents the latest chapter in the blend between hotel and short-term rental technology services, but also represents a “battleground,” according to one investor, as property managers take a leaf out of the travel industry’s book to identify new revenue streams. On one side, the growing number of mixed-use properties creates gaps for a new breed of tech-enabled hospitality companies, in particular non-hotel brands, to enter new markets. They’re able to expand almost effortlessly into multifamily buildings, apartment blocks or even converted offices. On the other side, property owners eye lucrative synergies with the travel industry and opportunities to maximize value from tenants and residents. In the current commercial market, landlords are under pressure to deliver. “The value of real estate is the value of its cash flows, and those cash flows are driven by the utilization of the asset and the quality of experiences within the market,” said Jason Fudin, CEO and co-founder of flexible real estate platform Placemakr. “When you have a building that meets either multiple needs for a single customer, if a customer wants to co-work and stay, or live, or whatever else, that drives more revenue for you as the owner.”

As of this month, 18 of the nation's largest 50 apartment owners have partnered with Airbnb, Zumper said.