Virtus Real Estate Capital | Mission, Vision and Company Timeline


Virtus focuses exclusively on needs-based sectors, such as Healthcare, Education, Storage and Middle-Income Workforce Housing. Within these cycle-resilient sectors, Virtus actively invests across the risk spectrum, from stabilized core and core-plus investments, to value-add and opportunistic ones.


While Virtus has remained consistent in its general mandate and philosophy, the Firm has evolved materially in scale, strategy, and execution since its inception.

  • 2003

    Terrell Gates founds Virtus in Austin, TX and focuses on value-add multifamily housing
  • 2006

    Recognizing the late-cycle market behavior, Virtus shifts exclusively to “demographic-driven” sectors to reduce market risk
  • 2008

    Virtus raises it first blind pool discretionary vehicle and creates subsequent discretionary vehicles for its self-storage strategy, ultimately investing in $68 million worth of properties
  • 2011

    Virtus launches discretionary vehicle targeting student housing investing in value-add and ground-up properties totaling $205 million in original basis
  • 2012

    Virtus launches its first institutional diversified series targeting all four of the Firm’s cycle-resilient property sectors, allowing the Firm to employ its relative value strategy, and ultimately invested in $901.5 million worth of properties, including its first public-private-partnership in the residential space
  • 2015

    The Firm launches its second institutional diversified vehicle investing in $987 million in property value and begins to vertically integrate several value creation functions
  • 2016

    Virtus establishes a $100 million separate account, which includes the launch of its new Enhanced Core strategy
  • 2019

    With the advent of its third and largest diversified vehicle yet, Virtus will ultimately invest over $1.5 billion worth of commercial real estate properties
  • 2020

    Virtus creates its first open-end perpetual vehicle through which it executes its Enhanced Core strategy going forward, and received over $200 million in initial equity commitments
  • 2021

    Seeing the opportunity to enhance the quality and quantity of its alternative multifamily development deal flow, the Firm launches Community First Development (“C1”); Enhanced Core strategy surpasses $500 million in equity commitments
  • 2023

    Virtus becomes UN PRI Signatory


We are hands-on, data-driven, curious investors who consistently deliver compelling results that benefit all stakeholders, agnostic to market cycles.


To foster thriving communities that empower people to live better lives.


Our Team