Virtua Partners, a global private equity real-estate investment manager, fully-funded three of its opportunity zone projects in 90 days, the company said, noting that equity for all three projects was fully-committed within a week of each launch.
The three projects represent varying investment strategies that Virtua pursues under its opportunity zone initiative and include:
71-unit townhome development in Glendale, Arizona
90-unit single family rental development in Tempe, Arizona
128-room SpringHill Suites Marriott in Avondale, Arizona
“We want opportunity zone-directed investments to be at the forefront of social impact investing, and we believe that could be accomplished with the demand we’ve seen,” says co-founder and chief executive officer of Virtua Partners Quinn Palomino. “Our projects seek to build developments that bring jobs and economic activity to struggling communities.”
Virtua’s 90-unit apartment development in Tempe recently broke ground and is expected to be completed in late 2020, as reported by The DI Wire.
Virtua Partners and its affiliates sponsor a variety of investment funds and commercial real estate projects across the United States and currently have 16 million square feet of assets under management or development.