Virtua Partners, a private equity firm specializing in commercial real estate investment, has broken ground on a new opportunity zone development in the Phoenix suburb of Glendale, Arizona.
Over the next 18 months, the company plans to develop a 6-acre infill lot in the Manistee Ranch community into 71 single-family residential rental units, dubbed “V Townhomes at Manistee Ranch.” The property is within close proximity to parks, shopping centers, restaurants and highways, the company said.
“We are excited to be able to offer quality workforce housing options for people in the growing West Valley…,” said Quinn Palomino, co-founder and chief executive officer of Virtua. “We are extremely grateful to be able to work with the Manistee Ranch community, the city of Glendale, and for the helpful way city officials reviewed and processed our plans. With their help, we’ve been able to pinpoint specific needs in the local community and design our plans for the property to meet those needs. This $20+ million investment into the Manistee Ranch community should enhance values and the quality of life for all the residents.”
V Townhomes at Manistee Ranch is one of several opportunity zone developments that Virtua has initiated since the program launched in 2017. Virtua broke ground on another opportunity zone project last June in Tempe, Arizona that is slated for completion by the end of 2020. Trez Capital provided construction financing for both projects.
Virtua Partners and its affiliates sponsor a variety of investment funds and commercial real estate projects across North America. The company completed its merger with Atlanta-based hotel operator Hotel Equities in February 2020.