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[vc_row][vc_column][vc_column_text]The 2.32-acre parcel is part of an approximately 21-acre mixed use site that Virtua purchased in May of 2016 for $2,550,000, or $2.83 per square foot. The project zoning and site plan were processed through the City of Tolleson and approved in February of this year. Sales activity on the project has been strong and two additional commercial lots are in escrow and expected to close in the next 60 days. "The Phoenix regional economy continues to perform strongly," said Nick Montague, President of Quyp Development. "The underlying economic fundamentals appear solid and we are expanding our Phoenix Area development pipeline. We currently have 20 development projects located across the metroplex in Phoenix, Mesa, Peoria, Avondale, Tolleson, Goodyear, Glendale, and Queen Creek." Virtua Partners affiliate Versant Commercial Brokerage, Inc. assisted…
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Virtua Partners Expands Development and Research Team

Virtua Partners Expands Development and Research Team

Press Releases, Resources
Private equity firm Virtua Partners has further expanded its team with new hires in the Phoenix and Hong Kong offices.  Ernest Amponsah has joined the Quyp Development team in Arizonaas a project manager.  Sunny Huang and Janet Jiang have joined Virtua Capital Management LLC in Hong Kong as an associate and financial analyst. Ernest Amponsah brings two decades of land development and acquisition experience, with half of that time spent in the Arizona markets. His expertise is in acquisition analysis, due-diligence, civil engineering, and entitlements.  Ernest earned his Bachelor of Science in Engineering from Kwame Nkrumah University of Science and Technology, and a Master of Business in Real Estate Finance and Investment from DePaul University. Sunny Huang has a comprehensive research and financial background in private equity with several Chinese…
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Virtua Partners Completes Rezoning of West Phoenix Development Project

Virtua Partners Completes Rezoning of West Phoenix Development Project

Press Releases, Resources
Virtua Partners announced today that it has received rezoning approval from the Phoenix City Council on a 20.13-acre development site located at the southwest corner of 103rd Avenue and Buckeye Road. The zoning was changed from a mix of commercial and residential to commerce park. Virtua Partner Affiliate Quyp Development plans to develop the site for light industrial uses. Virtua purchased the site in April of this year. "Industrial market conditions continue to improve in Phoenix, and this project is positioned to benefit from the growth of the West Phoenix industrial corridor," said Quyp Development President, Nick Montague. "We are excited about this project and appreciate the cooperation and support of the City Council and Planning and Zoning Commission." About Virtua Partners: Virtua Partners is a private equity firm specializing…
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Virtua Partners Completes Recapitalization of Marriott SpringHill Suites in Houston

Virtua Partners Completes Recapitalization of Marriott SpringHill Suites in Houston

Press Releases, Resources
Virtua Partners announced today that it has successfully recapitalized a 190 room SpringHill Suites Marriott located at 1400 Old Spanish Trail in Houston, Texas. Virtua Partners affiliate Versant Commercial Brokerage provided the restructuring services, including the origination of a $20.4MM senior loan and $2.3MM in preferred equity. Versant structured the transaction utilizing Internal Revenue Code Section 721 in order to defer taxes for the owners. As part of the restructuring, the hotel will be undergoing an extensive $5.3 million property improvement plan, which will upgrade the facilities to current Marriott standards. Hotel Equities is the new hotel manager, and Virtua affiliate Clear Vista Management is the new asset manager. Virtua affiliate Quyp Hospitality will be overseeing the property improvement plan. "This was a challenging transaction and we're glad to wrap…
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Virtua Partners Completes Rezoning of Avondale Project

Virtua Partners Completes Rezoning of Avondale Project

Press Releases, Resources
Virtua Partners announced today that it has received approval for a general plan amendment and rezoning from the Avondale City Council on a 58 acre mixed-use project located at 99th Avenue and McDowell Road.  The land uses include single family residential, townhouses, multi-family, retail, office, and hospitality.  Virtua acquired the site in November of last year. "We appreciate the support of the Mayor, City Council, staff, and Planning and Zoning Commission for the general plan amendment and rezoning," stated Nick Montague, president of Virtua Partners affiliate Quyp Development.  "The process was efficient and timely, and we are delighted to be able to move forward with this exciting project." Marriott International has approved a SpringHill Suites for the site, which is being developed by Virtua affiliate Quyp Hospitality.  Quyp Development is…
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Virtua Partners Completes Sale of Phoenix Area Hotel Site

Virtua Partners Completes Sale of Phoenix Area Hotel Site

Press Releases, Resources
Virtua Partners announced today that it has completed the sale of a 2.32-acre hotel site located off the Southeast corner of McDowell Road and 91st Avenue in the City of Tolleson. An affiliated entity, Virtua West Valley Hotels, purchased the site for $1,010,592 or $10 per square foot. Virtua affiliate Quyp Hospitality plans to build a Fairfield Inn and Suites on the site. The 2.32-acre parcel is part of an approximately 21-acre mixed use site that Virtua purchased in May of 2016 for $2,550,000, or $2.83 per square foot. The project zoning and site plan were processed through the City of Tolleson and approved in February of this year. Sales activity on the project has been strong and two additional commercial lots are in escrow and expected to close in…
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Virtua Partners Expands Phoenix Office

Virtua Partners Expands Phoenix Office

Press Releases, Resources
Private equity firm Virtua Partners has expanded its Phoenix operations with the addition of three veteran hires.  Anthony Hinrichs has joined Virtua affiliate Quyp Development as Project Manager, and Derrick Westrick and Zachary Chavez will strengthen the Investor Relations division of Virtua Capital Management. Anthony Hinrichs, Project Manager Anthony Hinrichs has over 20 years of experience in construction and development of residential and commercial properties. His background includes commercial projects ranging from restaurants, grocery stores, and hotels across the country with a focus on the Phoenix market. Tony earned a B.S. from the Everglades University in Engineering. Derrick Westrick, Investor Relations Derrick Westrick has worked within the banking industry for six years and brings a deep knowledge of finance, banking operations, regulatory guidance, and personal banking/investment services. His experience includes positions at Northern Trust and JP Morgan Chase working directly with customers…
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Virtua Partners Completes Rezoning of Phoenix Area Project

Virtua Partners Completes Rezoning of Phoenix Area Project

Press Releases, Resources
Virtua Partners announced today that it has received zoning approval for a residential infill project, Bennett Meadows, located at Sarival Avenue and Harrison Street in the City of Goodyear. With plans to break ground in mid 2018, the development was rezoned from R1-10 to R1-6 and will consist of 90 residential lots on approximately 28 acres. Bennett Meadows Aerial   "We're thrilled to complete the rezoning of this property and sincerely appreciate the Goodyear City staff working with us to solve many technical issues related to drainage and traffic flow," said Nick Montague, president of Virtua Partners affiliate Quyp Development. "We're looking forward to completing a high quality project that is compatible with the surrounding neighborhood." Virtua is processing the preliminary plat through the City of Goodyear with expectations to…
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Virtua Partners Opens Hong Kong Office

Virtua Partners Opens Hong Kong Office

Press Releases, Resources
Private equity group Virtua Partners announced today that it has opened a regional office in Hong Kong. Virtua Capital Management, an affiliate of Virtua Partners, will occupy the space located at Two International Finance Centre (IFC). With headquarters in Phoenix, Arizona, and affiliate offices in San Diego and Newport Beach, California, the new office marks the firm's first global expansion and presence in Asia. "We're thrilled to open our first international office in Hong Kong," said Quinn Palomino, Co-Founder of Virtua Partners.  "We considered multiple locations in Asia but settled on Hong Kong because of its strong business culture, deep labor pool, and proximity to Mainland China." The Hong Kong office will oversee investor relations and provide financial analysis and accounting services for a series of funds managed by Virtua…
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Virtua Partners Completes Acquisition of Two Phoenix Area Development Sites

Virtua Partners Completes Acquisition of Two Phoenix Area Development Sites

Press Releases, Resources
Virtua Partners announced today that it has acquired two properties with 28 acres of undeveloped land in the Phoenix MSA of Arizona.  The projects include a 13-acre site at 14th Street and Union Hills in Phoenix and a 15-acre assemblage in Avondale at Thomas and 119th Avenue.  Current plans call for the development of the sites as single family residential housing. The combined purchase price was $2.8MM. "The Phoenix Metro economy continues to perform strongly, and we are excited to add two strong development projects to our pipeline," said Quinn Palomino, Principal of Virtua Partners. "Demand for infill housing remains robust with no slowdown in sight." The properties will be developed by Virtua's Phoenix based affiliate, Quyp Development. "Quyp Development is excited to work with both cities to obtain the…
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