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 proper entitlements for these projects” noted Nick Montague, President of Quyp Development. “City officials have been extremely helpful throughout the process thus far. We are looking forward to the successful development of the sites into single family residential housing.”
Versant Commercial Brokerage Inc., an affiliate of Virtua Partners, assisted with the capital raise. Boustead Securities underwrote the securities, and Property Dimensions Group represented the buyer.
About Virtua Partners:
Virtua Partners is a private equity firm specializing in commercial real estate. Virtua sponsors a variety of funds and commercial real estate projects across the country. Investment products include fixed income, growth to income, growth, and aggressive growth. Through its affiliates, Virtua provides debt and equity origination, asset and property management, workout consulting, development, and fund management.