Virtua Partners Celebrates the Grand Opening of Its Tempe-Based Multifamily Residential Rental PropertyDecember 30, 2020 News
The Ground-Up, Opportunity Zone Project Brings Spacious and Modern Housing to Fast-Growing Tempe Area
TEMPE, Ariz. — (December 30, 2020) — Virtua Partners (“Virtua”), the Scottsdale-based private equity firm, announces the completion of “V on Broadway,” a 90-unit residential rental property in Tempe, Arizona. Located at 1890 S. Country Club Way, the multifamily complex is situated in an Opportunity Zone and brings a beautiful, affordable housing option to what was once an unused infill lot, exemplifying the mission of the Federal program.
Despite the COVID-19 pandemic, Virtua Partners and its affiliate development firm Quyp Development, completed this property on time and on budget. The success of this reflects Virtua and Quyp Development’s flexible and adaptive approach to project management and construction.
The community-driven property includes 36 one-bedroom, 45 two-bedroom and nine three-bedroom units with well-designed floor plans. The property also offers plenty of parking, a fitness center, pool and a warm and welcoming lobby with useful amenities. It stands four stories tall and has been designed with a modern style to attract residents and bring added visual appeal to the area.
“We’ve always believed that being a good neighbor is good business,” said Quinn Palomino, co-founder and CEO of Virtua. “By transforming this development site into a contemporary apartment complex, we’ve brought a lot of value to the community, as well as to our investors. Along with our team of affiliates, we hope to enhance the value of future investment opportunities for our investors like we have with V on Broadway.”
The development broke ground after a roundtable discussion was held in June of 2019, with notable local and state officials. The discussion addressed the importance of meeting needs in the community and creating social good through Opportunity Zone developments.
To learn more about Virtua Partners and its work in commercial real estate, click here.
About Virtua Partners
Virtua Partners is a global private-equity firm specializing in commercial real estate. Virtua Partners and HE finalized their merger earlier this year. Virtua Partners and its affiliates sponsor a variety of investment funds and commercial real estate projects across North America. Virtua Partners’ goal is to provide superior risk-adjusted returns for accredited investors and family offices through comprehensive strategies, rigorous underwriting, and careful execution. For more information, visit virtuapartners.com.