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 building the multi-family and townhouse projects. The single family residential, retail, and office components will be sold to third parties.
About Virtua Partners:
Virtua Partners is a private equity firm specializing in commercial real estate. Virtua sponsors a variety of investment funds and commercial real estate projects across the United States and currently has 16 million square feet of assets under management or development.
Our investment products range from fixed income to aggressive growth in a variety of asset types including office, flex office, industrial, hospitality, single family residential, multi-family and mixed-use projects. Virtua Partners and its affiliates provide debt and equity origination, asset and property management, debt restructuring, commercial real estate development, and fund management.