Virtua Partners has closed its first acquisition fund, which will focus on entry-level and step-up residential properties. Virtua Land Acquisition Fund I will acquire thirteen properties in Arizona for over $22 million.
PHOENIX, Dec. 8, 2017 /PRNewswire/ — Private equity firm Virtua Partners announced this week that affiliate Virtua Capital Management has closed the Virtua Land Acquisition Fund I (“VLAF I”). VLAF I is under contract to purchase thirteen properties located in the fast growing Southwestern cities of Mesa, Phoenix, Tempe, Glendale, Avondale, Goodyear, and Leander. The total purchase price for the thirteen properties is $22,178,111, with total acreage of +/- 269.85.
VLAF I focuses on entry level and step up residential properties, including single family residential, townhouses, and multi family. One of the projects is mixed use, and all of the projects are infill. Virtua expects to sell fully entitled lots to home builders, or build the projects through affiliate Quyp Development.
“We are excited to complete our first land acquisition fund,” said Quinn Palomino, Co-Founder of Virtua Partners. “Up until now we capitalized our projects individually. The fund structure allows us to increase scale and improve efficiency.”
“We continue to be bullish on the economic outlook for the Southwestern and Southeastern United States,” said Nick Montague, President of Quyp Development. “The underlying economic fundamentals are strong in Phoenix, Austin, Dallas and Atlanta. We believe that the economic expansion will continue and that these markets will benefit disproportionately.”
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.
Please visit http://www.virtuapartners.com to learn more about our investor services.