Virtua Partners, the Scottsdale-based private-equity firm specializing in real estate investment, has broken ground on a new Opportunity Zone development, in Glendale, Arizona. The property, named “V Townhomes at Manistee Ranch,” is a 5.78-acre infill lot situated at North 53rd Avenue within the Manistee Ranch Community. Virtua plans to transform the lot into 71 single-family residential rental units, offering entry-level housing options while aligning with Opportunity Zone regulations. Trez Capital’s Dallas office is providing construction financing for the project. This is the fourth transaction Trez Capital has financed for Virtua Partners
Over the next 18 months, this property in the Manistee Ranch community will be improved with several clusters of contemporary-style townhomes, providing not only an enhancement to the community, but also necessary housing for the growing workforce in the Phoenix metropolitan area. Residents will benefit from close proximity to parks, shopping centers, restaurants and highways.
“We are excited to be able to offer quality workforce housing options for people in the growing West Valley, while providing investors with a unique, tax-advantaged investment opportunity thanks to the Opportunity Zone program,” explains Quinn Palomino, co-founder and CEO of Virtua. “We are extremely grateful to be able to work with the Manistee Ranch community, the city of Glendale, and for the helpful way city officials reviewed and processed our plans. With their help, we’ve been able to pinpoint specific needs in the local community and design our plans for the property to meet those needs. This $20+ million investment into the Manistee Ranch community should enhance values and the quality of life for all the residents.”
It is one of several Opportunity Zone developments that Virtua has initiated since the program launched in 2017. Virtua broke ground on another Opportunity Zone project, also financed by Trez Capital, in June 2019 in Tempe, Arizona, that is slated for completion by the end of 2020.
“We financed Virtua’s first Opportunity Zone project in the Phoenix region and are pleased to provide financing on another Opportunity Zone project with their team,” said Adrian Watkins, vice president of Trez Capital. “This project represents the last undeveloped parcel of land within the Manistee Ranch Community, and we look forward to seeing it come to fruition, while continuing to provide capital resources to fund a variety of real estate projects in Arizona and beyond.”
“Our team’s cycle-adaptive approach enables these projects to be executed on time and within budget,” says Virtua’s Chief Development Officer Jeremy Hall. “This is especially important when it comes to ground-up projects like Manistee, where development is our responsibility from groundbreaking to grand opening. We want to be as diligent as possible in our planning, to ensure that incoming residents have a community to be proud of and that we can deliver value for our investors.”
To learn more about Virtua Partners and their work in the Opportunity Zone program, click here.
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.
Founded in 1997, Trez Capital is a diversified real estate investment firm and preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully-secured, high-yield mortgage investment funds and like investment assets, and provide property developers and owners with quick approvals on flexible short- to mid-term financing. Trez Capital has over $3.8 billion in assets under management and through its Dallas office, has funded more than $3.5 billion in loans.
