Virtua Partners buys Phoenix area properties for $2.8 MM

Disclosure: Rose Law Group represent Virtua Partners

(Editor’s note: News releases are published unedited, unless they contain factual errors.)

By Iris Dorbian|The PE Hub Network

Virtua Partners, a commercial real estate-focused private equity firm, has acquired 28 acres of land in the Phoenix area for $2.8 million. The properties will be developed into single-family residential housing.

PHOENIX, June 26, 2017 /PRNewswire/ — 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.”