TEMPE, Ariz.--(BUSINESS WIRE)--Virtua Partners, the Scottsdale-based private equity firm and a first mover in the Opportunity Zone program, is breaking ground on another of its Opportunity Zone projects, an apartment complex in Tempe, Arizona. Over the course of approximately 16 months, the now unused infill lot at 1980 East Broadway Road will be developed into a multifamily complex offering entry-level housing to the community.
The 1980 East Broadway project is Virtua Partner’s first residential project to be partially funded through the Opportunity Zone program. The 90-unit project will consist of 36 one-bedroom, 45 two-bedroom and 9 three-bedroom units accompanied with ample parking, and a fitness center. Virtua Partners and its affiliates will oversee the construction and long-term management of the property. The project is being financed through equity invested by Virtua Opportunity Zone Funds as well as a construction loan placed by Virtua Credit Corporation.
“One of the most exciting aspects of this development is that it lives up to the social impact measures that the Opportunity Zone program was designed to promote,” says Quinn Palomino, CEO of Virtua Partners. “We’ve worked to ensure that a portion of the units designed are workforce housing and we’ve held detailed discussions with local and state officials to make sure this project meets the needs of the local community.”
As part of today’s groundbreaking ceremony held on the project site, Virtua Partners hosted a roundtable policy discussion with notable local and state officials. A portion of the roundtable discussion addressed the need to establish a national reporting system to gauge the social impact of every Opportunity Zone development.
“We don’t just want to check the boxes and call it a success,” continued Palomino. “The Opportunity Zone program offers investors and developers a chance to make a real difference in communities thanks to the associated tax benefits. While we work diligently to provide investors with compelling and attractive investment opportunities, we also make sure each project will substantially improve the local community we build in. Our Opportunity Zone projects are a testament to that commitment.”
To learn more about Virtua Partners and their work in the Opportunity Zone program click here.
About Virtua Partners:
Virtua Partners is a global private-equity firm specializing in commercial real estate. The firm and its affiliates sponsor a variety of investment funds and commercial real estate projects across the United States and currently have over 16 million square feet of assets under management or development.
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