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Virtua Partners Completes Two Phoenix Acquisitions

12/28/17

Virtua Partners has acquired two properties totaling 146 acres located in the West Valley of Phoenix.

One of the acquisitions, Bennett Meadows, is a 28-acre infill residential property located on the northwest corner of Sarival Ave and W. Harrison St in Goodyear. During escrow, Virtua affiliate Quyp Development was able to increase the lot density by rezoning the property from R1-10 to R1-6.

Virtua is currently processing the preliminary plat for a 90-lot single family residential development, and expects to complete the final plat within six months. Virtua purchased the project for $2.16 mil, or $1.72/sf.

The other purchase, Villa De Paz Golf Club, is an 18-hole facility located in West Phoenix. The 118-acre property was purchased for $1.3 mil, or $0.25/sf. The Golf Club is now operating under the newly formed entity, Villa De Paz Property Holdings LLC.

Quinn Palomino, Co-Founder of Virtua Partners, noted, "Phoenix has a competitive advantage over California and other regional competitors. We expect housing demand to increase as job creation continues at a strong pace."





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