Virtua Partners Completes Virtua Land Acquisition Fund I

REAL ESTATE - COMPANY NEWS

Source : Virtua Partners

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."