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
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
To learn more about Virtua Partners and their work in the Opportunity
Zone program click
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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Emerson Equity LLC is not affiliated with Virtua or its subsidiaries.
Gregory FCA for Virtua Partners
Alex Nye, 610-228-2287