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

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.

Disclosures:

The contents of this communication: (i) do not constitute an offer of

securities or a solicitation of an offer to buy securities, (ii) offers

can be made only by the confidential Private Placement Memorandum (the

“PPM”) which is available upon request, (iii) do not and cannot replace

the PPM and is qualified in its entirety by the PPM, and (iv) may not be

relied upon in making an investment decision related to any investment

offering by the issuing company, or any affiliate, or partner thereof

("Virtua"). All potential investors must read the PPM and no person may

invest without acknowledging receipt and complete review of the PPM.

There is no assurance that investment objectives of any program will be

attained. Consult the PPM for investment conditions, risk factors,

minimum requirements, fees and expenses and other pertinent information

with respect to any investment. These investment opportunities have not

been registered under the Securities Act of 1933 and are being offered

pursuant to an exemption therefrom and from applicable state securities

laws. Past performance are no guarantee of future results. All

information is subject to change. You should always consult a tax

professional prior to investing. Investment offerings and investment

decisions may only be made on the basis of a confidential private

placement memorandum issued by Virtua, or one of its partner/issuers.

Virtua does not warrant the accuracy or completeness of the information

contained herein.

Securities offered through Emerson Equity LLC Member: FINRA/SIPC.

Emerson Equity LLC is not affiliated with Virtua or its subsidiaries.

Contacts

Gregory FCA for Virtua Partners

Alex Nye, 610-228-2287