{"id":1004200259,"date":"2017-12-12T05:37:27","date_gmt":"2017-12-12T13:37:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004200259"},"modified":"2022-12-07T14:23:10","modified_gmt":"2022-12-07T22:23:10","slug":"virtua-closes-fund-to-acquire-13-az-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/","title":{"rendered":"Virtua Closes Fund, to Acquire 13 AZ Properties"},"content":{"rendered":"<p>By Tudor Scolca<\/p>\n<div id=\"attachment_1004200271\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004200271\" data-attachment-id=\"1004200271\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/virtua-partners-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Virtua Partners&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;Virtua Partners (PRNewsfoto\/Virtua Partners)&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;This image must be used within the context of the news release it accompanied. Request permission from issuer for other uses.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;Virtua Partners&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Aerial view of one of the land parcels purchased by Virtua\" data-image-description=\"&lt;p&gt;Aerial view of one of the land parcels purchased by Virtua&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Aerial view of one of the land parcels purchased by Virtua&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg?w=800\" class=\"wp-image-1004200271 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg\" alt=\"Aerial view of one of the land parcels purchased by Virtua\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004200271\" class=\"wp-caption-text\">Aerial view of one of the land parcels purchased by Virtua<\/p><\/div>\n<p>Virtua Partners entered an agreement to purchase 13 properties, via its recently-closed Virtua Land Acquisition Fund I, which is managed by affiliate Virtua Capital Management. The projects are all infill space, located in the Arizona cities of Mesa, Phoenix, Tempe, Glendale, Avondale, Goodyear,\u00a0as well as in Leander, Texas.<\/p>\n<p>The assets total approximately 269 acres and come with a purchase price of $22.2 million. Virtua\u2019s acquisition fund is focused on entry-level residential properties, both single and multifamily, except for one project in the portfolio, which is mixed-use.<\/p>\n<h2>Value-add plans<\/h2>\n<p>Virtua plans to add value to the infill sites in one of two ways: obtaining entitlements for all of them and disposing of them to builders, or build properties through its development company, Quyp Development. The two entities obtained approval earlier this year for the construction of a <a href=\"https:\/\/www.commercialsearch.com\/news\/virtua-to-develop-springhill-suites-hotel-in-avondale\/\">Marriott hotel in Phoenix<\/a>, as part of a 58-acre mixed-use project.<\/p>\n<p>\u201c<em>Up until now we capitalized our projects individually. The fund structure allows us to increase scale and improve efficiency,<\/em>\u201d said Quinn Palomino, co-founder of Virtua Partners, in a prepared statement.<\/p>\n<p><em>Image courtesy of Virtua Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company plans to add value to the purchased infill locations by obtaining entitlements for them, or by building via its affiliate, Quyp Development.<\/p>\n","protected":false},"author":1284,"featured_media":1004200271,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,21752,21742,1601,15],"tags":[38576,34669],"class_list":["post-1004200259","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-mixed-use","category-latest","category-phoenix","category-west","tag-quyp-development","tag-virtua-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He joined CPE and MHN in 2017 and is passionate about doing research for the two publications. He is responsible for data center and industrial coverage on CPE, writing seasonal metro reports on multifamily, interviews and features, as well as occasionally editing news stories.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/tudor-scolca\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Virtua Closes Fund, to Acquire 13 AZ Properties - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/","og_locale":"en_US","og_type":"article","og_title":"Virtua Closes Fund, to Acquire 13 AZ Properties","og_description":"The company plans to add value to the purchased infill locations by obtaining entitlements for them, or by building via its affiliate, Quyp Development.","og_url":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2017-12-12T13:37:27+00:00","article_modified_time":"2022-12-07T22:23:10+00:00","og_image":[{"width":800,"height":600,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg","type":"image\/jpeg"}],"author":"Tudor Scolca","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/","url":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/","name":"Virtua Closes Fund, to Acquire 13 AZ Properties - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg","datePublished":"2017-12-12T13:37:27+00:00","dateModified":"2022-12-07T22:23:10+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/daae3daa7b99fdfb75a85cb3cd92a26d"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Virtua-Partners.jpg","width":800,"height":600,"caption":"Aerial view of one of the land parcels purchased by Virtua"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/virtua-closes-fund-to-acquire-13-az-properties\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Virtua Closes Fund, to Acquire 13 AZ Properties"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/daae3daa7b99fdfb75a85cb3cd92a26d","name":"Tudor Scolca","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/TudorScolca_AuthorBio.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/TudorScolca_AuthorBio.jpg?w=96","caption":"Tudor Scolca"},"description":"Tudor Scolca-Seu\u0219an is an Associate Editor with Commercial Property Executive and Multi-Housing News. 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