Private equity firm Virtua Partners announced Wednesday that it has acquired two properties totaling 146 acres located in the West Valley of Phoenix.
Bennett Meadows is a 28 acre infill residential property located on the northwest corner of Sarival Avenue and W. Harrison Street in Goodyear, Arizona. 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 6 months. Virtua purchased the project for $2.16MM or $1.72 per square foot.
The Villa De Paz Golf Club is an 18-hole facility located in West Phoenix. The 118-acre property was purchased for $1.3MM or $0.25 per square foot. The Golf Club is now operating under the newly formed entity, Villa De Paz Property Holdings, LLC.
"We're delighted to pick up two additional projects in the West Valley," said Quinn Palomino, Co-Founder of Virtua Partners. "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."
