Virtua Partners, a Scottsdale, Ariz.–based private equity firm, is breaking ground on another of its opportunity zone projects, an apartment complex in Tempe, Ariz.
Over the course of approximately 16 months, the now unused infill lot at 1-980 East Broadway Road will be developed into a multifamily complex offering entry-level housing to the community.
The 1-980 East Broadway project is Virtua Partners’ 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 nine three-bedroom units, along with 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 Corp.
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’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,” said Quinn Palomino, CEO of Virtua Partners.