Virtua Partners closes Virtua Land Acquisition Fund I

Virtua Partners has announced that affiliate Virtua Capital Management has closed the Virtua Land Acquisition Fund I (VLAF I).

VLAF I is under contract to purchase 13 properties located in fast-growing Southwestern cities in Arizona, including Avondale, Glendale, Goodyear, Leander, Mesa, Phoenix and Tempe. The total purchase price for the 13 properties is $22.2 million.

VLAF I focuses on entry-level and step-up residential properties, including single-family residential, townhouses and multifamily.

One of the projects is mixed-use, and all of the other projects are infill. Virtua expects to sell fully entitled lots to home builders, or build the projects through affiliate Quyp Development.