Scottsdale, Arizona-based private equity firm Virtua Partners has broken ground on a new Opportunity Zone development, V Townhomes at Manistee Ranch, a single-family build-to-rent project within the Manistee Ranch community in Glendale, Arizona.
The upcoming community will offer 71 single-family residential units across a 5.78-acre infill lot, geared toward providing entry-level housing options that align with Opportunity Zone requirements.
“We are excited to be able to offer quality workforce housing options for people in the growing West Valley, while providing investors with a unique, tax-advantaged investment opportunity thanks to the Opportunity Zone program,” says Quinn Palomino, co-founder and CEO of Virtua. “We are extremely grateful to be able to work with the Manistee Ranch community, the city of Glendale, and for the helpful way city officials reviewed and processed our plans. With their help, we’ve been able to pinpoint specific needs in the local community and design our plans for the property to meet those needs. This $20 million-plus investment into the Manistee Ranch community should enhance values and the quality of life for all the residents.”
The community build will take place over the next 18 months, adding several clusters of contemporary-style townhomes to the site. The developer intends for the community to serve the Phoenix metropolitan area’s growing workforce, putting residents close to parks, shopping centers, highways, and restaurants.
“Our team’s cycle-adaptive approach enables these projects to be executed on time and within budget,” says Jeremy Hall, Virtua’s chief development officer. “This is especially important when it comes to ground-up projects like Manistee, where development is our responsibility from groundbreaking to grand opening. We want to be as diligent as possible in our planning, to ensure that incoming residents have a community to be proud of and that we can deliver value for our investors.”
