Virtua Partners, San Diego, announced Friday that it has acquired 60 acres of undeveloped land in the Phoenix MSA of Arizona.
The land was purchased for $18,333 per acre, or $0.42 PSF. Virtua plans to revise the existing entitlements for single family residential housing and sell the property to a home builder.
“This is another exciting opportunity for our team, and we look forward to improving this site,” said Quinn Palomino, principal of Virtua Partners. “The surrounding area coincides nicely with our proposed uses which will mutually benefit from the project.”
The property would be developed by Virtua’s Phoenix based affiliate, Quyp Development. The property is located on the Northwest Corner of 35th Avenue and Carver Road in Phoenix. The site lies on the Eastern end of Carver Mountain and has sweeping views of downtown Phoenix. It was previously approved for 22 custom lots and 99 patio homes.
Versant Commercial Brokerage Inc., an affiliate of Virtua Partners, assisted with the capital raise. Boustead Securities underwrote the securities, and Property Dimensions Group represented the buyer. The seller was not identified.
