December 23, 2020
Scottsdale-based Virtua Partners broke ground on V Townhomes at Manistee Ranch, a new Opportunity Zone development in Glendale. The 5.78-acre infill site is situated at North 53rd Avenue within the Manistee Ranch Community.
Virtua plans to transform the lot into 71 single-family residential rental units, offering entry-level housing options while aligning with Opportunity Zone regulations. Trez Capital’s Dallas office is providing construction financing.
Virtua’s Quinn Palomino says, “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. This $20+ million investment into the Manistee Ranch community should enhance values and the quality of life for all the residents.”
The plan calls for several clusters of contemporary-style townhomes, which will enhance the community, and also provide necessary housing for the growing workforce in the Phoenix metropolitan area.
For comments, questions or concerns, please contact Dennis Kaiser