PHOENIX--(BUSINESS WIRE)--Virtua Partners (Virtua), a global private-equity real-estate investment manager, today announced the completion of their first-ever Opportunity Zone Fund rezoned project in Tempe, Arizona. The 90-unit apartment project is the first Opportunity Zone project in the country to complete the entitlement process.
The 3.6-acre rezoning was unanimously approved by Tempe City Council for multifamily development. The 16-month construction of the 90-unit apartment complex is expected to break ground in the first quarter of 2019.
“In June of 2018, Virtua Partners launched the first-ever Opportunity Zone Fund,” says Zachary Chavez, vice president of Virtua Capital Management. “Today, we’re proud to take another first step – the first rezoning project designed to meet the guidelines of the Opportunity Zone Program.”
This fund invests in the newly created Opportunity Zones -- which represent one of the lesser-known provisions of the Tax Cuts and Jobs Act of 2017 (the Tax Reform Act). Investing in Opportunity Zones provides a basket of potential tax benefits, including deferral of current capital gains, a tax reduction of up to 15% on current gains, and no capital gains taxes on appreciation if the investment is held for 10 years.
“This project will put investors’ money to work creating jobs, building housing and increasing economic activity in the community,” adds Chavez. “This rezoning marks the first step in achieving what the Opportunity Zone Program was designed to do – attract free-market capital to support local communities. Through partnering with the city of Tempe, Virtua Partners has demonstrated our unique ability to provide solutions to local governments looking to better serve their communities.”
“The Tempe City Council and all the local officials we worked with deserve recognition for their efforts," says Nick Montague, president of Virtua subsidiary Quyp Development. "They understood the potential benefits of Opportunity Zone projects and worked harmoniously to ensure that Tempe would be among the very first beneficiaries. Once the jobs, the affordable housing and the economic impact are realized, I’m confident that the people of Tempe will understand why their local officials worked hard to make this project a reality.”
To learn more about Opportunity Zones, visit VirtuaPartners.com.
About Virtua Partners:
Virtua Partners is a global private-equity firm specializing in commercial real estate. The firm sponsors a variety of investment funds and commercial real estate projects across the United States and currently has 16 million square feet of assets under management or development.
Virtua Partners’ goal is to provide high-net-worth individuals and family offices, with comprehensive strategies, rigorous underwriting, and careful execution within their Real Estate investments.
This is not an offer to sell nor a solicitation to buy a security. That can only be done by a Private Placement Memorandum (“PPM”) which includes a thorough discussion of the risks and fees involved. For accredited investors only, who can withstand a complete loss of their investment. An investment is considered speculative with limited liquidity. Final Opportunity Zone legislation is still pending. Tax benefits are dependent upon the satisfaction of all Opportunity Zone Fund compliance requirements. Shares being sold in this offering have not been approved or disapproved by the Securities and Exchange Commission or any state’s securities division. Nor has the Securities and Exchange Commission or any state securities department passed upon the accuracy or adequacy of the PPM or the disclosures provided therein. Securities offered by Emerson Equity LLC, Member FINRA/SIPC. Zachary Chavez is a registered representative with Emerson.