Virtua Partners has acquired two major properties in the Phoenix area totaling 146 acres including the Villa De Paz Golf Club and Bennett Meadows, a 28-acre property the company will use for a single-family residential development.
The West Valley transactions also include the 118-acre, 18-hole Villa De Paz Golf Club, which will operate under Villa De Paz Property Holdings, and the infill residential property of Bennett Meadows.
"We're delighted to pick up two additional projects in the West Valley," Virtua Partners co-founder Quinn Palomino said in a press release. "Phoenix has a competitive advantage over California and other regional competitors. We expect housing demand to increase as job creation continues at a strong pace."
After Virtua affiliate Quyp Development was able to rezone the Bennet Meadows property, which is located at Sarival Avenue and West Harrison Street in Goodyear. Plans are for a 90-lot, single-family residential development. According to Virtua, the final plat is slated to be complete in the next six months.
According to the company, Villa De Paz was acquired for $0.25 per square foot and Bennett Meadows was purchased for $1.72 per square foot.