Switch to the Python version you want to use:
pyenv shell 2.7.9
Create the virtualenv:
pyenv virtualenv <name-of-virtualenv>
Activate the virtualenv:
pyenv activate <name-of-virtualenv>
Find out what the path to the virtualenv is:
ls ~/.pyenv/versions
It will most likely look something like: ~/.pyenv/versions/<name-of-virtualenv>
Change to the directory where the SIP source was extracted:
cd /path/to/src/SIP
Configure, and make sure to include python2.7 for the virtualenv:
python configure.py --incdir=~/.pyenv/versions/<name-of-virtualenv>/include/python2.7
Then compile and install:
make
make install
cd /path/to/src/PyQt4
python configure.py
make
make install