Neighborhood Ventures Makes a Strategic Move with New 123-Unit Property Acquisition in Central Phoenix

Neighborhood Ventures Acquires 'Venture on Colter'

Neighborhood Ventures (NV), recognized as Arizona's largest real estate crowdfunding company, has officially announced its latest venture in the competitive Phoenix real estate market. The company has secured the purchase of a 123-unit multifamily property known as Venture on Colter, formerly referred to as Thom Slate on Colter. This strategic acquisition is located conveniently close to Grand Canyon University and I-17, positioning it as a valuable investment opportunity for the firm's stakeholders.

Purchased for a total of $13 million, equating to $105,000 per unit, this property was acquired directly from the lender at a remarkable discount of over 25%. It previously received significant renovations amounting to more than $2 million. This includes enhancements that have bolstered its curb appeal, highlighted by the presence of two pools and increased infrastructural updates—such as upgraded chiller systems, electrical, plumbing, and roofing.

The excitement surrounding this investment was palpable, with Neighborhood Ventures managing to accumulate over $1 million in funding for the Venture on Colter project in less than eight hours after opening it to investors. John Kobierowski, the Co-Founder and Real Estate President of NV, shared his enthusiasm about this acquisition, emphasizing the property’s updated conditions and the potential for growth in a transitioning district of Central Phoenix. He noted the significant upgrades made by the previous owners that are pivotal for long-term performance enhancements.

With the proximity of Grand Canyon University and ongoing improvements in the surrounding areas, the demand for rental units in this locale has been on the rise, making this acquisition even more appealing. Kobierowski is optimistic about leasing the remaining 25 vacant units within a target timeline of just six months, as they aim to stabilize operations over a three-year period before planning a strategic sale.

Jamison Manwaring, the Co-founder and CEO of Neighborhood Ventures, commented on the attractive investment opportunity that Venture on Colter presents. He highlighted the offering of 12% as preferred annual returns available through direct investment opportunities, and up to 20% annual returns available through their Opportunistic Fund. This strategic angle, focusing on distressed assets in desired markets, aligns with the company's business model aimed at delivering attractive and consistent returns for investors.

Investment options are accessible for both accredited and non-accredited investors, with minimum investments of $5,000 for Arizona residents and $25,000 for accredited ones in the direct investment model. National investors are presented with an exclusive opportunity requiring a $50,000 minimum for the Opportunistic Fund, while Arizona residents can invest for as little as $5,000.

While the company often reminds prospective investors that historical performance might not ensure future returns, Neighborhood Ventures continues to lead the market in terms of real estate crowdfunding, having launched more equity crowdfunding opportunities than any other comparable firm in the nation. To date, they have successfully purchased 15 properties and continue to deliver impressive returns for their investors.

The interest in alternative investments has notably surged, resulting in a favorable environment for Neighborhood Ventures’ recent acquisition. For anyone interested in exploring potential investments related to this latest venture, further insights and investment details can be accessed via Neighborhood Ventures' official website.

This acquisition reflects the firm’s strategic vision for leveraging both existing property assets and the burgeoning real estate market in Phoenix to enhance portfolio growth and investor satisfaction. As the property management efforts ramp up, the entire community will eagerly watch how Venture on Colter evolves over the coming months and years.