Neighborhood Ventures, a real estate operator and investment company, has announced the acquisition of Venture on 16th. The multifamily property in the Biltmore District was acquired for $19.5 million.
Neighborhood Ventures Expands Phoenix Portfolio
Neighborhood Ventures is a real estate investment firm enabling both accredited and non-accredited investors to participate in multifamily assets. The company has acquired Venture on 16th, an 86-unit multifamily community.
The property purchase is approximately 30% below the previous owner’s basis. The transaction is expected to generate cash flow and future growth as rents will be brought in line with current market levels.
In the announcement post, Neighborhood Ventures mentioned, “The investment received strong investor demand and was oversubscribed, and we successfully secured long-term fixed-rate Fannie Mae financing at 5.3%.”
Jamison Manwaring, Co-founder and CEO of Neighborhood Ventures, stated that the purchase was preceded by months of underwriting and negotiations, which ultimately allowed the company to acquire the asset at a favorable basis. “Securing a quality asset in the Biltmore District at a distressed basis creates immediate value for our investors and positions the property for strong long-term performance.”
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A Glimpse of “Venture on 16th”
Venture on 16th is a renovated multifamily development. It offers two-, three-, and four-bedroom apartments. The property features larger floor plans that are becoming rare in urban Phoenix.
It is designed around a landscaped yard and a resort-style swimming pool with glass fencing. The amenities include a clubhouse and a fully equipped fitness center. Select units feature private patios and dual access for the convenience of residents.
The property offers easy access to major freeways, restaurants, retail, schools, and employment hubs across the Biltmore and Uptown areas.
To stabilize the property, Neighborhood Ventures is planning for long-term financing. They will gradually bring rents in line with market rates. Also, maintaining the property’s quality and resident experience.
The transaction is part of the firm’s rapidly expanding multifamily holdings in the Phoenix region. The move is in line with Neighborhood Ventures’ strategy to target assets at favorable pricing during market shifts.
Neighborhood Ventures focuses on repositioning properties as assets for investors and local communities.
