Neighborhood Ventures, a real estate operator and an online real estate investment company that enables both accredited and non-accredited investors to invest in multifamily properties, announced the acquisition of Venture on 16th, an 86-unit multifamily community located in the highly desirable Biltmore District of Uptown Phoenix.
The property was acquired for $19.5million in a short sale transaction, representing a purchase price approximately 30% below the prior owner’s basis. The acquisition provides immediate monthly cash flow for investors with additional rent upside as market rents are realized.
Venture on 16th is a fully renovated community featuring a mix of two-, three-, and four- bedroom units. This is a rare offering in an urban Phoenix neighborhood where larger apartment layouts are increasingly difficult to find. The property’s design centers around a landscaped courtyard that opens to a resort-style pool with glass fencing, a centrally located clubhouse, and a fully equipped fitness center. Many perimeter units include private patios and dual access points, creating convenient everyday living for residents.
“This was a disciplined acquisition from start to finish,” said Jamison Manwaring, Co-founder and CEO of Neighborhood Ventures. “We spent six months underwriting the opportunity and negotiating directly with both the seller and lender to reach a price that made sense based on the property’s fundamentals. 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.”
Located in one of Phoenix’s most walkable neighborhoods, Venture on 16th offers residents easy access to freeways, restaurants, retail, great schools, and employment hubs across the Biltmore and Uptown corridors.
“Opportunities like this don’t come from chasing deals, they come from patience and conviction,” added John Kobierowski, Co-founder and President of Real Estate at Neighborhood Ventures. “This property never officially hit the market. By maintaining direct dialogue with the ownership group and lender, we were able to structure a transaction that works for everyone while securing an asset that fits perfectly within our investment strategy.”
Neighborhood Ventures plans to stabilize the property with long-term financing and align rents with market levels while maintaining the quality of the community and resident experience.
The acquisition further expands Neighborhood Ventures’ portfolio of Phoenix-area multifamily properties and reflects the firm’s strategy of acquiring well-located assets at attractive bases during periods of market dislocation.
