The property, purchased directly from the lender for $13 million ($105,000 per unit), represents a 25%+ discount. Originally renovated with over $2 million in capital improvements, the property offers excellent curb appeal with two pools, ramadas, and updated infrastructure, including chiller systems, plumbing, electrical, and roofing.
It didn’t take investors long to engage. Neighborhood Ventures raised over $1M for the Venture on Colter offering in less than 8 hours.
“This is a unique opportunity to acquire a well-renovated property in a transitioning area of Central Phoenix,” said NV Co-Founder and Real Estate President, John Kobierowski. “The previous owner focused on critical updates that often get overlooked but make a huge difference in long-term performance. With Grand Canyon University nearby and ongoing improvements in the corridor, this area has seen tremendous growth. We’re excited to bring our expertise in property management to lease up the remaining units and maximize the property’s potential.”
Neighborhood Ventures plans to lease the 25 vacant units within six months, stabilize operations, and hold the property for approximately three years before a strategic sale.
“With rising interest in alternative investments, Venture on Colter provides a compelling opportunity for both Arizona residents and national investors,” said Co-founder and CEO Jamison Manwaring. “We’re offering 12% preferred annual returns through direct investment and up to 20% annual returns through our Opportunistic Fund. This acquisition aligns perfectly with our strategy of finding distressed assets in high-demand markets and delivering strong, consistent returns to our investors.”
