Neighborhood Ventures, a leading real estate investment company utilizing crowdfunding to enable both accredited and non-accredited investors to invest in multifamily properties, is pleased to announce it has entered into contract on Venture on 52nd Street, a 71-unit multifamily property located at 5245 E Thomas Road in the beautiful Arcadia neighborhood of Phoenix.
This planned acquisition marks the first time NV has purchased a foreclosure —a strategic move that enables the company to act quickly and secure valuable assets at significant discounts.
Purchased for $11 million—an over 35% discount from its 2022 valuation of $18,250,000—Venture on 52nd Street offers a compelling opportunity for both the company and its investors. The property features 12 studio units, 47 one-bedroom units, and 12 two-bedroom units. Located in Arcadia South, a vibrant area along Thomas Road known for its prime shopping and dining options, this asset is poised for robust growth and improved neighborhood appeal.
By securing a property in foreclosure, Neighborhood Ventures has not only locked in a substantial discount but also demonstrated its capability to navigate competitive market conditions without relying on lengthy fundraising processes.
The Venture of 52nd Street offering raised more than $1,345,000 in its initial 36 hours.
“Closing on Venture on 52nd Street will be a testament to our team’s agility and strategic insight in capitalizing on distressed assets,” said Jamison Manwaring, Co-founder and CEO of Neighborhood Ventures. “This will be our second purchase of a distressed asset at over a 30% discount. It’s acquisitions like this that exemplify our commitment to creating exceptional value for our investors by turning market challenges into lucrative opportunities.”
Neighborhood Ventures is currently offering investment opportunities through both the Arizona Multifamily Opportunistic Fund and a direct investment in Venture on 52nd Street. The direct investment option is open to non-accredited Arizona residents with a minimum of $5,000 and national accredited investors with a minimum of $25,000. Alternatively, investments through the Opportunistic Fund require a minimum of $5,000 to $10,000 for non-accredited Arizona residents and $50,000 for national accredited investors. Investors in this offering are projected to realize a 12% preferred annual return over a target hold period of three years, making it an attractive proposition in today’s dynamic market.
“Our team’s ability to secure a foreclosure at a 35% discount and turn it into a high-performing asset is a clear win for our investor community,” said John Kobierowski, Co-Founder & President of Real Estate at Neighborhood Ventures. “The good news is there’s not much needed to improve these units so we can quickly start driving occupancy and ultimately delivering strong returns while contributing to the revitalization of this historic Arcadia neighborhood.”
Neighborhood Ventures continues to lead the charge in transforming distressed properties into thriving, community-enhancing assets, providing everyday investors with unique access to profitable real estate opportunities.
