In less than a day Arizona-based real estate crowdfunding company Neighborhood Ventures reached 77% of its target fund amount for Venture on 12th Place, a 30-unit contemporary apartment complex in Midtown Phoenix. Since its launch, 130 Arizona locals have invested a total of $1,161,000 into the property, The target hold period for this project is three years, with a targeted preferred annual return of 12%.
”This is an exciting project and the response from our investors is proof of that,” says Neighborhood Ventures Co-founder and CEO, Jamison Manwaring. “And with demand for multifamily housing on the rise in Arizona, the timing of this offering is favorable.”
Located off of 7th Street and Osborne, Venture on 12th is a 1971 six-building complex with a shared courtyard and pool area. The property is made up of 30 units: 16 two-bedroom, one-bath units; 2 one-bedroom, one-bath units; 4 two-bedroom, one-and-a-half bath units, and 8 two-bedroom, one-bath townhome units.
Once purchased, the Neighborhood Ventures team plans to renovate the exterior of the complex and upgrade each unit with new flooring, paint, bathrooms and appliances — giving the complex a fresh contemporary-classic appeal.
“The property has incredible potential, and will be a huge attractor for Midtown professionals looking to live in the already lively area,” says Neighborhood Ventures Co-founder and President of Real Estate, John Kobierowski. “With several top hospitals in the surrounding region, great dining options and being just minutes from Downtown, the location alone is valuable for current and future residents.”
Neighborhood Ventures offers investment opportunities to Arizona residents of all income levels, with a minimum investment amount of just $1,000. Since inception, the company has sponsored more equity crowdfunding offerings than any other real estate investment company nationwide. To date, the group has purchased 12 properties and sold four of them, paying investors a 12% preferred annual return on their investments.
Neighborhood Ventures has successfully crowdfunded more projects than any other real estate investment company. Founded in September 2017 by multifamily brokerage veteran John Kobierowski and former Goldman Sachs tech analyst Jamison Manwaring, Neighborhood Ventures offers investments in multifamily and retail real estate to both accredited and non-accredited investors.