Crowdfunding Developer Converting Mesa Hotel to Apartments

Neighborhood Ventures, a real estate investment company utilizing crowdfunding to enable both accredited and non-accredited investors to invest in multifamily properties, is transforming a long-neglected Mesa motel into a multifamily housing community.

The former American Inn, purchased in 2021 for $13.2 million, will be converted to 120 affordable apartment units. Neighborhood Ventures has already successfully raised $3.5 million from Arizona residents via its crowdfunding model to invest in the project, called Venture on Country Club.

Neighborhood Ventures’ Jamison Manwaring added, “We appreciate the support of over 300 investors who believed in this project. Their investment is a testament to our belief that affordable housing solutions can only benefit Mesa City and its residents.”

Studio, one-bedroom and two-bedroom units will be offered at about $1,100, $1,300 and $1,700 a month. Rent will include all utilities, including internet access. The conversion process was made simpler because the hotel rooms had kitchens.