Crowdfund Apartment Investor Picks Up 123-Unit Phoenix Property

Neighborhood Ventures is under contract to acquire the Venture on Colter (formerly known as Thom Slate on Colter), a 123-unit multifamily property located in Central Phoenix near Grand Canyon University and I-17.  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.

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 Neighborhood Venture’s Jamison Manwaring. “We’re offering 12% preferred annual returns through direct investment and up to 20% annual returns through our Opportunistic Fund.”

Neighborhood Ventures claims to be Arizona’s largest real estate crowdfunding company. Investment opportunities are available for both accredited and non-accredited investors.