Crowdfunding Venture Sells Phoenix Apartments, Secures 12% for Investors
Crowdfunding company, Neighborhood Ventures, has sold one of its investment properties, Venture on 19th in Phoenix after holding it for just 18 months. The 41-unit apartment building, consisting of one-bedroom, one-bath units closed this week for a purchase price of $6.76 million at $165K per unit, and was sold to an Arizona-based buyer in an off market transaction.
Neighborhood Ventures offers investment opportunities to individuals, with a minimum investment amount of $1,000. The crowdfunding company has been paying investors 6% in annual cash distributions since the property was attained. With this sale, each of the 154 Arizona-based Investors investors will now receive their principal investment and the remainder of their 12% annual preferred return.
Neighborhood Ventures’s John Kobierowski was pleased with the quick turnaround, “In only one-and-a-half years, we were able to bring the building to life with simple but thoughtful aesthetic improvements and amenity upgrades that are valuable to current and future residents.”
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!