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.”