Neighborhood Ventures (NV), a real estate crowdfunding company, closed on Venture on Colter, a 123-unit multifamily property in Central Phoenix near Grand Canyon University and I-17. NV purchased the property directly from a lender for $13 million at a significant discount – approximately 30% below its 2022 value. NV has raised $4,515,000 from 95 investors for this offering.

NV’s Jamison Manwaring added, “For the first time, we executed a direct lender purchase, allowing us to move swiftly and secure this property at a compelling price. This acquisition not only enhances our portfolio with a cash-flowing, well-renovated asset but also provides our investors with a unique opportunity to benefit from long-term growth and attractive tax-deferred advantages.”

Venture on Colter was formerly known as Thom Slate on Colter.

Neighborhood Ventures’ acquires distressed assets in high-growth markets. The company anticipates that, with strategic property management and focused leasing efforts, full occupancy will be achieved within the next six months.