Neighborhood Ventures has acquired Venture on 16th, an 86-unit multifamily property in the Biltmore District of Uptown Phoenix, through a short sale transaction. The purchase price was $19.5 million, which the buyer reports is approximately 30% below the prior owner’s basis in the asset. According to Neighborhood Ventures, the pricing allows the investment to generate immediate monthly cash distributions for investors while preserving additional upside as rents are brought in line with prevailing market levels.
The property, described as a fully renovated community, offers a mix of two-, three-, and four-bedroom apartment units. Venture on 16th is organized around a landscaped central courtyard that opens to a swimming pool, creating a focal point for residents. The community also includes a centrally located clubhouse and a fully equipped fitness center, providing common-area amenities that support resident engagement and daily use. Many of the perimeter units offer private patios and dual access points, which can enhance privacy and convenience for residents.
Situated within Phoenix’s Biltmore District in the broader Uptown area, Venture on 16th positions Neighborhood Ventures in a well-established multifamily submarket. The combination of a recently renovated physical plant and a unit mix skewed toward larger floor plans provides a platform for the sponsor to pursue its rent-alignment strategy. The company indicates that, at the current basis achieved through the short sale, the property produces cash flow from day one, with potential for incremental gains as leases roll to market.
Neighborhood Ventures plans to stabilize Venture on 16th with long-term financing, replacing the short-sale capital structure with debt that better matches the asset’s intended hold period. As part of this plan, the firm intends to align in-place rents with market levels while maintaining the property’s existing quality and resident experience. The sponsor has not disclosed specific financing terms or the identity of any lending counterparties but emphasizes that the strategy is focused on sustaining the upgraded condition of the community and supporting consistent performance over time.
The acquisition underscores investor interest in renovated multifamily assets that can be purchased below prior ownership basis, particularly where operational upside is supported by current rent levels and submarket dynamics. By combining a discounted entry price, a stabilized physical condition, and a program to gradually bring rents to market, Neighborhood Ventures is seeking to capture both ongoing income and future appreciation from Venture on 16th.
