Neighborhood Ventures has recently acquired Venture on Colter, formerly known as Thom Slate on Colter. This multifamily property, located in Central Phoenix near Grand Canyon University and I-17, consists of 123 units. The purchase price was $13 million ($105,000 per unit), which represents a discount of over 25%. The property had previously undergone renovations totaling more than $2 million and boasts attractive features such as two pools, ramadas, and updated infrastructure including chiller systems.
Within the next six months, Neighborhood Ventures plans to lease the remaining 25 vacant units and stabilize operations. They intend to hold onto the property for approximately three years before selling it strategically.
According to Jamison Manwaring from Neighborhood Ventures: “With increasing interest in alternative investments among both Arizona residents and national investors alike,” Venture on Colter presents an enticing opportunity.” Through direct investment or their Opportunistic Fund option , they are offering annual returns of up to 12% preferred return or up to 20%, respectively.
As Arizona’s largest real estate crowdfunding company , Neighborhood Ventures offers investment opportunities for both accredited and non-accredited investors.
