Neighborhood Ventures Acquires Distressed Multifamily Property in Phoenix
Neighborhood Ventures (NV) has successfully closed on the acquisition of Venture on 52nd Street, a 71-unit multifamily property located at 5245 E Thomas Road in the desirable Arcadia neighborhood of Phoenix.
The property was purchased for $11 million, representing a more than 35% discount from its 2022 valuation of $18.25 million. Venture on 52nd Street includes a mix of unit types, featuring 12 studios, 47 one-bedroom, and 12 two-bedroom units, with sizes ranging from 400 to 748 square feet. Situated along Thomas Road, a well-known hub for shopping and dining, the property is strategically located for strong rental demand and long-term value appreciation.
This acquisition marks Neighborhood Ventures’ second purchase of a distressed asset and the first involving a foreclosure. The company’s approach focuses on acquiring undervalued properties, repositioning them, and maximizing returns for investors.
“This successful closing is another example of how Neighborhood Ventures is leveraging market conditions to acquire distressed properties at a deep discount, reposition them, and create long-term value for our investors,” said Jamison Manwaring of Neighborhood Ventures.
Investors in this offering are projected to receive a 12% preferred annual return over a three-year holding period.
