Neighborhood Ventures, a real estate operator and an online real estate investment company that enables both accredited and non-accredited investors to invest in multifamily properties, announced the acquisition of Venture on 16th, an 86-unit multifamily community located in the highly desirable Biltmore District of Uptown Phoenix.
The property was acquired for $19.5 million in a short-sale transaction, representing a purchase price approximately 30 percent below the prior owner’s basis. The acquisition provides immediate monthly cash flow for investors with additional rent upside as market rents are realized.
Venture on 16th is a fully renovated community featuring a mix of two-, three- and four-bedroom units. The property’s design centers around a landscaped courtyard that opens to a resort-style pool with glass fencing, a centrally located clubhouse and a fully equipped fitness center. Many perimeter units include private patios and dual access points.
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