Jamison Manwaring speaks about Neighborhood Ventures’ new multifamily fund

Arizona Multifamily Opportunistic Fund, recently launched by Neighborhood Ventures, is targeting a $75 million fundraise and will invest in multifamily commercial properties in Arizona that Neighborhood Ventures estimates are selling at a distressed rate of 30 percent below intrinsic value.

The fund is seeking to capitalize on stressed multifamily properties that are struggling to secure good loan terms in today’s economic environment.

Jamison Manwaring, co-founder and CEO, Neighborhood Ventures, noted in an interview with IREI that the stress “isn’t broad-based distress like we saw in 2009, but it’s more what we call a stressed market, instead of distressed, among a few folks.”

Not only are some property owners struggling because of the high interest-rate economy, but they are also dealing with a pullback in lending from banks. “That will change, that will work itself out, but it might be another year or two for the banks to work out some of their i