Neighborhood Ventures, an Arizona-based real estate crowdfunding company, is acquiring Venture on Colter, a distressed 123-unit multifamily property in Central Phoenix.
The property, formerly known as Thom Slate on Colter, is being purchased directly from the lender for $13 million – or $105,000 per unit – at a 30% discount. The property’s original owner spent $2 million in capital improvements but lost the property in a debt problem.
Neighborhood Ventures said it raised over $1 million for the property in less than eight hours through a crowdfunding initiative. The company plans to lease the 25 vacant units within six months, stabilize operations, and hold the property for approximately three years before a strategic sale.
“With rising interest in alternative investments, Venture on Colter provides a compelling opportunity for both Arizona residents and national investors,” said Co-founder and CEO Jamison Manwaring. “We’re offering 12% preferred annual returns through direct investment and up to 20% annual returns through our Opportunistic Fund. This acquisition aligns perfectly with our strategy of finding distressed assets in high-demand markets and delivering strong, consistent returns to our investors.”
Photo courtesy of Neighborhood Ventures
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