Neighborhood Ventures, an Arizona-based real estate crowdfunding company, has announced the launch of Venture on Maryland, a 78‑unit multifamily community in Central Phoenix, into its Arizona Multifamily Opportunistic Fund.
The property was acquired through a pre-foreclosure, forced sale transaction for $10.7 million – it was originally priced in 2022 at $17.1 million in 2022. The transaction is the fund’s fourth distressed‑asset purchase.
Neighborhood Ventures plans to invest nearly $2 million in capital improvements at the property, with exterior upgrades and full interior upgrades that will include modernizing kitchens, bathrooms, and appliances.
“Venture on Maryland exemplifies our disciplined approach to sourcing high‑value opportunities,” said Jamison Manwaring, co‑founder and CEO of Neighborhood Ventures. “By stepping in pre‑foreclosure, we secured a substantial discount, positioned ourselves to drive meaningful value creation, and continue to deliver the 16–20% target returns our fund investors expect.”
“Central Phoenix remains one of the fastest‑growing rental markets in the country,” added John Kobierowski, co‑founder and president of real estate. “This acquisition underscores our ability to execute complex transactions quickly and further diversify the Opportunistic Fund’s portfolio with assets that offer both near‑term cash flow and long‑term appreciation.”
