Neighborhood Ventures (NV), a real estate operator and an online real estate investment company that enables investments in multifamily properties, has acquired Route 66, a 24-unit multifamily property in Flagstaff, Arizona, via a Section 721 UPREIT exchange valued at $5.5 million.
The transaction marks the latest strategic addition to NV REIT’s growing portfolio of income-producing multifamily assets and brings the REIT’s holdings to four stabilized properties across Arizona. The company added that NV REIT is actively pursuing additional UPREIT and direct acquisitions across the Sunbelt and Mountain West, targeting stabilized, cash-flowing multifamily assets.
“This UPREIT exchange underscores the utility of creative, tax-efficient structures for owners and investors alike,” said Jamison Manwaring, co-founder & CEO of Neighborhood Ventures. “Flagstaff’s supply constraints and strong renter demand make it a durable market. Adding Venture at Route 66 strengthens the REIT’s cash flow and diversification while giving our investors the benefit of tax-deferred growth and immediate monthly income.”
