Neighborhood Ventures, a Phoenix-headquartered multifamily real estate operator and investment firm, has acquired Venture on 16th, an 86-unit multifamily community located in the Biltmore District of Uptown Phoenix for $19.5 million.
The property was acquired in a short sale transaction, representing a purchase price that was roughly 30% below the prior owner’s basis. Venture on 16th is a fully renovated community featuring a mix of two-, three-, and four- bedroom units, and 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, creating convenient everyday living for residents.
Neighborhood Ventures plans to stabilize the property with long-term financing and align rents with market levels while maintaining the quality of the community and resident experience.
The acquisition further expands Neighborhood Ventures’ portfolio of Phoenix-area multifamily properties and reflects the firm’s strategy of acquiring well-located assets at attractive bases during periods of market dislocation.
“This was a disciplined acquisition from start to finish,” said Jamison Manwaring, co-founder and CEO of Neighborhood Ventures. “We spent six months underwriting the opportunity and negotiating directly with both the seller and lender to reach a price that made sense based on the property’s fundamentals. Securing a quality asset in the Biltmore District at a distressed basis creates immediate value for our investors and positions the property for strong long-term performance.”
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