Neighborhood Ventures Acquires Biltmore Rental Asset
Neighborhood Ventures (NV) acquired Venture on 16th, an 86-unit multifamily community located in the Biltmore District of Uptown Phoenix.
The property was acquired for $19.5 million in a short sale transaction, representing a purchase price approximately 30% below the prior owner’s basis. The acquisition provides immediate monthly cash flow for investors with additional rent upside as market rents are realized.
Venture on 16th is a fully renovated community featuring a mix of two-, three-, and four- bedroom units. The property’s design centers around a landscaped courtyard that opens to a pool, a centrally located clubhouse, and a fully equipped fitness center. Many perimeter units feature private patios and dual access points.
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.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
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Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout