Neighborhood Ventures Fund Picks Up Distressed Phoenix Rental Property
Neighborhood Ventures (NV), an online real estate investment company that enables both accredited and non-accredited investors to invest in multifamily properties, announced the launch of Venture on Maryland, a 78‑unit multifamily community in Central Phoenix, into its Arizona Multifamily Opportunistic Fund. Acquired through a pre-foreclosure, forced sale transaction for $10.7 million (down from $17.1 million in 2022), this marks the fund’s fourth distressed‑asset purchase.
Neighborhood Ventures Jamison Manwaring added, “By stepping in pre‑foreclosure, we secured a substantial discount and positioned ourselves to drive meaningful value creation.” The company will spend over $2 million on improvements to the property.
Highlights of Venture on Maryland:
- 78 Units: one‑bedroom layouts in a highly walkable neighborhood
- Pre‑foreclosure purchase at a 38% discount to 2022 valuation
- Fourth distressed‑asset addition to the Arizona Multifamily Opportunistic Fund
- Continued access to high‑yield multifamily assets with a $5,000 minimum investment for Arizona residents
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