Neighborhood Ventures Adds Venture at Route 66 to NV REIT via UPREIT Exchange

Neighborhood Ventures (NV) was recently featured across several outlets — including PR Newswire, WRE News, and Investors Hangout — for its latest milestone acquisition: Venture at Route 66, a fully renovated 24-unit multifamily property in Flagstaff, Arizona. The $5.5 million acquisition was completed through a Section 721 UPREIT exchange, marking a major step forward in NV REIT’s growth and its mission to provide investors with long-term, tax-efficient real estate opportunities.

Located just minutes from downtown Flagstaff, Venture at Route 66 adds immediate cash flow and diversification to NV REIT’s portfolio, which now includes four stabilized, income-producing multifamily assets across Arizona. The property was acquired fully occupied and cash-flowing, creating immediate income for investors. Through the UPREIT structure, original project investors realized their 12% preferred return while converting their holdings into NV REIT partnership units—allowing them to defer capital gains taxes and maintain upside participation in future appreciation.

“This UPREIT exchange underscores the utility of creative, tax-efficient structures for owners and investors alike,” said Jamison Manwaring, Co-founder and 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.”

NV Co-founder and President of Real Estate, John Kobierowski, added, “We designed NV REIT to achieve two goals: hold our best-performing assets long term, and offer liquidity and tax-efficient exits for project investors. This transaction accomplishes both.”

Flagstaff remains an attractive market given its limited land availability, strong employment base, and proximity to outdoor recreation, all of which support durable rental demand and long-term appreciation potential. The addition of Venture at Route 66 reinforces NV’s commitment to disciplined, data-driven acquisitions that deliver consistent returns and real community impact.

Read the full media coverage here:

• PR Newswire – “Neighborhood Ventures Adds Venture at Route 66 to NV REIT via UPREIT Exchange”

• WRE News – “Neighborhood Ventures Acquires 24-Unit Arizona Multifamily Property via UPREIT Exchange”

• Investors Hangout – “Venture at Route 66 Joins Neighborhood Ventures’ Portfolio”

For more information on NV REIT and our growing portfolio, visit neighborhood.ventures.