PHOENIX – One of the largest crowdfunding companies in the nation, Neighborhood Ventures, has announced the sale of one of its investment properties, Venture on 19th (4313 N 19th Avenue, Phoenix, AZ 85015). The 41-unit apartment building, consisting of one-bedroom, one-bath units closed this week for a purchase price of $6.76 million at $165K per unit and was sold to an Arizona-based buyer in an off-market transaction. Each of the 154 Arizona-based investors received a 12% preferred annual return on their investment.
Venture on 19th is located in a scenic Midtown Phoenix neighborhood just steps away from the hustle and bustle of the city streets and near the Arizona Grand Canalscape, a water-front recreational area with trails for biking and walking. Upon purchase of the property in May 2020, the complex was in good condition, so rather than a complete renovation, the Neighborhood Ventures team focused on adding value through enhanced landscaping, expanded patios for select units, and updated amenities such as new hardware and updated appliances.
“I was thrilled to have found this property when we did and in the condition that it was in,” says Neighborhood Ventures Co-founder, John Kobierowski. “In only one-and-a-half years, we were able to bring the building to life with simple but thoughtful aesthetic improvements and amenity upgrades that are valuable to current and future residents.”