Neighborhood Ventures Raises $1 Million from 165 Local Investors
PHOENIX, AZ (October 7, 2020) — This summer, 165 Arizona residents, some looking for an alternative to the volatile stock market, invested $1 million in Phoenix-based Neighborhood Ventures’ community-based investing project, Venture at Villa Hermosa. Since the company was founded in 2017, Neighborhood Ventures has funded a total of four properties, with a total investment of $2.65 million from 290 investors.
Neighborhood Ventures is the nation’s largest community-based real estate investment company that enables non-accredited investors (people of all income levels) to invest a minimum of $1,000 in multifamily real estate projects.
“This is a huge milestone,” says Neighborhood Ventures CEO Jamison Manwaring. “Over the past three years, when we first started the company, we’ve seen an increased interest in and understanding of community investing. People see the value in putting their hard-earned money into improving a property in their community while generating a 12% return. It’s pretty exciting to hit the $1 million mark with our latest investment project. And it’s even more rewarding to have connected with hundreds of individuals who want to be a part of what we’re doing here at Neighborhood Ventures.” The most recently funded investment property, Villa Hermosa, is a 14-unit apartment building in the up-and-coming Uptown Phoenix neighborhood.
“We are extremely selective in the properties we buy,” explains Neighborhood Ventures President, John Kobierowski, a 25-year veteran of the multifamily industry in Phoenix. “Villa Hermosa is a true gem located in the heart of Uptown Phoenix, but it was a diamond in the rough – just the way we like it! The neighborhood, the condition of the property and the opportunity to realize an increased return made Villa Hermosa an ideal investment opportunity.”
Over the summer, the dated building received a much-needed renovation. included new landscaping, exterior and interior paint, new roofs, new cabinets, countertops, flooring, doors, hardware, and appliances. Now that renovations are nearing completion, the Neighborhood Ventures team is leasing units in this charming 14-unit Uptown Phoenix property located at 5740 N. 10th Street. Villa Hermosa leasing information can be found at https://ventureresidences.com/venture-at-villa-hermosa
“We truly gave these apartment homes a top to bottom re-do,” says Neighborhood Ventures lead designer Rocky Petersen. “Every design choice we made was intended to get a high end look on a budget. Elements like floor-to-ceiling backsplash in the bathrooms to black doors with chrome hardware stretch our investors’ dollars by making these homes special with high-impact, low-cost touches.” Neighborhood Ventures expects to announce its fifth investment opportunity in late 2020.