PHOENIX (March 3, 2023) — Neighborhood Ventures, one of the largest crowdfunding companies in the nation, announced today that NV REIT (Neighborhood Ventures Real Estate Income Trust or “the REIT”) has completed the previously announced acquisition of its first property, Venture on Williams. The acquisition is an equity buyout valued at $5 million or $250,000 per unit, which implies a 5.5% forward twelve-month cap rate.

Venture on Williams, a 20-unit apartment building located in Mesa, Arizona, was initially purchased by Neighborhood Ventures in 2020 with capital the company raised through investor crowdfunding. NV REIT will benefit from the 3.8% interest rate debt already on the property, and all Venture on Williams investors have received their full principal investment plus a 12% annual preferred return. Many investors rolled all or a portion of their proceeds into shares of NV REIT.

As of today, Venture on Williams is 100% occupied and cash flowing, and NV REIT will begin paying investors 5% annual distributions monthly starting in April.

“We are excited to have closed the equity buyout that will make Venture on Williams the first acquisition of NV REIT,” says Jamison Manwaring, co-founder, and CEO of Neighborhood Ventures. “We decided to purchase this property because of its prime location near the development of downtown Mesa and its attractive unit mix of two- and three-bedroom units. The acquisition is a great representation of the types of multifamily properties we will be adding to the NV REIT portfolio going forward.”

NV REIT is Neighborhood Venture’s first nationwide offering which provides a unique real estate investment opportunity to accredited and non-accredited, individual investors of all income levels. The REIT will begin paying 5% annual cash flow each month beginning in April. With a target raise of $50  million, the REIT will purchase cash-flowing assets in the Sun Belt and Mountain West regions.