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Ep. 131 - Venture on 36th Street; The Hotspot of Phoenix!
In this episode of "Kiss My Assets," Jamison Manwaring, CEO of Neighborhood Ventures, and co-founder John Kobierowski discuss their latest real estate project, Venture on 36th Street. They talk about the location of the property, which is near Arcadia and Biltmore, and highlight the abundance of employment opportunities in the neighborhood. Although the property mainly consists of one-bedroom units, they explain that these units rent well due to the low rental rates and lack of proper management. They plan to step in, improve the property's condition through cosmetic renovations, and raise the rents accordingly.
The previous owner had already made some beneficial changes, such as converting the property to individually metered units and updating the air conditioning systems. They also mention the potential for further development in the area, as other big developers have already begun projects nearby. The property's location close to freeways and amenities adds to its appeal. Jamison and John emphasize that the property meets their investment criteria of being below market rent and requiring renovations without heavy lifting. They discuss the budget for the renovations and express confidence in their design team's ability to transform the property aesthetically.
The discussion touches on various aspects of the property, including the addition of covered parking, new paving, and improved signage. They anticipate a three-year hold period, during which they will work with current residents, release units, and generate cash flow before starting to pay distributions. They also consider the current interest rate environment and project that even a slight decrease in interest rates in the future would significantly enhance the property's cash flow and profitability. They express their excitement about the project and mention that they are actively fundraising to secure investments for it.
Overall, this episode provides an overview of the Venture on 36th Street project, highlighting its location, potential for rental increase, and strategic investment approach. Jamison and John showcase their expertise and confidence in the project's success, considering both current market conditions and future prospects.