PHOENIX, AZ (April 20, 2021) — Neighborhood Ventures, the nation’s largest community-based real estate investment company, is pleased to announce the sale of Venture on Marlette, a 14-unit apartment complex with two and three-bedroom units located at 813 E Marlette in Uptown Phoenix. The property closed on April 20 for a purchase price of $3.562 million and was sold to a private California-based investor. Each of the Arizona residents who invested in the project received a 12% preferred annual return on their investment when the property sold.
Approximately 24% of the total capital for the Venture on Marlette investment project came from 130 Arizona residents who each invested an average of $4,600 in the property.
Upon purchase of the property, Neighborhood Ventures completely renovated all 14 units over a period of six months. Renovations included upgrades to unit appliances, flooring, cabinetry, countertops, fixtures, and common areas. Upon completion of the renovation, rents were brought in line with the market.
Neighborhood Ventures was launched in September 2017 by Jamison Manwaring, a former tech analyst at Goldman Sachs and VP of Investor Relations at LifeLock, and John Kobierowski, a veteran in the apartment industry and senior managing partner of ABI Multifamily. The two partnered to create Neighborhood Ventures when new laws were passed that allowed non-accredited investors to become shareholders in Phoenix apartment projects with as little as a $1,000 investment.
Arizona residents interested in learning more about investing in their community can visit neighborhood.ventures to view current opportunities. Accredited investors in all 50 states now can invest in the Neighborhood Ventures Fund, which will co-invest in 5-10 projects with local Arizona investors.