Neighborhood Ventures the nation’s largest community-based real estate investment company that enables non-accredited investors (people of all income levels) to invest in multifamily real estate projects, has announced its fifth investment opportunity. Venture at Mountain View, a 26-unit, two-story apartment building located near Mountain View Road and North 17th Avenue, was built in 1983 and has ten one-bedroom/one-bath units and sixteen two-bedroom/1-bathroom units.
Like Neighborhood Ventures’ four other successfully crowdfunded properties, Venture at Mountain View offers investors a preferred annual return of 12%, with a targeted hold period of three years, during which time renovations will be completed, rents stabilized, and units rented. The target crowdfunding amount for this property is $750,000 and the project is open to all Arizona residents, with a minimum investment amount of $1,000.
The property was opened to previous investors and those with Neighborhood Ventures accounts over the past weekend, and went live on neighborhood.ventures to the public this morning. So far, the project is already 39% funded, with 53 investors putting $290,000 in the project — an average investment of $5,472.
One of the investors in Venture at Mountain View, Rick Woodcock, says “I hate leaving money in my bank account when I earn a quarter of a percent annually. I am excited to be able to invest in a local apartment building that can earn twelve percent a year.”
Neighborhood Ventures Co-founder and President of Real Estate John Kobierowski says the team chose this property because it presented a unique opportunity. “This is what we call a ‘price per pound’ property,” says Kobierowski. “And what I mean is that we are buying this at a price per unit that is below the market rate for a lot of properties in Phoenix right now. By doing a light renovation and cleanup of the property, we can bring this thing back to life and turn it into a strong cash flow property.”
Rocky Petersen, lead designer at Neighborhood Ventures, says this project will take a more basic approach than some of the other Neighborhood Ventures projects “Fortunately, no structural renovations are required at Venture at Mountain View, so we’ll keep our work focused on updating cabinets, flooring, bathrooms and kitchen.”
“We’re looking forward to connecting with investors who want to invest in the community and be a part of the rejuvenation of this property and this up and coming pocket of Sunnyslope,” adds Neighborhood Ventures co-founder and CEO Jamison Manwaring. “I would advise interested investors to act quickly, because each investment project we’ve offered has been fully funded more quickly than the last!”
Those interested in learning more should visit neighborhood.ventures and create an account to view current projects.