Neighborhood Ventures, a real estate investment company utilizing crowdfunding to enable both accredited and non-accredited investors to invest in multifamily properties, is transforming a long-neglected Mesa motel, American Inn, into a multifamily housing community.
The former American Inn, purchased in 2021 for $13.2 million, will be converted to 120 affordable apartment units. Neighborhood Ventures has already successfully raised $3.5 million from Arizona residents via its crowdfunding model to invest in the project, called Venture on Country Club.
Venture on Country Club will be the first hotel-to-housing conversion by Neighborhood Ventures. This has been a vision nearly three years in the works after the firm purchased the hotel in August 2021 and operated it as an Airbnb.
Neighborhood Ventures’ Jamison Manwaring added, “We appreciate the support of over 300 investors who believed in this project. Their investment is a testament to our belief that affordable housing solutions can only benefit Mesa City and its residents.”
Studio, one-bedroom and two-bedroom units will be offered at about $1,100, $1,300 and $1,700 a month. Rent will include all utilities, including internet access. The conversion process was made simpler because the hotel rooms had kitchens.
Amenities will include the existing fitness center with gym and workout room, pool, and green space. Numerous retails offerings are located nearby, including a water park.
Neighborhood Ventures is a real estate investment company that uses crowdfunding to give accredited and non-accredited investors nationwide the opportunity to invest in Multifamily properties. We transform underperforming properties into stabilized cash-flowing assets that make a lasting impact in their communities and generate strong returns for investors.
