Neighborhood Ventures (NV) closed on Venture on 52nd Street, a 71-unit multifamily property located at 5245 E Thomas Road, in the Arcadia neighborhood.
The property was acquired for $11 million—over 35% below its 2022 valuation of $18,250,000. Venture on 52nd Street features 12 studio units, 47 one-bedroom units, and 12 two-bedroom units, ranging from 400 to 748 square feet.
Venture on 52nd, where luxury meets convenience in the heart of Arcadia. The apartments feature spacious floorplans and modern stainless steel-appliances. Beautiful community pool, beautiful courtyard, and BBQ area with grills for entertaining friends and family. With easy access to shopping, dining, and entertainment, Venture on 52nd is upscale living at its finest.
This marks the second time NV has purchased a distressed property, and the first in foreclosure, a strategy that enables the company to move quickly and secure high-value assets at steep discounts.
“This successful closing is another example of how Neighborhood Ventures is leveraging market conditions to acquire distressed properties at a deep discount, reposition them, and create long-term value for our investors,” said NV’s Jamison Manwaring.
Investors in this offering are projected to receive a 12% preferred annual return over a three-year hold period.
Be at Connect Phoenix Multifamily, SFR & BTR on April 10th to hear from U-Haul Holding Company’s Vice Chairman, Sam Shoen, when he takes the stage with leading names from Asset Living, Mark-Taylor Residential, and Moved to share insights into how the industry’s leaders are improving tenant relations and retention, while also boosting revenue generation.
