Neighborhood Ventures (NV) acquired Venture on 16th, an 86-unit multifamily community located in the Biltmore District of Uptown Phoenix.
The property was acquired for $19.5 million in a short sale transaction, representing a purchase price approximately 30% below the prior owner’s basis. The acquisition provides immediate monthly cash flow for investors with additional rent upside as market rents are realized.
Venture on 16th is a fully renovated community featuring a mix of two-, three-, and four- bedroom units. The property’s design centers around a landscaped courtyard that opens to a pool, a centrally located clubhouse, and a fully equipped fitness center. Many perimeter units feature private patios and dual access points.
Neighborhood Ventures plans to stabilize the property with long-term financing and align rents with market levels while maintaining the quality of the community and resident experience.
The post Neighborhood Ventures Acquires Biltmore Rental Asset appeared first on Connect CRE.
