Venture on Marlette, a 14-unit apartment complex in Uptown Phoenix, closed on April 20 for a purchase price of $3.562 million.
By AZRE | AZ Big Media (Submitted Photo)
Neighborhood Ventures, the nation’s largest community-based real estate investment company, is pleased to announce the sale of two properties. Venture on Wilson, a 12-unit apartment building in downtown Tempe closed on April 13 for a purchase price of $2.1 million / $175,000 per unit. Venture on Marlette, a 14-unit apartment complex in Uptown Phoenix, closed on April 20 for a purchase price of $3.562 million / $254,428 per unit. Each of the Arizona residents who invested in the projects 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. Venture on Wilson, the very first Neighborhood Ventures investment project, had 104 Arizona residents who each invested an average of $4,800 in the property, representing approximately 31% of the total capital for the project.
