By David Veenstra | KTAR
PHOENIX — A crowd-funded real estate firm bought a 71-unit property in east Phoenix, the company announced on Thursday.
Neighborhood Ventures purchased the property at 5245 E Thomas Road for $11 million and plans to rent out the units. The property that was in foreclosure features 12 studio units, 47 one-bedroom units and 12 two-bedroom units, with each unit spanning from 400 to 748 square feet.
After initiating the investment fund, the company raised $1,345,000 in 36 hours. In 2022, the property was valued at $18,250,000.
“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,” Jamison Manwaring, co-founder and CEO of Neighborhood Ventures, said in a press release.
