AZBigMedia
Arizona’s first real estate crowfunding company, Neighborhood Ventures, recently closed on its third investment property, an eight-unit apartment building in Old Town Scottsdale. Ninety Arizona residents invested a total of $550,000 into the purchase of the property, which will be renovated with a plan to operate it as an AirBnB.
Scottsdale resident Audrey Hollander said, “I have been a real estate investor for much of my life. I renovated several properties and then rented them out and always had good success. But I don’t want to be a landlord anymore so working with Neighborhood Ventures has been perfect fit. I have invested in each of the projects and look forward to seeing the success of the Airbnb project near Old Town.”
Neighborhood Ventures was launched in September 2017 by Jamison Manwaring, a former tech analyst at Goldman Sachs and VP of Investor Relations at LifeLock, and John Kobierowski, a veteran in the apartment industry and managing parter of ABI Multifamily. The two partnered to create Neighborhood Ventures when new laws were passed that allowed non-accredited investors to become shareholders in Phoenix apartment projects with as little as a $1,000 investment.
