A crowd-funding real estate investment company is offering people a chance to get in on the purchase of a 20-unit apartment building at 407 Williams Road in Mesa.
Neighborhood Ventures boasts of being the nation’s largest community-based real estate investment company that offers non-accredited investors a chance to invest as little as $1,000 in commercial real estate projects.
The Venture on Williams project was opened to current Neighborhood Ventures investors and 88 put in a total $750,000 into the venture. Now, Venture on Williams is opening the project up to the public to raise a total $1.1 million.
“The target hold period for this property is three years, during which time renovations will be completed, rents stabilized and cash flow generated,” Community investors said in a release, stating investors will receive a 12 percent preferred annual return when the property is sold.
Neighborhood Ventures CEO Jamison Manwaring said, “Each time we announce a new investment opportunity, the project funds more quickly, and Venture on Williams is no exception.”
The Neighborhood Ventures team has been chronicling the process of identifying, buying, renovating, and selling their properties in a YouTube series.
The Venture on Williams property is at youtube.com/watch?v=mx5x7faOPWQ.
“We are definitely in buying mode,” said Neighborhood Ventures President of Real Estate, John Kobierowski. “The real estate market is strong and there is a lot of interest in Arizona multifamily investments. I am fortunate to have the experience and connections in this industry to find and secure the best deals for our investors.”
Lead Neighborhood Ventures designer Rocky Petersen, said extensive renovations are planned, adding, “This neighborhood will support higher rents, so we’ll be taking this ideally situated architectural gem and refreshing it with both interior and exterior upgrades.”
Founded in September 2017 by multifamily brokerage veteran John Kobierowski and former Goldman Sachs tech analyst Jamison Manwaring, Neighborhood Ventures offers local investments in multifamily real estate to both accredited and non-accredited investors.