Neighborhood Ventures announced it has acquired Venture on 16th, an 86-unit multifamily community located in Phoenix’s Biltmore District, in a $19.5 million transaction completed via a short sale. The deal was secured at approximately 30% below the prior owner’s basis, positioning the asset for both immediate cash flow and long-term value creation.
The property consists of a mix of two-, three-, and four-bedroom units, a relatively rare offering in an urban Phoenix market where larger apartment layouts are increasingly limited. The fully renovated community features amenities including a landscaped courtyard, a resort-style pool with glass fencing, a clubhouse, and a fitness center. Select units also include private patios and dual access points.
Neighborhood Ventures emphasized that the acquisition was sourced off-market through direct negotiations with the seller and lender over a 6-month underwriting and deal-structuring process. The company intends to stabilize the property with long-term financing while aligning rents with market levels, maintaining the quality of the community and resident experience.
Located in a highly walkable area, Venture on 16th provides access to major freeways, restaurants, retail, schools, and employment centers across Phoenix’s Biltmore and Uptown corridors. The acquisition expands Neighborhood Ventures’ footprint in the Phoenix multifamily market and aligns with its broader strategy of targeting well-located assets at discounted valuations during periods of market dislocation.
KEY QUOTES:
“This was a disciplined acquisition from start to finish. We spent six months underwriting the opportunity and negotiating directly with both the seller and lender to reach a price that made sense based on the property’s fundamentals. Securing a quality asset in the Biltmore District at a distressed basis creates immediate value for our investors and positions the property for strong long-term performance.”
Jamison Manwaring, Co-founder and CEO of Neighborhood Ventures
“Opportunities like this don’t come from chasing deals, they come from patience and conviction. This property never officially hit the market. By maintaining direct dialogue with the ownership group and lender, we were able to structure a transaction that works for everyone while securing an asset that fits perfectly within our investment strategy.”
John Kobierowski, Co-founder and President of Real Estate at Neighborhood Ventures
