Neighborhood Ventures Closes on Venture on Lockett In the Sunnyside Neighborhood of Flagstaff, AZ
Neighborhood Ventures, a prominent real estate investment firm, has successfully acquired the Venture on Lockett, an 18-unit multifamily community located in the desirable Sunnyside neighborhood of Flagstaff, Arizona. The property was purchased for $3.75 million, which amounts to approximately $208,000 per unit, significantly below the current market average of about $275,000 per unit.
This acquisition underscores Neighborhood Ventures’ strategy of identifying well-located properties that can be acquired at favorable prices. The community consists of four buildings and was fully occupied at the time of purchase, indicating strong demand in the area.
Strong Investor Demand and Future Plans
Investor interest in the Venture on Lockett was notably robust, as the fundraising campaign reached its maximum goal of $1.4 million in under 72 hours. This rapid funding reflects confidence in Neighborhood Ventures’ disciplined, value-oriented investment approach.
Jamison Manwaring, Co-founder and CEO of Neighborhood Ventures, expressed enthusiasm about the acquisition, stating, “Venture on Lockett is a perfect example of our strategy: finding well-located, stabilized properties bought beneath replacement cost, then applying targeted management and operational oversight to maximize long-term returns.” He added that the property is expected to generate immediate cash flow while also providing potential for appreciation.
Neighborhood Ventures plans to manage the property through its in-house team, focusing on maintaining high occupancy and resident satisfaction. As part of its value-add strategy, the company intends to invest approximately $48,000 per unit over the next year to modernize interiors and enhance curb appeal. This investment is anticipated to facilitate a rent increase of about 50% as the property is repositioned in the market.
Market Insights and Future Prospects
John Kobierowski, Co-founder and President of Real Estate, noted the appeal of intimate, well-maintained communities for renters who prefer a neighborhood feel but still seek professional management. He emphasized the benefits of acquiring Venture on Lockett at a discount to recent comparable sales and its fully occupied status, predicting a clear path to stabilized cash flow and long-term appreciation.
Investors are increasingly looking for opportunities amidst market dislocations, and Neighborhood Ventures aims to leverage its vertically integrated model. This model combines sourcing, acquiring, and managing multifamily assets, along with a user-friendly investor portal that lowers entry barriers for local investors.
Neighborhood Ventures is dedicated to transforming underperforming properties into cash-flowing communities, all while delivering attractive risk-adjusted returns for its investors. For those interested in learning more about Venture on Lockett or other investment opportunities, additional information can be found on their website at neighborhood.ventures.
It is essential for prospective investors to recognize that past performance does not guarantee future results, and actual outcomes may differ from projections. The company advises caution and encourages thorough consideration before making investment decisions.
