Neighborhood Ventures Acquires Biltmore Rental Asset

Neighborhood Ventures (NV) acquired Venture on 16th, an 86-unit multifamily community located in the Biltmore District of Uptown Phoenix. The property was acquired for $19.5 million in a short sale transaction, representing a purchase price approximately 30% below the prior owner’s basis. The acquisition provides immediate monthly cash flow for investors with additional rent upside as market...