Neighborhood Ventures (NV) closed on Venture on 52nd Street, a 71-unit multifamily property located at 5245 E Thomas Road, in the Arcadia neighborhood.
The property was acquired for $11 million—over 35% below its 2022 valuation of $18,250,000. Venture on 52nd Street features 12 studio units, 47 one-bedroom units, and 12 two-bedroom units, ranging from 400 to 748 square feet. Located along Thomas Road, a prime corridor for shopping and dining, the property is positioned for strong rent growth and long-term appreciation.
This marks the second time NV has purchased a distressed property, and the first in foreclosure, a strategy that enables the company to move quickly and secure high-value assets at steep discounts.
“This successful closing is another example of how Neighborhood Ventures is leveraging market conditions to acquire distressed properties at a deep discount, reposition them, and create long-term value for our investors,” said NV’s Jamison Manwaring.
Investors in this offering are projected to receive a 12% preferred annual return over a three-year hold period.
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