New Life for Foreclosed Property in East Phoenix

News Summary

Neighborhood Ventures has acquired a 71-unit foreclosed property at 5245 E Thomas Road in East Phoenix for $11 million. This property includes studio, one-bedroom, and two-bedroom units, and while previously valued at over $18 million, it offers investment opportunities for individuals and institutions alike. With plans to renovate and rent the units, Neighborhood Ventures aims for an annual return of 12% over three years, contributing to the revitalization of the community.

Big News for East Phoenix: New Life for Foreclosed Property

If you’re in East Phoenix, you might have heard the buzz about some exciting real estate news! Neighborhood Ventures, a crowd-funded real estate firm, just announced its purchase of a 71-unit property located at 5245 E Thomas Road. This acquisition has been completed for a whopping $11 million and is stirring a lot of interest in the community.

A Closer Look at the Property

This newly acquired property includes a mix of 12 studio units, 47 one-bedroom units, and 12 two-bedroom units. The units range in size from 400 to 748 square feet, making them ideal for individuals or small families looking to settle down in a vibrant area. It’s also worth noting that this property was previously in foreclosure, adding a layer of intrigue to the whole deal.

Valuation and Investment Buzz

$18,250,000. This means that Neighborhood Ventures got it at quite a bargain through leveraging current market conditions. In fact, the firm raised an impressive $1,345,000 in just 36 hours after kicking off an investment fund to cover this acquisition. Investors are clearly showing strong interest, and it’s not hard to see why!

Future Plans for the Property

rent them out while also focusing on stabilizing the property to enhance returns for their investors. The firm is aiming for an annual return of 12% over the span of three years, which presents an attractive opportunity for those looking to invest in real estate.

Investment Opportunities Still Open

$5,000 to $10,000, while national accredited investors are welcomed with a minimum investment of $50,000. This makes it accessible for various types of investors, whether they are seasoned pros or brand-new to the game.

Experience Speaks Volumes

“distressed property”, and importantly, it’s their first time handling a property in foreclosure. Their experience and expertise in executing valuable real estate opportunities is expected to lay the groundwork for success in managing this latest investment.

A Bright Future for East Phoenix?

new beginnings. For those tied to the area or interested in real estate investments, keep an eye out on how this story unfolds!

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Additional Resources

• KTAR News: Crowd-Funded Buy in East Phoenix
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• Business Insider: Paradise Valley vs. Park City
• AZ Central: Must Arizona Real Estate Agents Disclose Felonies?
• Wikipedia: Real Estate
• Google Search: Arizona Real Estate
• Google Scholar: Arizona Real Estate
• Encyclopedia Britannica: Real Estate
• Google News: Arizona Real Estate