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Sunday, May 19, 2024

Neighborhood Ventures Giving Old Buildings New Life

Neighborhood Ventures was founded in 2017 with the purpose of opening up commercial real estate investing to all Arizonans. Since that time, the company has purchased 11 properties, primarily apartment buildings, with hundreds of Arizona residents of all income levels and backgrounds, buying into the projects at $1,000 per share. 

“Neighborhood Ventures is truly all about passive investing,” co-founder John Kobierowski said. “Our team finds the properties, renovates the units and handles lease-up and property management. Investors get to enjoy the targeted 12% preferred annual return on their investments without the hassles typically associated with owning an apartment building.”

In each of the real estate crowdfunding company’s ventures, properties are renovated, then sold two to three years later. Investors earn a 12% preferred annual return on their investment.

“We have been able to purchase solid buildings in great locations and give them upgrades that make them highly desirable to renters,” Kobierowski said. 

The company is built on the concept of enabling people to invest in real estate projects in their community, an opportunity that was only available to wealthy accredited investors prior to real estate crowdfunding laws being passed in the state of Arizona. Neighborhood Ventures has made it a priority to retain the unique architecture that make some midcentury neighborhoods so desirable, while fixing things that are no longer functional.

At one of the company’s most recent investment properties, Venture on Central, a 1950s apartment community, Kobierowski says the renovation plan will retain several elements that make the property “cool,” such as the breeze block walls, a courtyard with pool and midcentury wood cabinets.

“We’re keeping those items that are still in great condition, despite their age. However, since plumbing has greatly improved since the 1950s, we will be taking out the old toilets and replacing them with water saving models that will use a fraction of the water and hold up better over time.”

Kobierowksi says he calls Habitat for Humanity or Stardust Building Supplies to pick up unusable old appliances, cabinets, light fixtures or plumbing fixtures.

“In many cases, our properties have items that are still functional — and while they don’t work for us, they will find a new home and a new life.”

Neighborhood Ventures and Green Living will be co-hosting a new investor event at their Venture on Country Club hotel to housing conversion project in Mesa from 5-7p.m. on Wednesday, May 11. The public is invited to come learn more about Neighborhood Ventures from the co-founders, tour the renovated property, grab a gift bag, and participate in a raffle benefiting the Arizona Housing Fund. To RSVP for Venture On Country Club visit https://greenlivingmag.com/events/venture-on-country-club/


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