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eighborhood Ventures, an Arizona-based real estate crowdsourcing company, is acquiring a distressed apartment complex near Grand Canyon University in Phoenix. The property, Thom Slate on Colter, consists of 123 units and was previously renovated with $2 million worth of upgrades, but the previous owner lost it due to financial difficulties.

    The company will buy the complex directly from the lender for $13 million ($105,000 per unit), aligning with its strategy of finding undervalued assets in high-demand markets. Neighborhood Ventures plans to lease the 25 vacant units and operate the property for about three years before reselling it, renamed as Venture on Colter.

    The company's latest offering drew over $1 million in investments within the first hour of availability, according to a press release. "With Grand Canyon University nearby and ongoing improvements in the corridor, this area has seen tremendous growth," said John Kobierowski, co-founder and real estate president for Neighborhood Ventures. "We're excited to bring our expertise in property management to lease up the remaining units and maximize the property's potential."