We’re pleased to share a progress update on Venture on Maryland, the 78-unit multifamily investment in Central Phoenix that closed approximately eight weeks ago. Since the acquisition, our operating partner, Neighborhood Ventures, has made strong early progress on renovations and operational improvements.
These efforts are aligned with our business plan to increase the property’s net operating income by bringing rents to market levels and improving the overall tenant experience — all while positioning the asset for a profitable exit within a targeted three-year hold.
Property Walk-Thru of Renovations with Neighborhood Ventures Co-Founder Jamison Manwaring.
Highlights Since Acquisition
- Three fully renovated units have been completed and leased
- Seven additional units are nearing completion
- Landscaping upgrades and tree replacement are actively underway
- The entire sewer system has been repaired and upgraded with new cleanouts
- A lender walkthrough was conducted and received positive feedback
What’s Next
Looking ahead, the focus will be on:
- Completing the remaining unit renovations on time and within budget
- Continuing to push rental rates to market levels
- Reaching and maintaining 90–95% stabilized occupancy within the next 90 days
This project remains well-positioned to deliver strong returns through thoughtful execution and hands-on asset management. We’ll continue to share quarterly updates as the business plan progresses.
In addition to the video walk-through of the property linked above, see below for a short update video from John Kobierowski, Co-Founder of Neighborhood Ventures, discussing recent progress at Venture on Maryland.
Property update from Co-Founder of Neighborhood Ventures John Kobierowski.