Neighborhood Ventures, a Phoenix-based real estate crowdfunding company specializing in value-added investments, recently gained approval from the Mesa City Council to rezone a 3-acre site previously home to the American Inn & Suites on Country Club Drive. Their ambitious project, Venture on Country Club, entails converting the hotel into a 120-unit multifamily building, marking their first hotel-to-housing conversion endeavor. Following nearly three years of planning since the property’s acquisition in August 2021, Neighborhood Ventures aims to offer studio, one-bedroom, and two-bedroom units at affordable monthly rates starting at around $1,100. Rent will be all-inclusive, covering utilities and internet access.
Source: https://www.bizjournals.com/phoenix/news/2024/05/29/neighborhood-ventures-mesa-hotel-conversion.html
