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FLAGSTAFF, ARIZ. — Neighborhood Ventures (NV) has acquired Venture on Route 66 in Flagstaff as part of a Section 721 UPREIT exchange valued at $5.5 million. The 24-unit property is fully occupied and offers studios and one-bedroom units at asking rents, which include utilities and Wi-Fi, ranging from $1,375 to $1,895, according to the property website. NV is a Phoenix-based online multifamily investment company. A 721 UPREIT, or Umbrella Partnership Real Estate Investment Trust, exchange is a tax-deferred transaction that allows property owners to exchange real estate for ownership units in a real estate investment trust (REIT).