New build-to-rent development in Glendale sold to NextWave
Ascension at Manistee Ranch bought for $23.45 million
The 71-unit Ascension at Manistee Ranch in Glendale was sold for $23.45 million Sept. 22 to NextWave Investors.
(Cushman-Wakefield Hospitality/Marketing)
Chicago-based Cushman & Wakefield announced Sept. 22 that the firm has successfully arranged the sale of Ascension at Manistee Ranch, 71-unit build-to-rent townhome community located in the Manistee Ranch Master Plan in Glendale.
The property was sold by Kinella Capital (TK Stratton, Principal) and was acquired by NextWave Investors (David Sloan, managing partner) for $23.45 million.
The stalled and foreclosed development was originally acquired by Kinella Capital from Trez Capital in January 2024. Kinella Capital completed the development and the property was nearing stabilization at the time of the sale. Cushman & Wakefield’s David Fogler and Steven Nicoluzakis represented the seller in the sale.
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BUSINESS
New build-to-rent development in Glendale sold to NextWave
Ascension at Manistee Ranch bought for $23.45 million
(Cushman-Wakefield Hospitality/Marketing)
The 71-unit Ascension at Manistee Ranch in Glendale was sold for $23.45 million Sept. 22 to NextWave Investors.
Posted
Chicago-based Cushman & Wakefield announced Sept. 22 that the firm has successfully arranged the sale of Ascension at Manistee Ranch, 71-unit build-to-rent townhome community located in the Manistee Ranch Master Plan in Glendale.
The property was sold by Kinella Capital (TK Stratton, Principal) and was acquired by NextWave Investors (David Sloan, managing partner) for $23.45 million.
The stalled and foreclosed development was originally acquired by Kinella Capital from Trez Capital in January 2024. Kinella Capital completed the development and the property was nearing stabilization at the time of the sale. Cushman & Wakefield’s David Fogler and Steven Nicoluzakis represented the seller in the sale.
Ascension at Manistee Ranch is a true build-to-rent project with townhomes that average 1,396 square feet. The community features a mix of spacious two- and three-bedroom floor plans including tqo-car garages.
Residents can enjoy access to amenities including a large swimming pool with cabanas and a dog park. The community ., at 7959 N. 53rd Ave., offers convenient access to some of the West Valley’s most popular dining and entertainment destinations.
“Ascension at Manistee Ranch is a high-quality, well-located rental community that aligns with the growing demand for build-to-rent housing in the Phoenix metro,” Nicoluzakis stated in a press release.
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