In a recent Arizona res trade, NextWave Investors purchased Ascension at Manistee Ranch, a 71-unit, build-to-rent townhome community located in the Manistee Ranch Master Plan in Glendale. The property was sold by Kinella Capital in a $23.45 million ($330k/unit) transaction.
The stalled and foreclosed development was originally acquired by Kinella Capital from Trez Capital in January of 2024. Kinella Capital completed the development and the property was nearing stabilization at the time of the transaction.
Ascension at Manistee Ranch is a true BTR project with townhomes that average 1.4k sf. The community features a desirable mix of spacious two- and three-bedroom floor plans including two-car garages. Residents enjoy access to premium amenities including a large swimming pool with cabanas and a dog park and offers convenient access to some of the West Valley’s most popular dining and entertainment destinations.
Ascension at Manistee Ranch is located in the heart of Glendale, Arizona, where modern design meets vibrant community living. The brand-new community sits right in the center of it all.
Cushman & Wakefield’s David Fogler and Steven Nicoluzakis represented the seller in the sale of Ascension at Manistee Ranch.
Cushman & Wakefield are a full-service global commercial real estate company with over 100 years of experience, 52,000 professionals and 400 offices worldwide. We are driven to solve complex problems, and we have the expertise and experience to bring solutions to life.
Next Wave delivers superior returns to our investors by finding opportunities to acquire, renovate and manage under-appreciated multifamily communities in high-growth western markets.
Kinella Capital is a boutique investment real estate firm that distinguishes itself as a fully integrated operator and builder with a focus on commercial development, reconstruction, and value-add renovation. Specializing in complex projects, Kinella Capital prioritizes faster completion timelines while maintaining a commitment to premium quality. The company boasts a fully integrated construction division, holding both a KB1 General Contractor and A1 engineering license. This comprehensive approach ensures the efficient and successful delivery of projects.
