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9/23/25
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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 mil ($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.
Cushman & Wakefield’s David Fogler and Steven Nicoluzakis represented the seller in the sale.
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