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8/01/24
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San Diego-based Tower 16 Capital Partners and Raith Capital Partners have acquired Ascend on Glendale, a 216-unit multifamily property located near the rapidly-growing Westgate Entertainment District of Glendale, AZ. The price was not disclosed.
Ascend on Glendale is situated on a strong corner location at Glendale Ave and 75th Ave, at 7601 W Glendale Ave, near the Westgate Entertainment District. The property is a Class A, two-story, garden-style multifamily community with a mix of one-, two- and three-bedroom apartments averaging 921 sf in size. The property offers a variety of resort-style amenities including a sparkling swimming pool, a state-of-the-art fitness center, and a large clubhouse. The property is located near popular shopping and dining destinations, as well as major employers and easy access to the Loop 101 and I-17 freeways.
The property, built in 2023, was acquired for well below today’s replacement cost. Tower 16 and Raith will be rebranding the property to “Obsidian on Glendale” and investing nearly $1 mil in upgrades to further enhance the community. The improvements at the property will be designed to enhance the resident experience. These include modernized FF&E, technology upgrades and landscaping enhancements.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in this transaction. Cushman & Wakefield helped secure debt financing for the buyer, led by Brian Share and Craig Branton.
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