NextWave Investors paid $23.5 million for a 71-unit build-to-rent community in Glendale, Arizona. Kinella Capital acquired the stalled and foreclosed development from Trez Capital in January of 2024. Kinella Capital completed the development and the property was nearing stabilization at the time of the transaction. Cushman & Wakefield’s David Fogler and Steven Nicoluzakis represented the seller in the sale.
Ascension at Manistee Ranch features townhomes that average 1,396 square feet and a mix of two—and three-bedroom floor plans, including two-car garages. Amenities include a large swimming pool with cabanas and a dog park, and they offer convenient access to some of the West Valley’s most popular dining and entertainment destinations.
Next Wave Investors is a Southern California-based private equity investment firm that specializes in value-add multifamily investments throughout the Western United States.
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