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Phoenix & Southwest  + Phoenix  + Apartments  |  September 26, 2025
Ascennsion at Manistee Ranch
Mike Boyd
By: Mike Boyd

Distressed Chandler BTR Asset Trades for $23.5M

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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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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