Private equity firm Next Wave Investors, LLC acquired The Grove on Glendale, a new 56-unit luxury townhome community in North Central Phoenix for $25.5 million. Principal Jordan Fisher said it’s the largest built-for-rent townhome community developed in Phoenix to date.
“Phoenix, which was the second-largest inbound city in the country last year, has increasingly attracted businesses and residents with its relative affordability and high quality of life, both before and since the pandemic began,” said Fisher. “The Grove on Glendale is a stand-out property that meets this growing demand for top-notch multifamily living in the market.”
The property, located at 917 W. Glendale Ave. in Phoenix, was purchased from an Arizona-based private investment developer. ABI Multifamily’s Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick, and Eddie Chang represented both buyer and seller.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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