Next Wave Acquires PHX’s Largest Built-for-Rent Townhome Complex
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.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).