Phoenix, AZ – September 19, 2025 – Cushman & Wakefield announced today that the firm has successfully arranged the sale of Ascension at Manistee Ranch, a premier 71-unit build-to-rent townhome community located in the Manistee Ranch Master Plan in Glendale, Arizona. The property was sold by Kinella Capital (TK Stratton, Principal) and was acquired by NextWave Investors (David Sloan, Managing Partner) for $23.45 million.
The stalled and foreclosed development was originally acquired by Kinella Capital 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 is a true BTR project with townhomes that average 1,396 square feet. The community features a desirable mix of spacious two- and three-bedroom floor plans including 2 car garages. Residents enjoy access to premium amenities including a large swimming pool with cabanas and a dog park and offers convenient access to some of the West Valley’s most popular dining and entertainment destinations.
“Ascension at Manistee Ranch is a high-quality, well-located rental community that aligns with the growing demand for build-to-rent housing in the Phoenix metro,” said Nicoluzakis.