Ascension at Manistee Ranch bought for $23.45 million

Chicago-based Cushman & Wakefield announced Sept. 22 that the firm has successfully arranged the sale of Ascension at Manistee Ranch, 71-unit build-to-rent townhome community located in the Manistee Ranch Master Plan in Glendale.

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 2024. Kinella Capital completed the development and the property was nearing stabilization at the time of the sale. Cushman & Wakefield’s David Fogler and Steven Nicoluzakis represented the seller in the sale.

Ascension at Manistee Ranch is a t

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