Next Wave Investors has acquired The Grove on Glendale, a new 56-unit luxury townhome community in North Central Phoenix, for $25.5 million. The property, located at 917 W. Glendale Ave. in Phoenix, was purchased from an Arizona-based private investment developer.
“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 Jordan Fisher, principal at Next Wave. “The Grove on Glendale is a stand-out property that meets this growing demand for top-notch multifamily living in the market.”
According to Fisher, the property, which was constructed in 2020, is the largest built-for-rent townhome community developed in Phoenix, representing the firm’s ability to source top-tier acquisitions in competitive markets.
David Sloan, principal at Next Wave, added, “Our typical strategy in wes
