Ascend on Glendale, a 216-unit multifamily property located near the thriving Westgate Entertainment District in Glendale, Arizona, has been acquired by Tower 16 Capital Partners and Raith Capital Partners. The property will now be known as “Obsidian on Glendale” under the new ownership and will undergo upgrades worth nearly $1 million to enhance the community. This Class-A, two-story garden-style multifamily community was purchased at a discounted rate compared to its replacement cost and previous peak pricing.
According to Mike Farley of Tower 16, with new construction slowing down in the market, they anticipate strong rent growth over the next five years. As such, they are actively seeking opportunities in Western growth markets where premium real estate can be acquired at attractive prices.
The seller was represented by David Fogler and Steven Nicoluzakis of Cushman & Wakefield during this transaction. Additionally,Cushman & Wakefield assisted with securing debt financing for Tower 16 and Raith through Brian Share and Craig Branton’s leadership.
