Shade at Desert Ridge sells for $87M
CBRE negotiated the sale of the 342-unit multifamily community Shade at Desert Ridge to a partnership between Knightvest Capital and Torchlight Investors for $87 million.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, Ergas Group. Rocco Mandala of CBRE Debt & Structured Finance arranged debt on behalf of the buyers.
Built in 2007, Shade at Desert Ridge amenities include a lap pool and a resort-style pool area with fire and water features, a state-of-the-art fitness center with Peloton bikes, modern resident clubhouse with demonstration kitchen, one-of-a-kind dog park, grilling station and parcel pending lockers.
“Shade at Desert Ridge’s resident-centric amenities are among the finest in North Phoenix and the community’s excellent location in walking distance of the highest concentration of retail in the region is unbeatable,” said Pesch.
Located in the North Phoenix submarket of Desert Ridge, the community is within walking distance of approximately 1.6 million sq. ft. of retail amenities, including three power centers across Tatum Blvd. from Shade at Desert Ridge.
“We are excited to add Shade at Desert Ridge to our portfolio and increase our presence in the Phoenix market specifically,” said Knightvest Capital Senior Vice President Phil Lake. “Phoenix continues to demonstrate exceptional performance in key fundamental metrics that drive our interest and continued investment. As we look ahead, Knightvest is focused on continuing to grow our presence in the market and region.”
Founded in 2007, Knightvest has become a major player in repositioning multifamily assets, transforming more than 100 properties, and consistently delivering exceptional returns for investors, and a better quality of life for residents.