Knightvest Acquires Shade at Desert Ridge for $87M
Dallas-based Knightvest Management acquired Shade at Desert Ridge from an affiliate of Canada’s The Ergas Group for $87 million. The 342-unit apartment property is located at 21150 N. Tatum Blvd. in Phoenix.
The 14-building complex totals 354,642 square feet spread across nearly 14 acres encompassing two- to four-story buildings that were built in 2006. Floor plans include one- to three-bedroom configurations. Units include a balcony or patio, bathrooms with Roman tubs or showers and cultured marble counters and master bath double sinks, hardwood floors, pear wood veneer cabinetry, built-in computer desks and vaulted ceilings.
Community amenities include a resort style pool, spa, state-of-the-art fitness center, yoga room, spin bike room, built-in fire pit and lounge, grilling stations, attached garages and a dog park.
CBRE Capital Markets arranged $61,671,000 in new Freddie Mac debt for the deal.
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