CBRE has completed the sale of Shade at Desert Ridge Village, a 342-unit apartment community located at 21150 North Tatum Boulevard in Phoenix. Financial details of the transaction were not disclosed.
Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch with CBRE’s Phoenix office negotiated the transaction. The seller was LaSalle Investment Management of Chicago, IL. The buyer was Vancouver-based Ergas Group.
“Shade at Desert Ridge is an excellent investment opportunity. Located in one of the Valley’s most desirable submarkets, residents have immediate access to major employers, high-end retail, and contemporary dining,” said CBRE’s Sean Cunningham. “Shade is well-positioned to capitalize on the strong employment and population growth forecasted for the Valley over the next five years. Multifamily performance in the North Scottsdale/Phoenix area will be driven by significant higher-wage job growth trends and a consistently growing presence of young people attracted to the area’s unique amenities.”
Shade at Desert Ridge is located less than two miles from the world-renowned Mayo Clinic Hospital and is surrounded by additional Fortune 500 employment, including American Express, USAA, Discover Card, Go Daddy Group, Prudential, and Vanguard. Additionally, there are plans for a biomedical campus surrounding the Mayo Clinic. Shade at Desert Ridge is also adjacent to Desert Ridge Marketplace, putting residents within walking distance of high-end retail and contemporary dining.
Developed in 2006, Shade at Desert Ridge features resort-inspired architecture, spacious floor plans and attached garage parking. Individual residences feature open floor plans with nine-foot ceilings, well-appointed kitchens, spacious bedrooms with walk-in closets, private shade sail covered patios and balconies with spectacular mountain views and attached garage parking for more than 87% of the homes. The community has a large clubhouse, resort-style pool, separate lap pool, fully equipped fitness center with separate yoga studio, and resort quality landscaped grounds.