The 342-unit Shade at Desert Ridge apartment complex sold for a total of $52 million or $152,047 per unit. The Ergas Group purchased only the improved buildings, as the property is ground leased with The Arizona State Land Department as landlord and owner of the ground through 2092 . $37 million in new financing was provided by United States Life Insurance Company.
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Located within walking distance of Desert Ridge Marketplace, Shade at Desert Ridge totals over 355 thousand square feet and consists of fourteen residential buildings at two, three, and four stories. Amenities include three pools and in-unit washer and dryer.