Thursday, December 10, 2015

Elan at Desert Ridge Apartment Complex Sells for $77.5 Million

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The 370-unit Elan at Desert Ridge apartment complex sold Tuesday for $77.5 million, or over $200,000 per unit. Developer Greystar sold the property to several partial-interest entities managed by CWS Capital Partners, funded by nearly $50 million in debt with Berkadia Commercial Mortgage.

Elan at Desert Ridge was built in 2013 on 14 acres near the intersection of Deer Valley Road and 56th Street, just a mile east of Desert Ridge Marketplace. It includes a unit mix of one and two bedroom floorplans, a washer and dryer in all units, and one pool.

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