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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Shade at Desert Ridge Sells at $52 Million, Improvements Only

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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.

For more information on this property including complete unit mix, history, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!