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12/28/20
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A partnership between Knightvest Capital and Torchlight Investors paid $87 mil for Shade at Desert Ridge, a 342-unit ($254.4k/unit) multifamily community in Phoenix.
Built in 2007, Shade at Desert Ridge amenities include a lap pool and a resort-style pool area with fire and water features, a state-of-the-art fitness center with Peloton bikes, modern resident clubhouse with demonstration kitchen, one-of-a-kind dog park, grilling station and parcel pending lockers.
Located in the North Phoenix submarket of Desert Ridge, the community is within walking distance of approximately 1.6 msf of retail amenities, including three power centers across Tatum Blvd. from Shade at Desert Ridge.
CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch, and Mark McFate of Phoenix Multifamily Institutional Properties represented the seller, Ergas Group. Rocco Mandala of CBRE Debt & Structured Finance arranged debt on behalf of the buyers.
“Shade at Desert Ridge’s resident-centric amenities are among the finest in North Phoenix and the community’s excellent location in walking distance of the highest concentration of retail in the region is unbeatable,” said Pesch.
Founded in 2007, Knightvest has become a major player in repositioning multifamily assets, transforming more than 100 properties, and consistently delivering exceptional returns for investors, and a better quality of life for residents.
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