Phoenix apartments near Desert Ridge Marketplace sold for $43 million

Shade Apartments, the brightly colored complex near Desert Ridge Marketplace, has been sold in one of the year's larger transactions. Geneva Holdings, which built the complex, turned the apartments over to a group led by LaSalle Investment Management, a British investment bank.

THE TRANSACTION

The seller, represented by Tyler Anderson and Sean Cunningham of CBRE's Phoenix office, was GGDR Land LLC & Geneva Green Dr. LLC of Chicago. The buyer was I&G Desert Ridge LLC, in Chicago. The price was $43 million.

ABOUT SHADE

Shade opened in April 2006. At the time of the sale, the 342-unit complex was 95 percent occupied. It sits on the southwestern corner of Deer Valley Drive and Tatum Boulevard. The complex has won numerous awards for its appearance and amenities, although its color scheme - greens, reds, golds and even light browns - have rubbed some area residents the wrong way.

THE IMPACT

The sale is likely to have little or no impact on the residents of the complex. But it could signal a loosening of tight credit that has caused numerous problems, especially in the Desert Ridge area.

by Michael Clancy The Arizona Republic Oct. 8, 2010 10:39 AM




Phoenix apartments near Desert Ridge Marketplace sold for $43 million