PHOENIX-Everest Holdings has partnered with Thackeray Partnersto acquire 230 units of San Riva at The Foothills, a 280-unitbroken condo project. The joint venture paid $15.8 million, or$68,695 per unit, for the class A rental units.
The seller was San Riva Madison Ownership Company LLC, a jointventure comprised of Centennial, CO-based Madison Development Groupand Dallas-based Hunt Realty Investments. The partnership acquiredSan Riva at The Foothills in 2005 for $32.2 million with plans toconvert the complex’s 280 apartments into condominiums.
Only 50 units sold before the downturn in the housing marketcaused the community’s sales to stall, and Hunt Realty took fullcontrol of the property. The company hired Cassidy Turley BRECommercial to sell the remaining rental units.
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