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Everest JV Pays $16M for Broken Condo Project

PHOENIX-Everest Holdings partners with Thackeray Partners to buy 230 units of San Riva at The Foothills, a 280-unit broken condo project.

By Jennifer Duell Popovec | Updated on August 06, 2010

PHOENIX-Everest Holdings has partnered with Thackeray Partners to acquire 230 units of San Riva at The Foothills, a 280-unit broken 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 joint venture comprised of Centennial, CO-based Madison Development Group and Dallas-based Hunt Realty Investments. The partnership acquired San Riva at The Foothills in 2005 for $32.2 million with plans to convert the complex’s 280 apartments into condominiums. 

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