Original Article from the Business Real Estate Weekly of Arizona.
MARICOPA – A company formed by Everest Holding in Scottsdale (Joe Blackbourn, principal) paid just over $3.109 million to buy 134 finished lots at the southwest corner of Honeycutt and Porter roads in the Town of Maricopa. The seller was Richmond American Homes of Arizona Inc. in Phoenix (Todd Demarets, division pres.). The sale was brokered by Nate Nathan, David Mullard and Casety Christensen of Nathan & Associates Inc. of Scottsdale.
Of the home sites, 74 average 8,750 sq. ft. (70 x 125), and 60 average 6,325 sq. ft. (55 x 115). Everest Holdings intends to hold the property for inveswtment and eventually sell the lots to one or more home builders. The Nathan & Associates agents have the marketing assignment.
Everest Holdings has been quite an active buyer of lots in Arizona and other western states. In the past four months, companies formed by Blackbourn have invested roughly $13.5 million to 740 developed home sites in Maricopa and Pinal counties in Arizona. Blackbourn says his company has a $125 million land opportunity fund targeted for buying residential dirt in the Arizona, Nevada and California markets. Everest Holdings is also interested in land-banking lots for builders. BREW has also reported Everest Holdings buying and selling lots hotel properties in the Valley. Last month, BREW reported a company formed by Everest Holdings paying just over $4.164 million to acquire 225 finished lots a the northeast corner of Beloat and Rooks roads in Buckeye.