Original Article from the Business Real Estate Weekly of Arizona.
Chandler – …Everest Holdings in Scottsdale (Joe Blackbourn, principal)…paid $71.5 million ($139,648 per unit) to acquire the 512-unit Biscayne Bay apartments located at 300 E. Warner Road in Chandler. The seller was Biscayne Bay Apartments L.P., formed by PrivatePortfolio Group LLC in Seattle, Wash. (Jim Almon, principal). The deal was negotiated through Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County records show AB/Everest Warner Road Owner LLC acquired the asset with a $50.895 million Freddie Mac loan issued by CBRE Capital Markets Inc.
In May 2010, BREW reported Almon’s company paying $43.5 million ($84,961 per unit) to buy Biscayne Bay. The complex was developed in 2000. With the purchase, AB/Everest has now acquired 984 apartments in three Valley communities.
In July, BREW reported Everest Holdings…spending $42.95 million ($90,996 per unit blended average) to buy 472 apartments in two projects in Tempe as the start of a strategy…to acquire 3,000 multi-family units in the Phoenix market. In the two previous acquisitions, AB/Everest paid $26.11 million ($94,565 per unit) to purchase the 276-unit Highland Park apartments at 5038 S. Hardy Drive, and $16.85 million ($85,969 per unit) to buy the 196-unit Park View apartments at 1235 W. Baseline Road….
Since its inception in 2004, Everest Holdings has acquired multi-family, hospitality, office, and flex properties as well as numerous land parcels in the Valley. In addition to adding to its multi-family portfolio, Everest Holdings is also interested in buying office buildings and land for residential and mixed-use communities in the Phoenix area….Everest Holdings has been a consistent player in the Valley market for the past dozen years….Just as PrivatePortfolio Group has shed one of its Valley assets, the company recently paid $60 million ($225,564 per unit) to purchase the 266-unit Elevation on Central apartments at 4650 N. Central Avenue in Phoenix.