Original Article from the Business Real Estate Weekly of Arizona.
MARICOPA COUNTY – A company formed by Everest Holdings in Scottsdale (Joe Blackbourn, principal) paid $1.55 million to buy a combination of 126 partially developed, finished and platted and engineered lots in Maricopa County. The sellers in two transactions were companies formed by Maracay Homes, LLC in Scottsdale (Andy Warren, pres.). The seller was represented by Nate Nathan, Joe Colucci, Dave Mullard, Casey Christensen and Ray Rodey of Nathan & Associates, Inc. in Scottsdale. The buyer was represented by Patrick Burch, formerly of Cassidy Turley BRE Commercial in Phoenix, and now Gorilla Capital.
Everest holdings paid $1.32 million to buy 62 home sites within the Bethany Estates community. That project is at the northwest corner of Bethany Home and 127th Avenue. The purchase included 28 finished lots that average 43,225 sq. ft. (175 x 247) and 34 partially developed home sites that average 32,802 (154 x 213).
And Everest paid $230,000 to purchase 64 platted and engineered lots within the Falcon View subdivision. That community is at the northwest corner of Maryland Avenue and the alignment of 125th Avenue. Those home sites average 12,150 sq. ft. (90 x 135). Blackbourn says he will sell the lots to one or more builders once the housing market improves.
Everest Holdings has been an active buyer of residential lots in Arizona and other western states. Companies formed by Blackbourn have acquired 2,000 home sites in Arizona and Nevada. Blackbourn says his company has a $125 million land opportunity fund targeted for buying residential dirt in the Arizona, Nevada, Colorado and California markets. Everest Holdings is also interested in purchasing apartment and hotel properties. The lot sales to Everest Holdings are the last parcels Maracay plans to sell in the Valley. The company is looking for more residential development communities in the Phoenix area. Maracay Homes is owned by Weyerhauser Real Estate Co., a subsidiary of Seattle-based Weyerhauser Co (NYSE: WY).