Original Article from the Business Real Estate Weekly of Arizona.
Phoenix – A company formed by Belkorp Industries Inc. in Vancouver, B.C., Canada (Stuart Belkin, CEO) paid $21.85 million ($91,042 per unit) to acquire 240 units within the 280-unit San Riva multi-family project located at 2155 E. Liberty Lane in Phoenix. The seller was Everest Thackeray-San Riva LLC in Scottsdale. That joint venture was formed by Everest Holdings in Scottsdale (Joe Blackbourn, principal) and Thackeray Partners in Dallas, Tex. (Mary Hager, Tony Dona, principals). The cash transaction was brokered through Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE in Phoenix. The escrow was handled by Diane Carpenter of Thomas Title & Escrow in Scottsdale.
In July 2010, BREW reported the Everest/Thackeray venture paying just under $15.70 million ($68,652 per unit) to acquire 230 units within the San Riva broken condo project. The seller was San Riva Madison Ownership Co. LLC in Dallas, Tex. That company was controlled by Hunt Realty Investments.
In July 2005, a company formed by Madison Development Group of Centennial, Colo. paid $32.2 million to buy all 280 units at San Riva. Hunt Realty was a financial partner with Madison Development in the acquisition of the apartment rental community. Madison Development converted the former apartment development to condominiums and sold 50 of the units before the housing market collapsed. The Hunt Realty entity took full ownership of the remaining units after the investment turned upside down. The Everest/Thackeray venture wound up buying 10 of the units back from individual investors before completing the deal with Belkorp. San Riva was developed in 1999.
With the acquisition of San Riva, companies formed by Belkorp now own 856 rental units in three Valley properties. In May 2011, BREW reported another company formed by Belkorp paying $33.94 million ($102,229 per unit) to purchase the 332-unit San Cierra apartments located at 2400 N. Arizona Avenue in Chandler.
In September 2006, BREW reported a company formed by Belkorp paying $34.3 million ($120,775 per unit) to buy the 284-unit San Tierra apartments at 3939 W. Windmills Boulevard in Chandler. Last year, Tom Lindsay, pres. of Belkorp, told BREW that the company is interested in buying additional multi-family properties in the Phoenix area. The privately-held Belkorp owns a total of 3,261 multi-family units in 10 projects in Portland, Ore., 7 properties in Seattle, Wash., 2 Chandler communities and San Riva. The Belkorp group of companies owns industrial, commercial and resort golf properties in Canada and has an interest in a number of other businesses.