San Riva condo conversion sold for $15.8M

Everest Holdings in Scottsdale and joint venture partner Thackeray Partners in Dallas purchased a stalled condominium conversion project in Ahwatukee. The buyers paid $15.8 million for San Riva at The Foothills, located at 2155 E. Liberty Lane. The apartment complex had been purchased in 2005 by Madison Development Group in Denver for $32.3 million. That company had intended to convert all the apartments into condominiums, but was only able to sell 50 units to buyers before the housing market tanked. The sale to Everest and Thackeray included 230 of the 280 units. The sellers were represented by Cassidy Turley in Phoenix. The buyers represented themselves.

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