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Estrella Mountain Ranch Parcels 96 & 97
William Ryan Homes
$12.7 Million, March 2007
Estrella Mountain Ranch is a master planned community featuring a system
of villages. Each village has a collection of residential neighborhoods,
including a wide selection of homes and custom lots. Amenities located within
the villages include open space and parks, schools, police/fire station, a Nicklaus
Design golf course, hiking trails, lakes, retail space, and other services needed
to support the basic needs of a community. Everest provided land banking for 135
lots in 2 parcels that are part of the Golf Village for William Ryan Homes.
William Ryan Homes purchased the final lots in January 2008.
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Heartland Ranch Unit 1 - Coolidge, Arizona
$3.2 Million, September 2007
Coolidge is a growing city with convenient access to Arizona's two metropolitan areas,
Phoenix and Tucson. Settled in the vast Sonoran desert, with the influence of the Hohokam
Native American Indian tribe and the Casa Grande Ruins nearby, Coolidge is a diverse
community with a varied landscape. Heartland Ranch consists of approximately 2,500
single family lots in 4 large parcels and 3 commercial parcels which are undeveloped.
Everest purchased 227 fully entitled finished lots at a 40% discount to estimated improvement
costs as an opportunistic buy and hold investment.
Everest believes that continuing in migration and job growth in the Phoenix metropolitan
market provide a fundamental basis for market recovery and corresponding increases in
residual land values within the planned investment period.
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Encantada Estates – Buckeye, AZ
$4.1 Million, February 2008
The Buckeye submarket has long been considered an affordable new home market.
Buckeye experienced tremendous growth over the last 10 years, fueled by the strong
job gains in the Phoenix MSA, availability of affordable housing, access to I-10
transportation corridor and steady in migration from California and other areas.
Due to its location, Everest anticipates the Buckeye market will recover sooner
than the other affordable markets due to its proximity to major employment centers
and transportation corridors.
Everest purchased 213 fully entitled finished lots in Encantada Estates at a 50%
discount to estimated improvement costs as an opportunistic buy and hold investment.
Everest believes that continuing in migration and job growth in the Phoenix metropolitan
market provide a fundamental basis for market recovery and corresponding increases
in residual land values within the planned investment period.
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Glennwilde – Maricopa, AZ
$3.1 Million, March 2008
The Maricopa submarket is considered an affordable new home market. Maricopa is an
attractive submarket because of its proximity to Phoenix/Chandler/Tempe job markets,
availability of developable land and relatively low permit fees. Everest estimates
the current lot inventory in Maricopa represents a 3 year supply of finished lots.
Glennwilde is a master planned community with a proposed school site, sports fields,
basketball and volleyball courts, and is the site of some of the city festivals. Due to
its superior location within the Maricopa market, Everest anticipates the subject property
will be one of the more desirable locations for builders once the market recovers.
Everest purchased 134 fully entitled finished lots at a 60% discount to estimated improvement
costs as an opportunistic buy and hold investment.
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Vienna Hills – North Las Vegas, NV
$10 Million, December 2007
Everest anticipates the North Las Vegas market will remain a desirable area to new home buyers
due to its proximity to major employment centers and transportation corridors. More than 50,000
new residents are expected in 2008, fueled by the 43,000 new jobs that will be created.
Vienna Hills is located within 2 miles of the I-15 freeway and less than 6 miles from the I-15
and Loop 215 interchange offering easy access to employment centers in Downtown Las Vegas and the
Strip. The project is located in an infill growth area that is expected to see significant job
growth over the next 5 years.
Everest purchased 187 finished lots at Vienna Hills at a significant discount to the actual
cost basis ($120,000+ per lot).
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Mission Royale – Casa Grande, AZ
$2.9 Million, February 2008
Casa Grande is an attractive submarket because of its proximity to Interstates 8 and 10.
By most accounts, Casa Grande is likely to get a large share of the area's projected growth
of about 2.5 million people over the next 20 years. Due to its location, Everest anticipates
the Casa Grande market will recover sooner than the other affordable markets because of its
proximity to transportation corridors and existing services.
Mission Royale is a multi-generational master planned community. The project has exceptional
accessibility and two high traffic marketing windows for builders. The single family
(non age-restricted) component of Mission Royale offers an appealing complement of amenities
including a 5-acre water park, walking trails, sport courts and a playground for children.
Residents are also able to enjoy the neighboring golf course and golf clubhouse.
Everest purchased 154 finished lots at a significant discount to the actual cost basis
(approximately 50-60% of estimated improvement costs).
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