Municipal Governments
Opportunity
- In 2018, the School District for the City of Ann Arbor, Michigan awarded Everest the opportunity to acquire an interest in four city-owned cell tower properties
- In addition to maximizing financial value, the City of Ann Arbor asked Everest to take additional responsibility for future lease administration and site management of the properties
Everest Solutions
- Everest worked through a competitive process to demonstrate its ability to maximize the City’s financial interests in their communications infrastructure properties
- Everest initially acquired 50% of the city’s interests and the city retained residual value in a minority interest
- Subsequently, Everest negotiated multiple new leases and term extensions for the tenants located on the properties and increased total cash flow by more than 11% in the first year
- The City returned to Everest in 2020 seeking additional financial value for their remaining ownership. Everest worked with the City to maximize value as well as preserve the city’s perpetual real estate interests