NAIOP Arizona Signature Speaker Series Presents an Afternoon with Valley Rocker Alice Cooper

Alice Cooper NAIOP Signature Speaker Series

PHOENIX, ARIZONA – Alice Cooper made a name for himself on the American music scene as the father of “shock rock” performers. He is now one of the most visible and philanthropic Valley residents and is the featured guest at NAIOP Arizona’s Signature Speaker Series. The event is scheduled for Thursday, October 24 at the Tempe Center for the Arts, 700 W. Rio Salado Parkway, Tempe. Registration begins at 3 p.m. The event, Alice Cooper “Unplugged,” a conversation moderated by Valley celebrity Mark Cordes, begins at 4:30 p.m. A networking reception begins at 5:30 p.m.

Born Vince Furnier, Alice is a native of Michigan. The family moved to Phoenix in the 1960s and he attended Cortez High School. He and his wife Cheryl are well known in Valley charity circles for their philanthropy. Events include an annual musical competition, his annual “Christmas Pudding” concert, his Rock & Roll Fundraising Bash and his annual Rock & Roll Golf Classic. The 2020 tourney will be the 23rd annual event.

He also sponsors the Rock Teen Center, which inspires teens (ages 12 to 20) to grow through music, dance and art. The center provides vocational training in sound and recording, lighting and staging, video production, as well as a computer lab and a supervised facility for the teens to engage with their peers.

Alice Cooper was originally a band consisting of Furnier on vocals and harmonica, Glen Buxton on lead guitar, Michael Bruce on rhythm guitar, Dennis Dunaway on bass guitar and Neal Smith on drums. The original Alice Cooper band released its first album in 1969. It broke into the international music mainstream with the 1971 hit song “I’m Eighteen” from its third studio album Love It to Death.

The band reached its commercial peak in 1973 with its sixth studio album Billion Dollar Babies. In 2011, the original Alice Cooper band was inducted into the Rock and Roll Hall of Fame. His current band, the Hollywood Vampires, features Aerosmith guitarist Joe Perry and actor/rocker Johnny Depp. They have been together since 2015.

Registration fees: $65, Developing Leaders; $75, members; $275, four member tickets; and $125, non-members. For tickets or further information, email NAIOP Arizona at rsvp@naiopaz.org. 



Gateway at Tucson Apartments to Receive $10 Million Renovation to Meet Needs of Expanding Multifamily Market

TUCSON, ARIZONA — A Tucson multifamily residential complex is about to receive a $10 million renovation to transform it into a premier apartment community.

Gateway at Tucson Apartments, a 188-unit complex located at 2800 W. Broadway Road, will be completely renovated over the course of the next year. The complex, built in 2005 to serve college students, will be reintroduced to the market as a 272-unit multifamily community with exceptional amenities and a variety of floor plans available.

Holualoa Companies purchased Gateway in November 2018 for $12.9 million, with the intention of transforming it into a more dynamic and inviting residential community to help meet a surge in demand for multifamily in the Tucson marketplace. Multifamily occupancy in the Tucson market reached 95 percent in 2019, which has led to an increase in rents year-over-year of almost 8 percent.

Lani Baker, Vice President – Finance of Holualoa Companies, said the property was an ideal opportunity for renovation because of its location near Downtown Tucson.

“We look forward to transforming this property into a community that is truly inviting for residents wanting to live in this bustling area of Tucson,” Baker said. “Because of the significant need in the Tucson market for properties such as this, we’re confident that the project will be successful and will be a welcoming living environment for residents.”

Gateway will remain open for current residents during construction.

Holualoa Companies plans to split each of the existing 84 four‐bedroom units at Gateway — designed for groups of students — into one‐bedroom and two‐bedroom units, renovate all unit interiors, and remedy a significant amount of deferred maintenance as part of the renovation.

Holualoa Companies has an extensive experience with multifamily assets in Arizona, having acquired more than  5,700 units. The company also has extensive office and industrial holdings in Tucson.



Sale of Roosevelt Apartments, a 14-Unit Multifamily Property in Phoenix Completed for $1.04 Million

PHOENIX, Arizona– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Roosevelt Apartments, a 14-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,040,000 ($74,300 per unit).

Christian Trujillo, an investment specialist in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a private investor. “The seller had owned the property for over 10 years, and unsuccessfully attempted to sell the property with another brokerage firm in 2018,” Trujillo explained. “By utilizing Marcus & Millichap’s platform and exposure, we were able to showcase the asset’s future value to a larger pool of investors. We exceeded the seller’s expectations by identifying upside in the property which attracted a qualified buyer within a week.”

Trujillo also procured the buyer, a local investor. “This was the buyer’s up-leg for his 1031 exchange, in which we also represented him in the disposition of his down-leg here in town,” Trujillo stated. The buyer plans to renovate and is exploring the option of building new units on the available space in front of the existing property.

Roosevelt Apartments is located at 2316-2318 East Roosevelt Street in Phoenix, Arizona. This 9,200-square-foot property is situated on 1.12 acres and was built in 1949. The unit mix consists of one studio, 10 one-bedroom/one-bathroom units and three two-bedroom/one-bathroom units, all with month-to-month leases.