Company Caps Successful Redevelopment With $20.4 million Transaction

TUCSON, Arizona – Holualoa Companies has sold the highly successful Herbert Residential and the adjacent Armory Park Villas in Tucson to Second Tucson Venture, LLC in a $20.4 million transaction ($133,333 per unit) for the 153 units. Both properties are located in the Armory Park neighborhood, an area that is enjoying a resurgence thanks to abundant downtown amenities and proximity to the Tucson streetcar line.

Holualoa and partner Peach Properties purchased the 144-unit, 8-story Herbert and the nine-unit Armory Park Villas located in downtown Tucson at 202 E. 12^th Street in 2012.  Herbert was originally constructed in 1974 for senior housing, but all HUD income restrictions were removed, and all residents relocated to a newly constructed building prior to Holualoa’s acquisition.

Upon acquiring the property, Holualoa completed an extensive renovation of the property including removing the dated façade and installing new floor-to-ceiling windows, replacing HVAC systems, renovating the interior units with new kitchens, bathrooms, and flooring, and renovating common area spaces with a new modern lobby, storage spaces and a fitness center.

The property has outperformed ever since thanks to its modern, welcoming design, its close proximity to nearby restaurants, nightlife and transportation, and superior property management by Scotia Group Management.

The sale continues a trend of high-profile transactions that Holualoa Companies has executed in recent months despite this year’s challenging economic conditions.

“We are very pleased with the results we saw from Herbert Residential since we redeveloped the property, and it is gratifying to be able to close our involvement with a beneficial transaction for both buyer and seller,” said Lani Baker, Chief Financial Officer of Holualoa Companies. “Herbert Residential has emerged as a true destination living environment for Tucson residents, and we’re confident the new ownership will continue to enjoy the benefits of such a high-profile project.”

Art Wadlund and Clint Wadlund of Berkadia Tucson brokered the transaction and also secured financing.

Holualoa Companies specializes in the purchase and renovation of unique commercial and residential properties in locations across the country. It is a driving force behind a number of award-winning redevelopment projects in the region. The Tucson-based company is celebrating its 35^th anniversary this year.

For more information, the Wadlunds can be reached at 520.529.9206.

To learn more see RED Comp #8337.

PINAL COUNTY, ARIZONA — Richmond American Homes purchased an additional 139 lots in the Red Rock Village MPC for $6,880,500 ($49,500 per finished lot). The lots are 45’X115′ and are Richmond’s second  purchase in the community in the past 12 months. The lots were purchased from Sunbelt Holdings.  Sunbelt acquired the remaining 680-acres within the 1,000-acre Red Rock Village master planned community in 2018 and are now well underway with the project’s development, with an estimated 2,500 lots remaining to be developed.

Richmond American Homes recently announced the grand opening of Seasons at Red Rock Village offering a mix of single and two-story floor plans that range in size from 1,240-2,630-square-feet.

Located in Pinal County, Red Rock Village includes an expansive amenity offering for residents including a 14-acre community park featuring a private water park, lap pool, basketball court, baseball field, skate park, children’s play area, picnic and shade ramadas, hiking and biking trails, and open space. The community is also home to the K-8 Red Rock Elementary school. Additional neighborhood parks are planned for future growth areas within the community.

The community is a 10 minute drive north of Marana and conveniently accessed at the Red Rock interchange along I-10. The community has over 850 homes constructed to date, and Sunbelt Holdings is preparing several new subdivision plats into 2021 showcasing 40′ and 45′ lots. These lots are currently being marketed and Sunbelt Holdings will be announcing additional homebuilders in the next few months. Land Advisors Organization is handling the marketing of the lots at Red Rock Village.

Will White and John Carroll of Land Advisors Tucson handled the transaction.

White commented, “Red Rock Village is headed into 2021 full steam ahead. The availability of infrastructure and approved plats, coupled with the surging new home median price in the Tucson metro area make it a very attractive master plan.  Affordability, amenities and convenience are important factors to Tucson’s homebuilders going forward and Red Rock Village hits all those marks.”

For more information, White and Carroll should be reached at 520.514.7454.

Tucson, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of a two-property multifamily portfolio in Tucson, Arizona. The properties are Equestrian, a 288-unit complex that sold for $47.7 million, or $165,625 per unit, and Ridgeline, a 272-unit property that traded for $42.5 million, or $156,250 per unit.

“Post-2000 constructed multifamily assets like Equestrian and Ridgeline are rarely available in North Tucson,” said Hamid Panahi, IPA first vice president. “These two communities provide new ownership with the opportunity to enhance revenue through the continued implementation of an apartment interior renovation program.”

Panahi, Steve Gebing and Cliff David, IPA executive managing directors, represented the seller, Bascom Arizona Ventures, and procured the buyer, Bridge Investment Group.

“Job growth and economic development should not be overlooked in Tucson with tremendous momentum in the aerospace and defense sector, high technology, bioscience, healthcare, mining technology, and logistics leading the way,” added Gebing. “There’s a reason internationally recognized companies like Raytheon, Caterpillar, and Amazon are attracted to the market.”

Both properties are located on West Linda Vista Boulevard in Northwest Tucson, close to the Thornydale Retail Center, Thornydale Village, the Tucson Premium Outlets and Pima Community College.

Completed in 2008 on 13 acres, Equestrian is an 18-residential building community with a swimming pool, gas and charcoal grilling stations, assigned covered parking and detached garages. Apartments have nine-foot ceilings and the average unit size is 900 square feet.

Ridgeline’s 17 residential buildings were constructed in 2002 and 2008 on 13 acres. The property has two resort-style swimming pools and the average apartment size is 821 square feet.