Company Caps Successful Redevelopment With $20.4 million Transaction
TUCSON, Arizona (December 18, 2020) – Holualoa Companies has sold the highly successful Herbert Residential and Armory Park Villas, an adjacent property in Tucson, to Second Tucson Venture, LLC in a $20.4 million transaction.
Holualoa and partner Peach Properties purchased the 144-unit, 8-story property and the nine-unit Armory Park Villas located in downtown Tucson at 202 E. 12th 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.”
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.
Art Wadlund and Clint Wadlund of Berkadia were the brokers on the transaction.
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 35th anniversary this year.
About Holualoa Companies
Holualoa Companies is a real estate investment firm focused on the successful acquisition, repositioning and disposition of real estate assets. Holualoa also acquires core assets in superior locations and participates in select development opportunities. Headquartered in Tucson, Arizona, with offices in Phoenix, Santa Monica, Hawaii and Paris, France its investments span the United States and Europe and include office, retail, industrial, multifamily, self-storage and hotel properties. For more information visit www.holualoa.com.