Category: Press releases

Mountain View Ranch Development In Vail Sees Sharp Jump in Sales Momentum

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VAIL, Arizona (September 1, 2020) – Mountain View Ranch development in Vail — a joint venture between Holualoa Companies, New Mountain View, LLC, A.W. Marrs, Inc. and Marrs Mountain View Ranch LLC — has seen a sharp increase in sales in 2020 despite the challenging economic environment. 

Year-over-year sales are up almost 43 percent at the property, which includes two unique subdivisions set in an exceptional Sonoran Desert environment. The subdivisions feature one-acre lots allowing plenty of open space for homeowners. 

The three homebuilders involved in the project — Fairfield Homes, Dell Mar Homes LLC and Bednar Design & Construction, Inc.— have each seen a sales jump with numbers exceeding last year’s levels and four months remaining in the year.

Mountain View Ranch combines a beautiful Sonoran Desert setting with the comforts of modern living. Every home site in Mountain View Ranch is an acre or more, all with stunning views of the Rincon Mountains. The location provides the opportunity to enjoy the best of what the Tucson metro area offers while enjoying extensive open space.

The property features two unique neighborhoods — Windmill Ridge and Sonoita Hills — with several custom and semi-custom plans ranging from 1,800 to 4,000+ square feet. It is located in the award-winning Vail School District and is adjacent to state lands with stunning views.

“Mountain View Ranch is a really unique and exceptional development, and we are pleased to see its sales momentum building,” said Lani Baker, Chief Financial Officer for Holualoa Companies. “We are definitely seeing buyers who are attracted to the mix of amenities and the location of the project in such a desirable area.”

Mountain View Ranch has lots available both for custom homes and for builders who are interested in buying multiple lots. For additional information on the project, visit www.homesatmountainviewranch.com. 

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. 

Lani Baker Promoted to Chief Financial Officer of Holualoa Companies

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Holualoa Companies, a prominent Tucson-based real estate, and investment firm, has promoted Lani Baker to the position of Chief Financial Officer.  

Baker’s promotion follows other leadership enhancements, including I. Michael Kasser’s transition to Founder and Chairman of the company and Richard Kauffman’s promotion to Chief Executive Officer late last year. 

Baker has more than 15 years of experience in commercial real estate. Her skills and resources are targeted toward exceeding quality objectives and attaining revenue. Her areas of expertise and responsibility include commercial real estate transactions including acquisitions, financing and sales, treasury, and investor relations.

Baker is a native Tucsonan currently residing in Tucson with her husband and two children. She received a Bachelor of Science in Accounting from the University of Arizona, Eller College of Management, and a Master’s degree in Business Administration.  In addition, she became a licensed CPA in 2012.

Baker’s community service includes working as a past Vice President and board member of the Lupus Foundation of Southern Arizona and a member of Angel Charity for Children. She was a recipient of Tucson Hispanic Chamber of Commerce’s 2016 40 under 40 and a Tu Nidito Remarkable Mom in 2018.

Most recently, Baker was recognized as a “Real Estate Champion” in the “Women of Influence” awards by Inside Tucson Business. She is also the Board President of CREW Tucson, part of the nation’s premier women’s commercial real estate network.

 “It is gratifying to be able to take on this exciting role in a company that I love with a team that I greatly respect,” Baker said. “Holualoa Companies has had an extremely positive impact on Arizona’s business and economic environment, and I am proud to be able to serve the company as its new Chief Financial Officer.”

Holualoa was founded by Kasser in Hawaii 35 years ago. The company expanded to the Southwest in the Resolution Trust Corporation days, moving the headquarters office to Tucson, Arizona.  The company continued to grow by opening offices in Phoenix, Arizona and Santa Monica, California. Further expansion led Holualoa to partnerships in Washington, DC and Paris, France.

“We are pleased to promote Lani to Chief Financial Officer and are grateful for the contributions she has made to the company’s success,” Kauffman said. “We look forward to her continued leadership.”

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. 

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Superstition Canyon Apartments

Superstition Canyon Apartments Sold for $42 Million

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PHOENIX (May 6, 2020) – Holualoa Companies has sold the highly successful Superstition Canyon Apartments in Mesa to KB Investment Development Company in a $42 million transaction arranged by CBRE.

The sale of the 200-unit property was brokered on behalf of the seller by CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of Phoenix Multifamily Institutional Properties.

Located at 1247 S. 96th Street in Mesa, Superstition Canyon features a resort-style heated pool with ramada, TV, fireplace and barbeques, sauna, fitness center, clubhouse with billiards table, business center, basketball court, sand volleyball court, and gated dog park. The acquisition also included a 1.7-acre vacant parcel adjacent to the community.

The sale is one of several high-profile transactions that Holualoa Companies has executed in recent months despite the changing economic conditions. Holualoa bought the property in 2013.

“We are pleased to complete this transaction and grateful to the team at KB for their interest as well as our brokerage team for their hard work,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “It is a good indicator that the fundamentals behind the real estate market are sound despite the overall economic conditions.”

“Mesa is a high-growth market with strong demand drivers,” Anderson said. “Superstition Canyon’s excellent bones and the community’s proximity to Mesa’s expanding amenities, employment bases and infrastructure generated significant buyer interest with over 300 executed confidentiality agreements and more than 60 tours.”

The transaction marks the fifth large multifamily project acquired by KB in the Phoenix area since they entered the local market in 2015.  “Our projects in Mesa and Ahwatukee have occupancies around 98 percent and we have similar expectations for Superstition Canyon,” said Khosro Khaloghli, KB’s CEO and founder.  “Looking at the bigger picture, we believe Phoenix will continue to be a powerful draw for new residents. People and companies will go where they have the best chance for success.” 

KB’s local portfolio of 1,432 units includes Stone Canyon, a 392-unit low-density garden-style apartment complex in Mesa, Superstition Canyon with 200 units, and three communities in the premium Ahwatukee submarket: Mountainside, a 288-unit property; Arboretum at South Mountain, with 312 units and Mountain Park, 240-units. All were financed through Freddie Mac and are exceeding their operating budgets under the management of Khaloghli’s Maverick Residential Company.

Jeffrey Krohn, President of Maverick, joined Khaloghli in 2018 to establish a multifamily investment/management firm that would set a higher standard for asset performance. Mr. Krohn commented, “We’re excited to add this beautiful community to our managed portfolio and work with the owner to really polish its value. Due to our robust cloud-based, virtual systems and company culture of creative responses to adversity, we’re well-positioned to exceed expectations despite the temporary restrictions.”

Krohn came to Maverick from his role as the Vice President of Operations for Alliance Residential, where he oversaw the operations of third-party managed assets in Arizona with over 16,500 units in his portfolio. He also created the Business Development platform for Alliance and was instrumental in growing the portfolio from 60,000 to 100,000 units.

Built in 2010, Superstition Canyon is located along the U.S. Route 60 corridor with over three million square feet of retail amenities in a four-mile stretch. Loop 202 is the primary transportation artery serving the East Valley and is located less than two miles from the community.

About KB Development

KB Investment Development Company (KB) is an Orange County, California based real estate development company with more than 40 years of experience in the development, construction and management of commercial and residential real estate. KB and its affiliates have built more than 7,000 residential and multifamily units and more than 11 million square feet of industrial and office properties. More at www.kb-development.com

About Maverick Residential Company

Founded in 2018, Maverick Residential Company (MRC) is a premiere, privately held real estate company based in Phoenix, Arizona. The Company is a fully integrated platform with a specific focus on the acquisition and management of multifamily real estate.  MRC prides itself on streamlined operational expertise, fostering strong on-site teams and taking care of residents. For more information, please visit www.mavres.com

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.

Leasing activity at Park Central Mixed-use development project outdoor image

Park Central Ramps Up Leasing Activity Despite Slowdown

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Three New Leases Signed in Past Few Months at Revitalized Mixed-Use Development

PHOENIX (April 29, 2020) – The revitalized Park Central project has enjoyed increased leasing activity despite the economic downturn, with three new leases signed in the past few months. 

New Leasing Activity in Phoenix

Interface Technologies has signed a lease to occupy the entirety of the 15,500-square-foot Graham Building.  Interface is currently building out a state-of-the-art office complete with multiple studios to broadcast their industry leading IT training classes to companies around the globe.  Dustin McFarland with Savills represented the tenant in the transaction.

Additionally, District Medical Group renewed their 56,000-square-foot lease in the Burgbacher building for 10 years.  DMG Children’s Rehabilitative Services is the largest multi-specialty interdisciplinary clinic in the state of Arizona with over 25 medical specialties and is designed to meet the unique healthcare requirements of special-needs children.  DMG provides direct care to the community with over 66,000 visits annually.  Bo Sederstrom represented DMG in the transaction.

And, Firestone Tire Center has renewed its lease on its building at the northwest corner of the property for another 10 years. A tenant for over 50 years at Park Central, Firestone has been serving the midtown neighborhood at its current location on the property since 1965.  

Bill Cook and Margaret Lloyd of Plaza Companies represented the ownership group in all three transactions.

Park Central Improvements and Activity

The Park Central development team also continues its work on making the project more robust, including a new conference center that is being built for use by all Park Central tenants. The new conference center will be located in the Goldwater Building and can accommodate up to 85 people for tenants to utilize.  The conference center will also have a galley and state of the art A/V equipment. 

Stan Shafer, Chief Operating Officer for Holualoa Companies, said the project’s leasing momentum is a great sign despite the economic downturn created by the pandemic. 

“We are pleased to see the continued interest in Park Central especially considering the current economic conditions,” he said. “It is a sign that the project remains truly desirable thanks to its innovative and welcoming design, exceptional location and strong surrounding support industries.”

Sharon Harper, Chairman and CEO of Plaza Companies, said the leasing momentum is an indicator of Park Central’s role in keeping Phoenix’s economy strong. 

“We want Park Central to continue to be a hub for our local economy as we enter a recovery phase in the coming weeks and months,” she said. “We are looking forward to Interface Technologies new state of the art facility at Park Central and are very pleased to continue our long-term partnerships with District Medical Group and Firestone.”

The Dream Development Team

Plaza Companies and Holualoa Companies are teaming up to redevelop Park Central, which once held court as the city’s first official large-scale shopping mall. The companies are transitioning the project to a bustling community hub ideal for playing, working, congregating and celebrating the arts. The first 337,000 square feet of redeveloped office and retail is almost complete. Leasing activity for office and retail space is ongoing at the property and interest has been strong in the newly revitalized property. 

The new Park Central includes 450,000 square feet of Class A creative office space available for lease with the ability to accommodate tenants ranging from 3,500 square feet to more than 100,000 square feet in size. It features exclusive tenant patios, on-site restaurants and amenities, a stunning mid-century modern design, 15-25 foot ceilings, extensive bike paths and light rail access and ample parking. 

For office leasing, tenants and brokers can reach out to Andrew Cheney with Lee & Associates (502.954.3769) or Bill Cook with Plaza Companies (623.344.4526).  For Retail leasing contacts are Brent Mallonee with Cushman and Wakefield  (602.224.4437)  or Margaret Lloyd with Plaza Companies (623.344.4558).

For more information on the project, visit www.parkcentralphoenix.com.

Rancho Santa Fe Center building

Holualoa Companies Completes Several Transactions To Generate Momentum Despite Economic Downturn

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FOR IMMEDIATE RELEASE

Contact: Tom Evans
602.448.5483 | tevans@onadvertising.com  

PHOENIX, Arizona (April 20, 2020) – Holualoa Companies has enjoyed a strong first four months of the year despite recent economic challenges, closing on several key transactions in Arizona. 

The company sold several properties in Phoenix and Tucson over the past few months and signed a significant new lease at one of its signature properties:

• On April 14, Holualoa sold the 64-unit Sandpiper Apartments located in Tucson for $4.7 million.  They acquired Sandpiper in November 1995 in a joint venture with Scotia Group. The property is well located in Tucson’s North Central submarket with excellent access to shopping, major employers, recreation and transportation corridors, and the University of Arizona is minutes away.

• Holualoa, in a joint venture with Epic Real Estate Partners, sold the Starbucks at Scottsdale North in a $2.4 million transaction. Holualoa had purchased the AJ’s Fine Foods-anchored retail center located on North Scottsdale Road in 2019. 

• Holualoa sold the 25-unit McCormick Rental Homes located in downtown Tucson in February for $8.1 million. Holualoa had partnered with Scotia Group on the project, which they built from the ground up with construction completed in 2017.

• Holualoa, in a joint venture with Plaza Companies, sold the Rancho Santa Fe Center in Avondale in January in a $17.8 million transaction. The 74,000-square-foot building was purchased by the joint venture in 2014, including a 2.83-acre parcel adjacent to the building which the joint venture retained ownership of and is available for build-to-suit use. The building was 98 percent leased at the time of the transaction in January. 

• And, Holualoa, in a joint venture with LaPour Partners, signed a lease with PNC Bank at Camelback Collective, a high-profile, mixed-use property located at 2801 E. Camelback Road, Phoenix. It is a seven-year lease for 10,460 square feet of space on the property’s fourth floor. With the new lease, the office building is now approaching 80 percent occupancy. 

“We are very pleased with the momentum we’ve been able to build this spring despite the sudden change in economic conditions,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “We are well-positioned to make the most of our opportunities once the pandemic eases and we look forward to continuing our investments in the marketplace.”

Holualoa has also seen several other positive developments at its properties throughout Arizona, including:

• Increased leasing activity and the completion of a Phase II of renovations at Park Central, the award-winning revitalization project in central Phoenix. 

• Holualoa is also partnering with Greenlight Communities to develop the new Cabana multifamily properties throughout the Phoenix area. The new brand provides an attainable rental solution for individuals and families while creating a welcoming community environment. 

Holualoa is celebrating its 35th year in 2020, and Shafer said the company continues to look for opportunities and partnerships. 

“We know that we are facing unprecedented economic times, but we also know that these economic challenges often create opportunities,” he said. “We will continue to monitor the market and look for ways we can create value and have a positive impact on the commercial real estate industry.”

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. 

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Holualoa Companies Logo

Holualoa Companies Makes Financial Contribution to COVID-19 Relief — One Employee at a Time

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FOR IMMEDIATE RELEASE

Contact: Tom Evans
602.448.5483 | tevans@onadvertising.com 

Holualoa Companies Makes Financial Contribution to COVID-19 Relief — One Employee at a Time

TUCSON, Arizona (April 15, 2020) – Like many companies, Holualoa Companies wants to assist local and national charities in their response to the COVID-19 crisis. But in an innovative twist, they’re helping their employees make their own decisions about who to support. 

Holualoa Companies is allocating each of its 30 employees $2,000 to personally donate to the COVID-19 charities of their choice. The employees are free to choose any COVID-19 related cause on the local or national level. 

Holualoa has long been committed to the communities it serves, but the company’s leaders wanted to do something different in the current pandemic. 

“We’re seeing first-hand from the companies we work with in commercial real estate just how much we need to support each other,” said Lani Baker, Vice President – Finance of Holualoa Companies. “This is a way for our company to not only support many great causes, but to give our employees a sense of ownership of their own generosity in this time of crisis.”

“I am truly honored to work for a company that not only takes care of their employees but also each employee’s community,” said Tara Scherrer, Senior Financial Analyst with Holualoa Companies. “In these uncertain times, they selflessly are allowing each employee to choose a charity in their own community and fund a donation on our behalf. I am proud to be a part of a company that looks beyond themselves.”

Holualoa Companies owns a broad portfolio of commercial office buildings, multifamily residential properties, industrial properties and other real estate. The company is working individually and proactively with its tenants to help them find the right solutions and resources during the crisis. 

“We understand that we’re all going to have to work together as a community in order to best get through this challenging time,” Baker said. “We are confident that by continuing to support our communities and to be creative and understanding of the current conditions, we will emerge from the other side of this crisis stronger.”

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. 
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Holualoa Companies Partners with Greenlight Communities; Will Back Numerous New Greenlight Projects in the Valley

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Holualoa Companies has acquired a significant share of a dynamic Scottsdale-based company that is building an innovative new type of multifamily residential product in the Valley.

Greenlight Communities is developing new rental apartment projects under the Cabana brand that provide an attainable rental solution for individuals and families while creating a welcoming community environment.

Greenlight Communities has over 2,300 units under development with communities in Mesa, Goodyear, Scottsdale, Phoenix, Chandler and other Valley communities. The Greenlight team is headed by Rob Lyles, Patricia Watts and Dan Richards, the team behind Deco Communities.

“We are excited about the opportunity to partner with Greenlight Communities and proud to be part of the solution to deliver modern, attainable housing in the Valley.” said Aroon Chinai, Chief Investment Officer for Holualoa Companies. “We believe very strongly in their product, people and culture and felt investing and partnering with Greenlight would be beneficial for both our companies and our community.”    

Greenlight is currently completing Cabana on Washington in Phoenix, which consists of 226 units and Cabana on 12th with 252 units. Leasing for both communities will start in early 2020 with residents anticipated to move in beginning April 2020. Cabana on Hayden in Scottsdale is also underway and is scheduled to open in winter 2020.

The Greenlight team is actively working with the Holualoa team to identify additional potential sites for Cabana-branded properties throughout Arizona.

Using intensive research on renter preferences, modern design and technological advancements in construction and operations, Greenlight’s Cabana apartments will provide studio, one and two-bedroom units in well-located communities. The Cabana locations expect to offer monthly rents significantly less than the proliferation of luxury apartment projects that have been built throughout the Valley.

Patricia Watts, co-founder of Greenlight Communities, said that Holualoa’s involvement has been key in creating momentum for development of the new Cabana properties.

“We are very pleased to have the Holualoa Companies team involved with Greenlight Communities and appreciate their extensive experience in the industry and their long track record of financial success,” she said. “It is gratifying to see that our vision for creating exceptional, yet affordable residential communities is being met with such enthusiasm from investors, and we’re confident that enthusiasm will carry over to the marketplace as well.”

Greenlight’s communities are designed with individual buildings centered around large common courtyards, that feature either a pool, Zen gardens, outdoor fitness areas, and other amenities designed to encourage community interaction.  “We believe this will be very attractive to our renters and distinguish our Cabana brand,” Chinai said.

Greenlight acts as general contractor for its communities so there is no middleman in the building process. This contributes to a more efficient building process where savings are passed down to the tenants.  For more information about Greenlight, please visit www.livegreenlight.com.  

Holualoa Companies has extensive experience with multifamily assets, having acquired or developed more than 6,700 units. The company also has office, retail, hospitality and industrial holdings.

About Holualoa Companies

Holualoa Companies is a real estate investment firm focused on the successful acquisition and repositioning of real estate assets. Holualoa also acquires core assets in superior locations and participates in select development opportunities. Holualoa actively seeks opportunities that improve neighborhoods, create jobs, and enhance communities. 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. Holualoa is proud to support numerous charitable organizations in the communities in which it invests.  For more information visit www.holualoa.com.

About Greenlight Communities


Greenlight Communities believes that everyone deserves to live in a home they can afford in a community that they love. By disrupting the traditional apartment model, Greenlight is able to develop attainable rental housing that meets that needs of today’s budget-conscious renter. Combining modern design with technological advancements in construction and operations, Greenlight’s Cabana apartment brand will provide studio, one and two-bedroom units in well-located communities through metro Phoenix. Over 2,300 units are currently under construction or on the boards, with leasing scheduled for early 2020.

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Kauffman Named CEO of Holualoa Companies

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From Commercial Executive Magazine

Tucson, Arizona – Richard B. Kauffman has been promoted to Chief Executive Officer of Holualoa Companies effective December 1, 2019. 

I. Michael Kasser will continue to guide Holualoa as Founder and Chairman of the company. “Rick’s leadership has been an integral part of Holualoa’s success, and his becoming CEO is a natural step forward for the company,” Kasser said.  

Kauffman, who has been with Holualoa since 2000 in various finance and operational roles, previously served as the company’s Chief Financial Officer.

 “I am honored to work with Holualoa’s skilled team of over 30 professionals and particularly with the partners on the company’s executive team, including Aroon Chinai (Chief Investment Officer), Stan Shafer (Chief Operating Officer) and Lani Baker (Vice President of Finance),” Kauffman said.

Holualoa was founded by Kasser in Hawaii 35 years ago. The company expanded to the Southwest in the Resolution Trust Corporation days with a Tucson office.  The company continued to grow by opening offices in Phoenix, Arizona and Santa Monica, California. Further expansion led Holualoa to partnerships in Washington, DC and Paris, France.

Holualoa Companies Purchases Vacant Forbes Blvd. Office Building in Tucson, Plans $4 Million+ Revitalization

by 11:15am
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A Tucson office property vacated in 2016 will soon undergo a significant revitalization effort to make it more desirable for businesses and better-suited for multitenant use.

 

The property, located at 2202 Forbes Blvd. in Tucson, is part of the larger Broadbent Interstate Center, which first took shape in the 1980s. The Forbes office building is a 58,000-square-foot back office building recently owned by Carondelet Healthcare. When Carondelet was purchased by Tenet Healthcare in 2016, Tenet moved its operations out of the building.

 

Holualoa Companies officially acquired the property on Sept. 6, and plans a $4 million renovation to transform the space for a wide range of medical, office and other tenants to meet rising demand across the region. The property will feature a market-leading parking ratio of 9 spaces per 1,000 square feet of rentable space.

 

Holualoa Companies’ Vice President of Finance Lani Baker said the property was particularly desirable because of its well-established location, its close proximity to Interstate 10 and the University of Arizona.

 

“There’s a significant need for quality office space in this area, so transforming this vacant property into desirable office space helps address the needs of this growing part of Tucson,” she said. “We have a number of companies that have already expressed interest in putting down roots at Forbes, and adding more parking spaces, upgrading building systems and otherwise enhancing its amenities will only increase its desirability.”

 

Holualoa Companies already has a large presence throughout Tucson, including extensive office, industrial and multifamily properties. The company’s planned $4,090,000 investment in the property will finance additional parking areas, leasing efforts and additional accommodations needed to make the property ideal for multi-tenant use.

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

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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 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.

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