Tag: Greenlight Communities

Rancho Santa Fe Center building
Rancho Santa Fe Center building

Holualoa Companies Completes Several Transactions To Generate Momentum Despite Economic Downturn

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Holualoa Companies Logo

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 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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