The Tucson Apartment Investment market is beginning to wake up. Lender owned properties (REO properties), short sales, and sales through receivership are hitting the Tucson market in addition to a few non-distressed properties. PICOR is currently marketing two short sale properties, two REO properties, a sale through receivership, as well as two non-distressed investor owned properties. Additionally there are properties being offered by FNMA, CMBS special servicers, regional banks, and other lender agents who have taken control of properties to protect their position.
Investors have healthy appetites for lender owned properties
While more product is coming to market, investor interest is also increasing. Gateway and primary markets as well as secondary markets such as Phoenix and Denver are seeing strong CAP rate compression and a significant uptick in transaction volume. This is bringing investor interest to tertiary markets such as Tucson, as investors seek higher returns than those available in the primary markets. Look for transaction volume to pick up in the second half of 2011 and into 2012 as the rental fundamentals improve and capital continues to seek higher returns in sunbelt markets such as Tucson and Southern Arizona.
Click here for a link to our current listings in PDF format.
A multi-year top producer with his previous firm, Bob Kaplan,
Principal, joined PICOR in 2006 advising on the sale and purchase of multifamily investments serving the needs of local, regional and national apartment owners and investors. Bob also represents buyers and sellers of industrial, office, retail and NNN leased investment real estate.
Photo credits: Gary Rumack Photography and drbakker
