Once the poster child for national population growth and housing starts, Arizona, like other states historically reliant on construction, took a beating in the downturn, and the well-publicized forecast points to a long road to recovery.
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.[…]
The Tucson apartment investment market is enjoying improved operating fundamentals and renewed interest from investors as confidence returns.