Tucson’s apartment market is hot

 Cherry Lofts, renderings
Investors are looking to get in on Tucson’s apartment market as the city has gained a number of high-wage jobs in recent years. New units coming online by the end of the year will add to Tucson’s appeal for people relocating. Courtesy of Miramonte Homes

By Gabriela Rico  | Arizona Daily Star

Investor interest in Tucson’s upper-end apartment complexes has been high for several years and, while there was some breath-holding at the start of the pandemic, millions of dollars worth of transactions have transpired in the past few months.

Investors are focused on the high-wage jobs the city has gained in recent years, the low rate of new multifamily projects and the fizzling out of formerly hot markets in states like Colorado and Oregon.

“Tucson is at an all-time high because of demand, while supply is at an all-time low,” said Allan Mendelsberg, a multifamily specialist with Picor commercial real estate.

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