PHOENIX (3TV/CBS 5) -- HGTV star and real estate expert Tarek El Moussa has spent the past year focusing more time on projects in Arizona and he now has a company based in Scottsdale.
In the past nine months, El Moussa and his commercial real estate investment partners with TEM Investments have bought a 36-unit apartment building and a 45-unit apartment building in Phoenix with additional properties on the horizon.
Why Phoenix? El Moussa told Arizona’s Family, “Arizona is #1 for growth in the country. The demand for Arizona is through the roof, I feel like it is hotter than the coastal California market. People are moving to Arizona and rents are going up.”
As El Moussa focuses on his commercial real estate portfolio, he said he is going to put investment dollars in Arizona for a long time. This is due to simple supply and demand; more people are moving to Arizona than there are houses being built.
Second home in Arizona?
El Moussa said he and his fiancée, Heather Rae Young, are in the Scottsdale-area about two times a month. “The Scottsdale area is sort becoming our second home. We have boots on the ground out there. We have apartment buildings out there, corporate office out there. We see a lot of Scottsdale in our future.”
El Moussa added, “We are looking at some lots in Paradise Valley. We love Arizona and Scottsdale. A lot of the people we have partnered with actually live in Arizona.”
Investing Right Now
The real estate market in Arizona is hot right now with new houses going up and quickly going under contract.
“When it comes to the residential market, you have to move lightning fast to submit an offer. There is very low inventory,” El Moussa said.
El Moussa added that real estate has never gone down over a long period of time. “When it comes to real estate you buy and you wait. If anyone is out there and they are an accredited investor, I’d love to schedule a call.”