One HGTV star has invested in two Phoenix apartment complexes.
AZ Family reported that Tarek El Moussa spent the last year delving into projects in the state and now even has a company in Arizona.
El Moussa, along with his investment partners with TEM Investments, bought a 36-unit apartment complex and a 45-unit apartment complex. Both were in Phoenix.
So why did El Moussa choose Phoenix as his next investment place?
The HGTV star told AZ 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."
The real estate market in Phoenix right now is one of the hottest markets in the entire country.
El Moussa said, "When it comes to the residential market, you have to move lightning fast to submit an offer. There is very low inventory."
Arizona also happens to be El Moussa's second home. He and his fiancée, Heather Rae Young, spent about two months in Scottsdale. He said, "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."
Photo: Getty Images