Arizona: In the Spotlight
Arizona, often known as the Grand Canyon State, is home to roughly 6.6 million people. The state of Arizona is the 15th most populous state and is also home to cities like Phoenix, which is the most populated city in the state with more than 1.6 million residents. Tucson is another key location in the state, with more than 541,000 people calling the region home.
- As a “Right-to-Work” state, under Arizona law, no person shall be denied the opportunity to obtain or retain employment because of non-membership in a labor organization.
- The University of Arizona is the largest employer in Arizona, with over 14,000 employees.
- Manufacturing and Service make up the largest industries in the state.
- The average household income is $58,945.
- The average age in Arizona is 37 years old.
- Arizona has 2.6 million employees across the state.
- The homeownership rate is just under 65%, which leaves 35% of the residents looking for apartments and rental properties.
Arizona Apartment Loan and Multifamily Property Facts
Arizona is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- Arizona is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Arizona are 4.36% higher than the previous year.
- The average rent in Arizona is $1,052.
The market for commercial real estate in Arizona is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
Arizona Apartment Loan and Lending Options
In the state of Arizona, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Glendale or a simple eight-unit property in an up-and-coming neighborhood of Tucson. We work with opportunities like:
- Traditional apartment loans
- Fannie Mae/Freddie Mac
- FHA/HUD financing
- Conduit financing
- Apartment construction loans
- And more!
Finance Your Arizona Apartment Building Now
Apartment.loans has an expert team specializing in apartment building loan products and options available for borrowers and investors of apartment properties throughout Arizona. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a cooperative, our team endeavors to meet all of your apartment mortgage loan needs. Arizona is a state that has been a decently strong market for apartment property loans and we are no strangers to arranging high-quality loans in the state for investors. We have a plethora of many available loan products to help qualified borrowers purchase or refinance an apartment property.
Apartment.loans offers apartment loans with terms and amortizations of up to 30 years, with recourse and non-recourse options, and flexibility when it comes to prepayment. Arizona apartment building loans typically close within 45 days of application. With the apartment.loans streamlined application process (with no-cost and no-obligations), gain unbiased access to the best possible apartment financing in the state of Arizona!
Apartment loans from $750,000 and up.