Between spring and summer of 2010, GAR had completed three market studies in Arizona. Two of these were used in conjunction with the tax credit applications submitted to ADOH and one was directly prepared for a syndicator. The work efforts included:

•  Market analysis of a proposed acquisition and rehabilitation of a senior project in Tuscon. Recently, it was announced that the application of funding was secured for this new construction/replacement housing targeting low income seniors. The development will involve retainage of a HUD HAP contract, and new construction in an expanding portion of the city.
• Market analysis of a proposed workforce housing project in the downtown corridor of Phoenix. This urban loft style development was proposed for construction on a site located near the biomedical corridor in the downtown area.
• Market study for a syndicator known as the Krohn West site. This Hope 6 development is the last phase of the multi-phased project (initial phase is known as Matthew Henson).

Market conditions through Arizona remain dynamic and vulnerable, but there are some signs of improvement. If there are any questions pertaining to work necessary within Arizona, please contact M. Scott Allen at 716-691-7100, ext. 3019 or sallen@garappraisal.com.