Scottsdale Investment Firm, HGTV Star Buy Phoenix Apartments Article originally posted on CoStar on August 16, 2021 An investment fund created by HGTV star Tarek El Moussa and Scottsdale, Arizona-based Hanson Capital Group has acquired a 45-unit apartment complex in central Phoenix. The fund purchased Element on 38th at 2931 N. 38th St. for $5.8 million, or $128,889 per unit, from Tides Equities, part of the pair’s plan to buy value-add real estate in the area, according to a Hanson representative. El Moussa, star of HGTV shows “Flip or Flop” and “Flipping 101,” and Chris Hanson, founder of Hanson Capital Group, formed TEM Investments Management to oversee the first $100 million fund, which is centered on multifamily acquisitions. The fund launched in April and is still adding investors. For Element on 38th, which was built in 1967, according to CoStar data, the pair plan to add solar panels to the building to lower utility costs, amid other upgrades. The property is on a master meter, meaning all units are on one meter and the power costs are included in the rent, according to the representative. Hanson Capital also has a fund focused on industrial real estate in the Southwest, according to the firm, having recently purchased four Phoenix industrial properties and two Dallas-area properties. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented both parties in the Element at 38th transaction, according to CoStar.