In what is perhaps another sign that the economy is beginning to turn around, new investors are beginning to pick up the pieces of the Arizona apartment and multifamily complex market. And with the infusion of investment capital, new owners are updating pools.
According to real estate experts, new owners include individual investors and private equity firms, even out-of-state firms. Even so, pool professionals note that some investors seem unprepared for the expense of bringing a commercial pool up to code — for instance, installing an unblockable main drain in accordance with the federal Virginia Graeme Baker Pool and Spa Safety Act.
“So some of them have just ignored the code and failed to do anything to bring the pool into compliance,” said Michael Love, owner of Love Pool Care in Phoenix. “For others, though, we’ve scaled back our bid to incorporate just the bare-bones upgrades they need in order to operate legally.”