Parry Holdings, headed by Mark Parry, has paid $39,333 per unit for the complex situated at 1805 W. Cortez Ave. Coronado, CA-based investor James Webb is the seller. Broker Jim Jones of the Scottsdale office of the Jones Group has handled the sale for both parties.
The complex is north of Peoria Avenue, adjacent Shaw Butte in the North Mountain Preserve. Interstate 17 is just about a mile to the west. Nearby amenities include Metrocenter, Rose Mofford Sports Complex. Western International University and Ottawa University are less than a mile away.
Central Phoenix apartments have been hurt recently by overbuilding. A number of new projects have opened in the past two years, resulting in more than 1,500 new units resulting in a 6.3% vacancy rate. The Valley's average vacancy is riding at 6.6%. Central Phoenix apartments are fetching $670 per month rents, a mere $2 above the Valley's average.
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