Maryvale, a Phoenix suburb, had once been considered one of the least desirable areas of town, but a resurgence is under way as a result of some high-profile projects. The added amenities are the Phoenix Coyotes' ice hockey arena, Maryvale Baseball Park and Desert Sky Mall, making the West Valley far more attractive than in prior years. The Veranda is about four miles west of Interstate 17 and about two miles north of Interstate 10.
For nearly two years, the West Valley apartment market has been relatively stable. The vacancy rate now stands at 6.8%, up just two-tenths of a percentage point from last year at this time. In comparison, the Valley's overall vacancy rate is 6.3%. West Phoenix apartments are going for $521 per month, up 3.6% from a year ago. The average rent in the Valley for apartments is $682 per month.
Parry has purchased the apartments using proceeds of a 1031 Exchange. In November, he had sold the Fig Tree Apartments, a 57-unit complex at 2551 W. McLellan Blvd. in Phoenix, realizing $2.5 million in the transaction.
Honolulu investor R. Blake Johnson Jr., the Veranda's seller, also is making plans to hawk the 100-unit Land Pointe Apartments, situated at 11600 N. 75th Ave. in Peoria. The Phoenix office of CB Richard Ellis, with brokers Todd Braun, Sean Cunningham and Tyler Anderson, negotiated the Veranda's sale.
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