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Honolulu Investor Stamps $4.7-Mil Deal

MARYVALE, AZ-The final papers are signed, putting a new owner in charge of the 156-unit The Veranda in Maryvale. A Phoenix-based investor has paid $4.7 million to the seller, a Honolulu investor who also is hawking a Peoria complex.

By D.J. Burrough | Updated on July 06, 2001

MARYVALE, AZ-The 156-unit The Veranda in Maryvale is now in the portfolio of Phoenix-based investor, Mark Parry. He has paid $4.7 million, or $30,100 per unit, for the complex at 5704 W. Thomas Rd.

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.

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