Park West 4404 W Bethany Home Rd

Newmark is pleased to present Park West, an 85-unit Lender Owned(REO) Value-Add Opportunity available and at a low cost basis. Given Park West’s garden-style layout, majority two bedroom unit mix and proximity to several employment corridors including the booming Westgate Entertainment District, the property is a prime candidate for the implementation of a re-position and renovation. With interior and exterior upgrades we believe rent premiums of $350+ are achievable for the property. The property is master metered with a chiller and boiler and additional upside in value can be achieved by separately metering the property and adding individual HVAC’s.

A majority of the units are in classic condition. Interior modern upgrades to the unit interiors could include new cabinets, countertops, stainless steel appliances, modern fixtures, 2 tone paint and modern laminate flooring or concrete stained floors. Concrete stained floors are cost effective, durable, and provide a modern look and feel. Given the relatively low cost of these capital improvements, new ownership can achieve a higher ROI with these upgrades. Common area improvements could include exterior paint, colorful and more contemporary pool furniture, exterior bistro lighting in the courtyard along with new property signage along Bethany Home Road.

Park West is located two miles northwest of the booming Grand Canyon University. The University’s 300-acre campus has gone through a $1.2 billion dollar investment in technologies, infrastructure and expansion over the past 10 years, providing a tremendous benefit to the local submarket through added employment, educational opportunities, and a sharp increase in rents and values. Elliot Pollack & Company recently reported GCU will pump an estimated $660 million, including wages of more than $250 million, into the immediate local economy each year.

Landmark entertainment venues are prevalent within the northwest Valley, particularly within close proximity of Park West. Westgate Entertainment District located a couple miles west of the community is a 223-acre mixed-use development that includes 8M SF of entertainment, retail, restaurant, office, high-end residential, hotel, parks and is home to State Farm Stadium(Arizona Cardinals). Other recreation and entertainment destinations include Top Golf, Cabela’s(Largest Sporting Store), the Tanger Outlets(90 stores & restaurants) and Desert Diamond Casino.