Located at 8130 W. Indian School Rd., Terrace Park Apartments was 92% occupied when Harvest Research & Development bought it from locally based SFB Terrace Park Investments. "It's a great stabilized property that is in good condition," says Paul Gross, a director with Cushman & Wakefield of Arizona Inc., who represented the seller in the transaction along with Todd Braun. "These buyers are not value added. They're just looking for a property that they can grow with."

Gross tells GlobeSt.com that Terrace Park Apartments received more than eight offers before trading at 95% of its list price and a 7.25% cap rate. He says SFB Terrace Park Investments made significant physical improvements to the property during its ownership. Moreover, potential buyers were attracted to the complex's proximity to major employers along Loop 101 and Interstate 10 as well as its positioning to the new Glendale Arena and Arizona Cardinals Stadium.

Built in 1983, Terrace Park Apartments consists of 173,556 sf in two-story, garden-style buildings. It has 16 one-bedroom units with 604 sf and 197 two-bedroom units ranging from 766 sf to 1,000 sf. The average rent is $680 per month.