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SoCal Investor Mining Arizona Market With $11M Apartment Buy

PHOENIX-Armed with 1031 exchange funds from a California multifamily sale, Harvest Research & Development pays $10.8 million for the 213-unit Terrace Park Apartments, a 92%-leased, class B complex on the city's west side.

By Jennifer D. Duell | Updated on January 03, 2005

PHOENIX-With 1031 exchange money in hand from selling apartments in Southern California, an investor from Beverly Hills, CA has made its first acquisition in the Valley with the $10.8-million purchase of Terrace Park Apartments, a 213-unit, class B complex on the city’s west side.

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.

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