The Terrace Park apartment community at 8130 W. Indian School Rd. has been sold to a Canadian investor for $14,250,000. The purchase marks an expansion of Western Wealth Capital’s portfolio of Metro Phoenix apartment properties.
“Terrace Park is located in what experts believe will be a dynamic growth area of West Phoenix in the upcoming future,” says Trevor Koskovich, executive vice president of Colliers International in Greater Phoenix. “The Loop 101 area of West Phoenix is attracting substantial business activity and job creation, making this property particularly stable for future tenancy.”
Koskovich, Jeff Sherman and Bill Hahn of Colliers International in Greater Phoenix negotiated the transaction. BH Properties, a private equity company based in Santa Monica, CA sold the property to Western Wealth Capital (Janet LePage), a private investor/syndicator from Burnaby, Canada. LePage already own approximately 20 apartment assets in the Metro Phoenix area.
Terrace Park is comprised of 18, two-story buildings that contain 213 apartment units. Built in 1984, the project rests on 8.64 acres with a total of 173,641 rentable square feet. The one and two-bedroom apartment units were 92 percent leased at the time of the sale. The community features 319 parking spaces, a pool and children’s playground.
The Terrace Park community is located close to a variety of schools and parks, as well as offering convenient access to the Loop 101 freeway. Grand Canyon University and the West campus of Arizona State University are within close commuting distance. Major employers located just south and north of the property include Bechtel, Amazon fulfillment center, Swift Transportation, PetSmart and the WestGate Entertainment Center. Additionally, Dignity Health and Banner both have major hospital facilities near the Terrace Park community.