-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 FkisqYLbUImJ8yQhiUwwBxUBfhCCVirlCfsE/bJiuHfNx0zLg01KbAOqrBcUU+SC
 IxEUeldX79peIG15H+6cjA==

<SEC-DOCUMENT>0001508080-10-000001.txt : 20101228
<SEC-HEADER>0001508080-10-000001.hdr.sgml : 20101228
<ACCEPTANCE-DATETIME>20101228134629
ACCESSION NUMBER:		0001508080-10-000001
CONFORMED SUBMISSION TYPE:	D
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20101228
DATE AS OF CHANGE:		20101228
EFFECTIVENESS DATE:		20101228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AP VEF Terrazas REIT LP
		CENTRAL INDEX KEY:			0001508080
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-152570
		FILM NUMBER:		101275558

	BUSINESS ADDRESS:	
		STREET 1:		401 COMMERCE STREET
		STREET 2:		SUITE 740
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37219
		BUSINESS PHONE:		615-467-7600

	MAIL ADDRESS:	
		STREET 1:		401 COMMERCE STREET
		STREET 2:		SUITE 740
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37219
</SEC-HEADER>
<DOCUMENT>
<TYPE>D
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0704</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001508080</cik>
        <entityName>AP VEF Terrazas REIT LP</entityName>
        <issuerAddress>
            <street1>c/o Apollo Value Enhancement Fund VII LP</street1>
            <street2>Two Manhattanville Road, Second Floor</street2>
            <city>Purchase</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10577</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>615-467-7600</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2010</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>.</firstName>
                <lastName>Apollo Value Enhancement Fund VII, L.P.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Two Manhattanville Road</street1>
                <street2>Second Floor</street2>
                <city>Purchase</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10577</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>.</firstName>
                <lastName>Apollo Value Enhancement Fund VII 892, L.P.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>Two Manhattanville Road</street1>
                <street2>Second Floor</street2>
                <city>Purchase</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10577</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2010-12-02</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>1000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Iroquois Capital Advisors, LLC</recipientName>
                <recipientCRDNumber>145325</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>401 Commerce Street</street1>
                    <street2>Suite 740</street2>
                    <city>Nashville</city>
                    <stateOrCountry>TN</stateOrCountry>
                    <stateOrCountryDescription>TENNESSEE</stateOrCountryDescription>
                    <zipCode>37219</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>LA</state>
                    <description>LOUISIANA</description>
                    <state>GA</state>
                    <description>GEORGIA</description>
                    <state>MO</state>
                    <description>MISSOURI</description>
                    <state>TN</state>
                    <description>TENNESSEE</description>
                    <state>FL</state>
                    <description>FLORIDA</description>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>125000</totalOfferingAmount>
            <totalAmountSold>125000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>125</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>6250</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>Iroquois Capital Advisors, LLC will receive a commission of $50 per share sold.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>AP VEF Terrazas REIT LP</issuerName>
                <signatureName>/s/ Ronald Solotruk</signatureName>
                <nameOfSigner>Ronald Solotruk</nameOfSigner>
                <signatureTitle>VP and Controller</signatureTitle>
                <signatureDate>2010-12-20</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----