Baron Properties Sells 258-Unit Arcadia Apartments in Phoenix for $40.3M
PHOENIX — Arcadia 4127 Apts LLC, an entity formed by Denver-based Baron Properties, has completed the sale of Arcadia 4127 in Phoenix. HGI Acquisitions LLC, an entity formed by Norfolk, Va.-based Harbor Group International, purchased the multifamily asset for $40.3 million.
Located at 4127 E. Indian School Road, Arcadia 4127 features 258 units in a mix of one- and two-bedroom floorplans, with an average size of 819 square feet. Each unit features quartz countertops, stainless steel appliances, hardwood-style flooring and undermount kitchen sinks. Select units offer views of Camelback Mountain. On-site amenities include two swimming pools, outdoor barbecue grills, a fire pit, fitness center, covered parking, gated access, laundry facilities and a dog park.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.