An entity of Baron Properties has sold Arcadia 4127, a 258-unit apartment project in Phoenix, for $40.4 million to HGI Acquisitions, an entity formed by Harbor Group International. Baron Properties had completed significant capital improvements and upgrades.

Located at 4127 E. Indian School Road, the property is close to employment centers. It features a mix of one- and two-bedroom floor plans at an average size of 819 square feet. Each apartment features quartz countertops, stainless steel appliances, hardwood-style flooring, under-mount kitchen sinks and select units have views of Camelback Mountain.

Cushman & Wakefield executive managing directors David Fogler and Steven Nicoluzakis represented the seller in the deal.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.