Baron Properties Brings Value-Add Deal Full Term
The investor sells a 258-unit apartment project in Phoenix after completing a significant capital improvement program.
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.