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March 30, 2020
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Phoenix Multifamily Property Sells for Over $40 Mil


Arcadia 4127, a 258-unit fully renovated, garden-style community in Phoenix, sold for $40.35 mil, or $156.4k/unit. The property is located at 4127 E. Indian School Rd, east of Hwy 51.

The community offers a mix of one- and two-bedroom floor plans at an average size of 819 sf. Each apartment features quartz countertops, stainless steel appliances, hardwood-style flooring, under-mount kitchen sinks and select units have views of Camelback Mountain. In addition, Arcadia 4127 offers its residents two swimming pools, outdoor barbecue grills, fire pit, a fitness center, covered parking, gated access, laundry facilities and a dog park.

The buyer was HGI Acquisitions LLC, an entity formed by Harbor Group International LLC of Norfolk, VA. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Arcadia 4127 Apts LLC, an entity formed by Denver-based Baron Properties.

“The buyer was attracted to Arcadia 4127 because of the high level of improvements completed by Baron Properties and because of its location in one of the Phoenix area’s most desirable neighborhoods,” noted Fogler. Baron Properties completely upgraded the property, creating a high-quality, affordable living environment in one of Phoenix’s best neighborhoods with immediate access to employment, shopping and dining.

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