June 13, 2019
Harbor Group International LLC acquired the 258-unit Arcadia 4127 apartments in Phoenix. The Norfolk, VA-headquartered buyer paid $40.4 million to seller Arcadia 4127 Apts LLC, a company formed by Baron Properties LLC of Denver. The transaction ends the seller’s three-year hold on the complex. Steve Nicoluzakis and Dave Fogler of Cushman & Wakefield brokered the transaction.
Situated on 7.1 acres at 4127 E. Indian School Rd., the asset was built in phases in 1970, 1971 and 1986. The seller renovated the property, investing approximately $7 million on upgrades and improvements to common areas, amenities, the building’s exterior, mechanical systems and all unit interiors. The asset offers one- and two-bedroom units. Amenities include a swimming pool, fitness center and clubhouse.
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