Baron Properties has purchased Red Hawk Ranch Apartments, a 384-unit apartment complex in suburban Denver, for $40.3 million. Carmel Cos., the developer that built the complex last year, was the seller. The Denver office of Encino, Calif.-based Marcus & Millichap represented both parties in the transaction, both of whom are based in Denver.

The complex consists of 15 buildings and features one-, two- and three-bedroom units, ranging in size from 675 sq. ft. to 1,156 sq. ft. Monthly rents range from $850 to $1,250. Amenities include concierge service, a lap pool, and tennis, volleyball and basketball courts. Red Hawk also features a clubhouse that contains a movie theater, business center and fitness facility.