LOS ANGELES, CA, United States, via ETELIGIS INC., 07/23/2015 – – Aragon Holdings (www.AragonUSA.com) announced further expansion of its national multi-family portfolio through the acquisition of three properties; one in Kansas City, MO and two in Houston, TX. These acquisitions, with a total cost of over $100 million, were purchased using the firm’s private equity fund, Aragon Multi-Family Fund IV, and financing was provided by Freddie Mac.
The three acquisitions, which include a total of 1,656 apartment units, bring Aragon Holdings’ national multi-family portfolio to 10,000 apartment units. During the past three years, the company has purchased over $600 million of multi-family assets in seven states.
The Mansion Apartments, Aragon’s third acquisition in the Kansas City market, totals 550 units. Amenities include two swimming pools, a clubhouse, a racquetball court, tennis courts and a fitness center. The immediate area boasts a healthy job market, attractive shopping and recreational offerings, strong educational resources, and convenient access to major transportation thoroughfares.
The Kansas City metro has added 32,000 jobs in the past year, and has one of the lowest unemployment rates in the nation. It is home to companies focused in technology, health services, manufacturing, defense and education. The region continues to attract young, educated people drawn by employment opportunities as well as its community amenities, transportation infrastructure and an educated population.
The Reserve at Windmill Lakes Apartments and The Villages at Meyerland Apartments are Aragon’s fourth and fifth assets acquired in Houston. The Reserve at Windmill Lakes, 392 units, is perched on the shore of one of Houston’s manmade lakes, Windmill Lake. The amenities at Reserve at Windmill Lakes include two pools (one situated directly on the lake), a dog park, a fitness center, business center, and lakefront picnic and BBQ areas.
The Villages at Meyerland is a 714 unit complex located in the prestigious Bellaire submarket of Houston, TX. The property boasts six swimming pools, thirteen courtyards, covered parking, business center, and fitness center. The Villages at Meyerland’s submarket features single-family homes that range from $350,000 to over $2,000,000 and a school district that is consistently a top performer within the MSA.
Houston’s unemployment rate was 3.7% in April of 2015, a near historic low. For the past four and a half years, Houston’s job growth has outpaced all of the nation’s major metros. In 2014, Houston was #1 for the overall job growth rate in the U.S. Even with the decline in oil prices, Houston remains in the top five for job growth in 2015 (#4) and is the fastest growing MSA across all U.S. cities according to Forbes.
Dan Guy, President of Aragon Holdings, stated, “Our existing properties in both the Kansas City and Houston markets have performed extremely well for Aragon, and we are pleased to expand our portfolio in cities that have solid track records for outperforming the national economy in terms of both job and population growth. These standards are used for all of Aragon’s potential investments, as we continue to pursue multi-family acquisition opportunities nationwide.”
Aragon Holdings is a Private Real Estate Investment and Fund Management Company based in Los Angeles, California, that acquires and manages multi-family properties on behalf of high net worth investors. The company currently owns and manages properties in Albuquerque, Atlanta, Dallas, Denver, Fort Worth, Houston, Kansas City, Orlando, Salt Lake City and San Antonio. Aragon has over $1 Billion in assets under management.
Auerbach & Co. Public Relations
SOURCE: Aragon Holdings, LLC