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| Holland Park Apartments, Lawrenceville, GA |
BEVERLY HILLS, CA /PRNewswire/ -- Aragon Holdings (www.AragonUSA.com) announced that it has expanded
into two new markets with the acquisition of three properties in Atlanta and
Denver, deploying approximately half of the $52 million it raised in its
recently-closed private equity fund, Aragon Multi-Family Cash Flow Fund II.
The balance of the
$100 million acquisition was provided by Freddie Mac.
In the Atlanta market, the company purchased Holland
Park, a 496-unit property in Lawrenceville, and Azalea Springs, a
232-unit property in Marietta. The Denver purchase was Hampden Heights,
a 376-unit property located just north of the Denver Tech Center. All three
properties are located in areas with
strong employment.
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| Azalea Springs Apartments, Marietta, GA |
These acquisitions increase Aragon's multi-family portfolio
to over 5,000 apartment units, all acquired in the past four years. During
2012, the company purchased over $200 million of multi-family assets in six
states.
Equity for the three transactions was provided by Aragon
Multi-Family Cash Flow Fund II, a private equity fund formed to facilitate the
company's acquisition activity and to produce monthly cash flow distributions
to investors.
Like its predecessor Aragon Multi-Family Cash Flow Fund I, the
latest fund targets 10% annual, tax deferred, cash-on-cash returns, paid
monthly to investors.
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| Hampden Heights Apartments, Denver, CO |
Larry Clark, president of Aragon Holdings, noted that
Atlanta and Denver are new markets for the company, but they fit well with
Aragon's model of acquiring properties in areas with strong job markets and
robust demand for multi-family housing.
In Denver, Hampden Heights Apartments is located in the
southeast submarket, less than 10 miles from the city's center. The local
area's average income is 20% above that of metropolitan Denver, and its
population is forecasted to grow by over 10% in the next five years.
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| Larry Clark |
In Atlanta, the Holland Park and Azalea Springs apartments
are both close to major employment centers. The metropolitan area's employment
levels have returned to 95% of pre-recession levels. The job base expanded by
2.6% last year, and is forecasted to outperform most other cities in the coming
years.
Mr. Clark said Aragon Holdings is actively seeking to
purchase additional multi-family properties across the nation in cities that
have positive job and population growth. "We continue to identify
attractive acquisition opportunities that will enable us to commit the
remaining portion of Fund II, and we have already been approached by investors
and institutions asking us to form a Fund III."
Aragon Holdings is a Real Estate Investment and Fund
Management Company based in Beverly Hills, California, that acquires and
manages income-producing assets throughout the United States on behalf of high
net worth investors.
Contacts:
Larry Clark
Aragon
Holdings
310.550.5791
larry@aragonusa.com
Alexander Auerbach
Auerbach & Co. Public Relations
800.871.2583
Web Site: http://www.aragonusa.com
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