LOS ANGELES, CA – March 10, 2014 – Aragon Holdings (www.AragonUSA.com) announced today that its Overlook Point apartment community in Salt Lake City, Utah was honored as the “Best Overall Renovation of 2013” by the Utah Apartment Association.
Aragon Holdings acquired Overlook Point, a 304-unit property situated on a bluff overlooking the city and surrounding mountains, in mid-2013. Aragon, utilizing its principals’ marketing and building backgrounds, designed and completed a $1.5 million comprehensive renovation to the exterior and common areas of the property.
The purchase of Overlook Point, which marked Aragon’s entrance into the Utah market, increased its national multi-family portfolio to over 6,500 apartment units, all acquired since 2008. The acquisition was made with cash from the firm’s private equity fund, Aragon Multi-Family Cash Flow Fund II, along with financing provided by Freddie Mac.
Larry Clark, CEO of Aragon Holdings, said, “We are honored to receive this award from the professionals of the Utah Apartment Association, especially in light of the many other renovation projects undertaken during that year.”
Clark added, “We are pleased that the renovation has contributed to the strong success of Overlook Point. Since the renovation, the property has performed better, reflecting both the curb appeal of the property and increased tenant satisfaction. The area has consistently demonstrated a strong job market, low unemployment rate and steady population growth, all of which contribute to solid multi-family fundamentals.”
Mr. Clark said Aragon Holdings is continuing to pursue multi-family acquisition opportunities nationwide, seeking to invest equity from the company’s third and most recent private equity fund, Aragon Multi-Family Cash Flow Fund III (“Fund”). The Fund was formed to acquire multi-family assets that produce monthly cash flow distributions to its investors, within markets exhibiting strong job and population growth. Clark added, “The availability of these income-producing assets allows us to continue to provide tax-deferred returns, paid monthly, to investors participating in our private equity funds.”
Aragon Holdings operates in Houston, San Antonio, Dallas, Fort Worth, Kansas City, Orlando, Albuquerque, Atlanta, Denver and Salt Lake City.
Aragon Holdings is a Real Estate Investment and Fund Management Company based in Los Angeles, California that acquires and manages income-producing assets throughout the United States on behalf of high net worth investors.
Auerbach & Co. Public Relations
Source: Argon Holdings