Aragon Holdings (www.AragonUSA.com) announced that it has expanded its national portfolio of multi-family assets with the acquisition of 8500 Harwood Apartments, an 835-unit property located in a suburb of Dallas, Texas. The property was purchased using the firm's private equity fund, Aragon Multi-Family Cash Flow Fund III, and financing provided by Freddie Mac.
The acquisition brings the national multi-family portfolio of Aragon Holdings to nearly 8,000 apartment units, all acquired during the past six years. Since 2012 alone, the company has purchased over $400 million of multi-family assets in seven states.
Located in the affluent community of North Richland Hills, approximately 15 minutes from the DFW International Airport, the 8500 Harwood property expands Aragon's Dallas/Fort Worth (DFW) presence to seven properties.
The property's amenities include an activity center for residents, four swimming pools, three children's playgrounds, two picnic areas, a cyber café, a fitness center, a basketball court and a dog park. Aragon plans to invest nearly $2 million in improvements, including upgrades to landscaping and common area amenities, and repairs to roofs, parking lots and building exteriors.
The North Richland Hills area is characterized by excellent schools, attractive shopping and recreational offerings, and a strong job market. The property is located near the convergence of Interstate 820 and State Highway 121/183, with convenient access to several major transportation thoroughfares of the DFW metroplex.
Dan Guy, President of Aragon Holdings, explained that the local area economics played a large role in the acquisition, "The diversity and strength of employment in the Dallas market has proven to be extremely positive for Aragon, and we are very pleased to expand our portfolio in a city that has consistently outperformed the national economy over the past several years. The low unemployment rate and steady population growth in the DFW area are characteristics that we look for in all of our multi-family acquisitions."
Mr. Guy said the company continues to pursue multi-family acquisition opportunities nationwide, focusing on markets exhibiting favorable employment and population growth.
"Our acquisition team continues to identify multi-family properties at attractive valuations in markets with growing populations and employment," Mr. Guy said. "The availability of these income-producing assets will enable us to continue to provide tax-deferred returns, paid monthly, to investors participating in our private equity funds."
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: Aragon Holdings, LLC