Tony Gray, vice president of NorthMarq Capital Inc.'s Houstonregional office tells that Aragon Holdings is making aconcerted push into Texas. "They have a number of properties undercontract and they're undergoing a due diligence phase in Austin,"says Gray, who arranged for financing through AmeriSphereMultifamily Finance, a Fannie Mae DUS lender. He adds thatNorthMarq is working with Aragon Holdings to finance the Austinacquisitions, and says the sale is anticipated to close later inQ1.

As for the San Antonio financing, Gray says the loans providefor some minor rehabilitation and deferred maintenance of themid-1980s units. "The loans weren't really difficult to place," hecomments. "AmeriSphere made it fairly easy." The 10-year loans havea 30-year amortization schedule and an average interest rate of6.25%.

Aragon Holdings bought the 72-unit Lexington Apartments at 12550Vista View St., the 176-unit Las Brisas Apartments at 12626 BlancoRd., the 296-unit Timbermill Apartments at 12301 Blanco Rd.; andthe 276-unit Windridge Apartments at 2502 Babcock Rd. The portfolioconsists of one-, two- and three-bedroom units and is more than 90%occupied across the board.

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