DALLAS-Aragon Holdings has acquired two class-A multifamily properties here utilizing cash from the firm's private-equity fund, Aragon Multi-Family Cash Flow Fund II. Financing for the properties was provided by Freddie Mac.
The acquisitions are in the Plano suburb about 20 miles north of downtown Dallas and include Reserve at Pebble Beach, with 208 units, and Somerset at Spring Creek, also with 208 units. Plano is home to six Fortune 1000 companies and has a diversified employment base and strong job market.
The acquisitions increase Aragon's multifamily portfolio to nearly 6,000 apartment units, all acquired in the past five years. In the last 12 months, the company has purchased more than $250 million of multifamily assets in six states.
According to Larry Clark, president of Aragon Holdings, the company's 11 Texas properties, with more than 3,000 units, have performed well, thanks to the continuing strength of the Texas job market. “It was with our first acquisitions in Texas that we built our model of acquiring properties in areas with strong job markets and robust demand for multifamily housing.”
After acquiring properties in the Houston, San Antonio and Dallas/Fort Worth markets, the company expanded into Kansas City, Orlando, Albuquerque, Atlanta and Denver, as GlobeSt.com previously reported and tweeted. Clark said Aragon Holdings is actively seeking to purchase additional multifamily 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 provide attractive, stable returns for investors participating in our private-equity funds.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.